Santa Ana, CA New Home Financing in California
Somerset Investors Corp. can find Santa Ana, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Santa Ana, CA residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Santa Ana, 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
Return to new home financing in the state of CA
| Santa Ana, California News |
Teen fatally shot in Santa Ana
Gunshots rang out early Sunday in the 2900 block of West Garry Avenue. When Santa Ana Police Department officers arrived on scene shortly after 3:09 a.m. they found Miguel Lopez, 18, lying on the pavement with ...
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SoundDowntown Music & Arts Festival, Downtown Santa Ana, CA
It was your typical warm Saturday in November for LA: horrible air quality, the orange glow in the distance from the hillside fires, endless traffic from closed off freeways, and a multitude of ...
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Did Carlos Bustamante tell the City of Santa Ana to go after Aloha?
The homeless lady made famous by a picture that showed her holding up a sign saying she would kick Santa Ana Councilman Carlos Bustamante's ass for food needs our help. The City of Santa Ana seized her personal cart today. Here is what one of our readers had to say about this: Aloha's personal cart, the one in the picture was taken by the city. Her cart is not a store cart, but one given to her by the Catholic Charities. Click here to read the rest of this article.
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Saddleback H.S. Teachers Aide Arrested
Alonso Manuel Gonzalez, a teachers aide at Saddleback High School, was arrested on November 17th on charges of a "lewd act with dependent adult by caretaker". Gonzalez works with disabled and special needs students at the south Santa Ana high school. I had been approached about this story earlier in the week via email and was looking into it, however Gustavo Arrellano of the OC Weekly broke it first. Click here to read the rest of this article.
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NTSB: Train ran red signal in this week's crash
SANTA ANA, Calif.- A Southern California commuter train that sideswiped a freight train this week had run a red signal, an investigator said Friday, and officials are looking at brake problems or human error as ...
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Teen shot, injured, during possible gang attack
A 16-year-old boy was shot and injured during a possible gang-related attack in a residential neighborhood Wednesday night.
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Appeals court rules on sex offender restriction
A state appeals court says a California ballot measure that prevents sex offenders from living within 2,000 feet of a school or park amounts to an additional punishment for the original crime.
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Police arrest man suspected in 13 burglaries
Police have arrested a 31-year-old Santa Ana resident in connection with at least 13 residential burglaries reported in the north end of the city.
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More evidence that Santa Ana City Manager Dave Ream has lost it
I could not make it to Al Amezcua's farewell party the other day, when he was recognized for his time on the Rancho Santiago Community College Board of Education. But a pajarito reported with a bird's eye view on the proceedings. As one might imagine, there were a lot of folks there - including a representative from Congresswoman Loretta Sanchez' office, and a representative from Assemblyman Jose Solorio's office. And Supervisor Janet Nguyen and SAUSD Superintendent Jane Russo also showed up in person to say adios to Al. Santa Ana City Manager Dave Ream showed up too - and then the comic relief began. Click here to read the rest of this article.
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Area Firefighters Head To Santa Ana Fires
The fires in Southern California are hitting close to home for the families of many people in Northern California.
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Santa Ana man dead in gang-related shooting
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Thousands evacuate as fires destroy Calif. homes
A wind-blasted wildfire slashed through the city's northern foothills Saturday, sending thousands of residents fleeing in the dark, forcing evacuation of a hospital and destroying an untold number of homes. The fire broke out late Friday in the foothill community of Sylmar on the edge of the Angeles National Forest and quickly spread across 2,600 acres _ more than 4 square miles _ as it was driven by Santa Ana wind gusting as high as 76 mph. Dozens of homes were destroyed, officials said, and aerial footage from television helicopters showed rows of houses gutted in just in one subdivision.
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Wind calmer as Calif battles devastating fires
Calmer wind in Southern California is giving some relief to firefighters battling wildfires that have destroyed hundreds of homes and forced thousands of residents to flee. The National Weather Service said Sunday that the Santa Ana wind was gusting up to 39 mph in the Sylmar area of northern Los Angeles, much lower than the roughly 80 mph gusts that had fanned a huge wildfire there on Saturday. The wind has slowed to 25 mph in Orange and Riverside counties, allowing firefighters there to set backfires to prevent flames from moving into more neighborhoods.
