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Jolon, CA New Home Financing in California

Somerset Investors Corp. can find Jolon, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Jolon, CA residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Jolon, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help you match your needs with a loan you’ll love for as long as you own your home.

Fixed Rate Loans

Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.

Conforming Loans

Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).

Fannie Mae and Freddie Mac do not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.

The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).

The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.

Jumbo Loans

Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.

FHA Loans

Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).

HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with d

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Jolon, California News
The Ramblin' Grammy winner is eager to make another pilgrimage to Big Sur.

There's a very good reason why 77-year-old folk singer Jack Elliott goes by the stage name Ramblin' Jack.

Free South County Spay/Neuter Clinic

Monterey County Animal Services is please to announce a special weekend of FREE dog and cat spays and neuters in South Monterey County! Through a grant from Harden Foundation, Friends of County Animal Services ...

TRAFFIC: Livestock on road at Oasis and Jolon

The California Highway Patrol Web site at 7 a.m. is reporting livestock on the road on Jolon Road at Oasis Road in the King City area.

Indians Fire doubles in size

The Indians Fire in Los Padres National Forest took a dramatic turn Wednesday as it suddenly doubled in size, becoming the largest wildfire reported in the state by day's end.

Judge issues gag order

By SUNITA VIJAYAN * The Salinas Californian * June 10, 2008 A judge issued a gag order Monday for all parties involved in the search for housing for convicted child molester James Lamb.

Dismay over predator's placement

"You wouldn't release an alcoholic to a bar without a bartender and say, 'Now, don't drink,'"

Trish Martinus, hand on head, listens to the judge beside her sister-in-law Maryann Martinus and Linda Irving, all of Lockwood. via Monterey County Herald

South Monterey County home chosen for child molestor James Lamb

"There was a second location I asked Liberty Health Care to look into that was not in south county"

By SUNITA VIJAYAN * The Salinas Californian * May 15, 2008 A Monterey County Superior Court judge has approved a housing site for convicted sexually violent predator James Lamb. via Salinas Californian

Molester housing decision delayed

"We have a passionate and concerned community, and I'm proud of it."

By SUNITA VIJAYAN * The Salinas Californian * April 18, 2008 At least one more month of nail-biting is in store for south Monterey County residents worried that sexual predator James Lamb will be their new ... via

Experience Mission Days at San Antonio

Jolon's first Mission Days event is today at Mission San Antonio de Padua in southern Monterey County. via

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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
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