Somerset Investors Corp. Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

CA New Home Financing in California

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

Local new home financing directory for CA :
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Pacific Grove Paskenta Piercy Plymouth
Pacific Palisades Paso Robles Pilot Hill Point Arena
Pacifica Patterson Pine Grove Point Mugu NAWC
Pacoima Patton Pine Valley Point Reyes Station
Paicines Pauma Valley Pinecrest Pollock Pines
Pala Paynes Creek Pinole Pomona
Palermo Pearblossom Pinon Hills Pope Valley
Palm Desert Pebble Beach Pioneer Port Costa
Palm Springs Penn Valley Pioneertown Port Hueneme
Palmdale Penngrove Piru Port Hueneme CBC Base
Palo Alto Penryn Pismo Beach Porter Ranch
Palo Cedro Perris Pittsburg Porterville
Palo Verde Pescadero Pixley Portola
Palomar Mountain Petaluma Placentia Portola Valley
Palos Verdes Peninsula Petrolia Placerville Posey
Panorama City Phelan Planada Potrero
Paradise Phillipsville Platina Potter Valley
Paramount Philo Playa del Rey Poway
Parker Dam Pico Rivera Pleasant Grove Prather
Parlier Piedmont Pleasant Hill Princeton
Pasadena Piedra Pleasanton Proberta

Return to our new home financing page

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

California News
Bus overturns in northern California, killing 10

A charter bus traveling to a casino overturned in north-central California on Sunday, killing 10 people and injuring several others.

California Highway Patrol officials said the crash happened around 6:10 p.m. on a rural road near the town of Williams _ about 60 miles north of Sacramento _ as the bus headed to Colusa Casino Resort from Sacramento.

California Highway Patrol Commander Fran Clader said Sunday night that 10 people were dead and estimated that 20 to 30 others were injured.


Calif bar warns lawyers soliticing crash survivors

The State Bar of California is warning lawyers they could face professional sanctions for initiating contact with victims of last month's deadly train collision.


Medical reform in Calif. prisons heads to court

With California struggling to pay its bills and facing another deficit, the receiver in charge of the state's inmate medical care will argue Monday for the right to take $8 billion from the state treasury.


Collection of rare stamps sells in NYC for $1.5M

A collection of rare British Empire postage stamps has sold for nearly $1.5 million at a New York City auction.


Schwarzenegger still unsure of Californian cash flow

Governor Arnold Schwarzenegger of California has reacted cautiously to the $700 billion Wall Street bailout package.


House swallows hard, OKs bailout

The House approved the $700 billion Wall Street bailout Friday, setting in motion the biggest government intervention in the financial system since the Great Depression as lawmakers anxiously awaited the ...


Palin Scheduled To Speak In Carson

Oct 4, 2008 8:04 am US/Pacific CARSON Republican vice presidential candidate Sarah Palin is scheduled to speak at a rally in Carson and a fundraiser in Costa Mesa Saturday, attempting to continue building ...


Black businessman spars against affirmative action

When it comes to Ward Connerly, the California businessman on a state-by-state war against affirmative action, it's hard for many people on either side of the issue to be colorblind.


Study: Californians Highly Exposed To Flame-Retardant Chemicals

Researchers have found that Californians have twice as much of a flame-retardant in their blood and as much as 10 times more of the chemical in their homes than anywhere in the country.


Report: Nurses convicted of crimes remain licensed

California's nursing board failed to yank or restrict the licenses of dozens of nurses who have criminal convictions for years before it acted against them in a state that has the largest number of registered ...


In sunny Santa Monica, a new appreciation of life

I was in Santa Monica for a day last week, sampling baked figs at the farmers' market on the Third Street promenade, a sweet sunny day that makes an old Midwesterner like me a little nervous.


Ohio police elated over arrest in 1967 killing

TOLEDO - A chance meeting two years ago between a police officer and a man whose 14-year-old daughter was abducted in 1967 led detectives to a suspect in a murder nearly forgotten.


Bank-to-bank borrowing gets more expensive as bailout bill heads back to House for a vote

The Senate's endorsement of the $700 billion financial bailout plan couldn't relax the credit market Thursday, as investors waited for the revised bill to go back to the House.


Two seats heat up Calif. congressional races

A Democrat who came close to pulling off an upset in 2006 is trying again this year, while a Democrat who accomplished the feat last time around is aiming to extend his incumbency.


House plans second vote on bailout

After a week of tumult on Wall Street and Washington, the House moved toward a final vote Friday on a $700 billion bailout of the financial industry, an unprecedented government intervention designed to steady ...


California may need $7 billion federal loan

California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov.


Felony charges filed in 5-day SoCal crime spree

A Monrovia man arrested at Disneyland has been charged with a five-day crime spree across three Southern California counties that includes carjackings, home-invasion robberies and attempted murder.


Searchers find Fossett's plane but not his body

Wreckage from a plane belonging to Steve Fossett is seen Wednesday, Oct. 1, 2008 in a handout photo released by the Mono County Sheriff's Search & Rescue.


Gay marriage friends, foes clash at LA hearing

The only public hearing to be held on California's most contested ballot initiative turned into a de-facto debate Thursday on gay marriage.


Calif. vintners push to open wine tasting rooms

Don Cohorst has acres of vineyards, a stash of small-batch vintages and a barn he wants to turn into a cozy tasting room for vino-sipping visitors.


Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
 
"Every other company said they could not help us. After speaking to about five companies, we really believed that no one could. Then we called Somerset, and your company proved us and those other companies wrong. We can't thank you enough for all your hard work and effort in getting us a low fixed rate. We can now breathe easier..." - L. Braun
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)