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Santa Ana's City website reflects dedication to a closed government
A city's home page says a lot. The City of Santa Ana's website clearly states "our government is closed to you." Travel south to the City of Costa Mesa and their website shouts "we want you involved in our local government." For one thing, Santa Ana's website does not offer information in Spanish. That is alarming in a city that is 76% Latino, as per 2000 U.S. Census data. The City of Albuquerque, New Mexico, where less than 40% of the population is Latino, has figured out a way to translate their website for free, using Google's Language Tools. (See the graphic below). Why can't Santa Ana do the same thing? We could even offer translations in Vietnamese! Of course the City of Costa Mesa offers a translation link on their home page too, which uses Yahoo's free Babel Fish translator. Click here to read the rest of this article.
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Another day, another murder in Pulido's "safe" Santa Ana
Another day, another violent murder in Santa Ana, the town described by our Mayor, Miguel Pulido, as one of the "safest cities in Orange County. "Gunshots rang out early Sunday in the 2900 block of West Garry Avenue. When Santa Ana Police Department officers arrived on scene shortly after 3:09 a.m. they found Miguel Lopez, 18, lying on the pavement with gunshot wounds," according to the O.C. Register. Another day, another young life cut short. Will things ever change in Santa Ana? Click here to read the rest of this article.
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"Usual Suspects" next target - Sal Tinajero
The "Usual Suspects" spent the last few weeks trying to destroy Santa Ana Councilwoman Michele Martinez, who dared to run against their boy Miguel Pulido. Now they are turning their sights on Councilman Sal Tinajero. The lies they are spreading about him are truly unbelievable. In two years they hope to take him out with one of their own, but guess what? That is not going to happen. Just look at what happened to Jim Walker this year. Sure he got 17,000 votes - but Councilman Vince Sarmiento got over 29,000 votes. Game, set and match! You cannot defeat anyone allied with Team Pulido, unless you are independently wealthy. If any of the "Usual Suspects" were wealthy they would already be living in Irvine. Click here to read the rest of this article.
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Don't miss Sounddowntown 2008 in Santa Ana tonight!
Koos is back in Santa Ana and tonight you can enjoy their first concert production, "soundDowntown 2008," which "is a one-day music festival on Saturday, November 15, featuring a lineup of over 50 locally and nationally recognized bands, DJ's and performing artists at various venues throughout the Artist's Village of downtown Santa Ana," according to their website. The billing is impressive: Bearded Baby - Blank Blue - Bobby Soul - " Busdriver - Cheap Date - DJ Dan Oh - DJ Dan Sena - " DJ J Hall - DJ Nobody - DJ Pubes - Faded Tequila Wormz - Flying Saucers - Free Moral Agents - Free the Robots - ... Click here to read the rest of this article.
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A New "dine and dash" in Santa Ana - eat, then rob the place!
During the recent City Council campaign here in Santa Ana, our Mayor, Miguel Pulido, and his Team of henchmen kept sending out mailers telling voters that Santa Ana is one of the "safest cities in Orange County." Well, now we have a new meaning for "dine and dash," here in this allegedly safe town. A fellow robbed a local restaurant - but first he sat down and ate their food! The "robber walked into the restaurant, ordered food and ate it. Once he finished eating, he walked up to the resister as if he was going to pay, but instead pointed a handgun at the cashier and demanded money from the register," according to the O.C. Register. Click here to read the rest of this article.
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Fire ignited when Santa Ana winds knock down power lines
Santa Ana wind gusts knocked down three power lines in the north end of San Bernardino, igniting a small brush fire near a home Friday.
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Why is Julie Stroud still on a Santa Ana City Commission?
When I spoke at the Santa Ana Planning Commission meeting this week, no less than four of the "Usual Suspects" showed up. And not one of them spoke out against the odious Bisno Tower. Instead they sat there smirking while I was the only resident to get up and speak out. Then they all filed out behind their leader, Parks and Recreation Commissioner Julie Stroud, and they went to dinner, where they no doubt took great pleasure in feeling smarter - and better - than the rest of us. Why did Santa Ana Councilman David Benavides appoint Stroud to the Santa Ana Parks and Recreation Commission? This is a decision we have never scrutinized, but now that I am hearing that Stroud and company are once again gunning to have my fellow blogger Sean Mill removed from the Santa Ana Planning Commission, I think it is high time to consider what in the Hell Benavides was thinking when he appointed a bitter Republican to a commission that makes decisions about parks. Should a neighborhood metiche with a long record of immigrant bashing in any way be involved in a commission that has anything whatsoever to do with the children of our city - many of them immigrants or children of immigrants? Click here to read the rest of this article.
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"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
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