New Home Financing
Somerset Mortgage Lenderscan find you the perfect loan and start your home purchase off right. With hundreds of loan programsavailable, we’ll help you match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find you 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 tradingcompanies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).
Fannie Mae and Freddie Mac does 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 rateas 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 loansare 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, 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.
Local
new home financing directory for
CT
:
|
|
Abington
|
Andover
|
Ashford
|
Avon
|
|
Amston
|
Ansonia
| | |
Return to our new home financing page
Call for COMPLETE details NOW!
(800) 675-9783
| Connecticut News |
GOP debaters want smaller state government
A smaller state government, fewer employees and a renewed focus on attracting jobs to Connecticut are among the top issues for the eight men seeking the Republican nomination for governor.
|
Milford Superintendent, School Board, Reach Resignation Deal After Sex Assault Charges
A Connecticut school superintendent facing sexual assault charges and local school board members have agreed to a tentative deal for him to resign.
|
Murder convictions of 2 Conn. men overturned
A Connecticut judge has overturned the convictions of two men serving 80 years for a 1993 murder and ordered their immediate release from prison, saying they are the victims of a "manifest injustice." Superior Court Judge Stanley Fuger ruled Thursday that Ronald Taylor and George Gould are "actually innocent" of the crime and even threw out their ...
|
CT attorney general candidates pledge to join fight against DOMA
The six candidates vying for the seat vacated by Connecticut Attorney General Richard Blumenthal have come clean about their feelings regarding DOMA.
|
13-Year-Old UConn Student Claims Bias After Being Denied Trip Abroad
To Colin Carlson, it's clearly a case of discrimination. As a double-degree honors student with a 3.9 grade-point average at the University of Connecticut, he was a natural candidate for an African ecology course offered this semester that involved a summer field study in South Africa .
|
HARTFORD: Lawmakers Look to Education to Fight Unemployment
Connecticut lawmakers are pushing legislation that would subsidize higher education to help reduce unemployment.
|
East Haven Man Sentenced to Five Years in Federal Prison for Selling Cocaine
Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that JOHN CRISANTI, 48, of Venice Place, East Haven, was sentenced today by United States District Judge Stefan R. Underhill in Bridgeport to 60 months of imprisonment, followed by six years of supervised release, for selling cocaine.
|
Thousands remain without power in Connecticut
Utility crews are still on the job in Connecticut trying to restore electricity to nearly 41,000 homes and businesses that remain in the dark after a strong storm brought down trees and power lines.
|
Rowlands purchase Connecticut Gardener
When Connecticut Gardener's devoted readers pick up the March/April issue, they'll discover the local, information-packed magazine they've always loved.
|
Fairfield County Cleans Up After Storm; Many Schools Remain Closed
Cleanup is continuing in the wake of a weekend storm that killed three people in Connecticut.
|
Re-Regulation Bills Will Impede Electricity Choice, Reduce Savings...
Specifically, RESA and its member companies will speak in opposition to House Bills 5505, 5507 and 5508.
|
$70M in Prescription Drugs Stolen in Conn. Heist
Authorities say prescription drugs worth tens of millions of dollars have been stolen in a brazen, well-planned heist at a pharmaceutical company warehouse in Connecticut.
|
HARTFORD: Buckle Up for Safety on School Buses
A bill requiring Connecticut school buses to have seat belts has cleared its first legislative hurdle, but lawmakers say the details of the proposal will likely change in the coming weeks.
|
Connecticut Pushes Health-Care Network to Create 5,000 Jobs
A proposed $352 million health partnership network would transform health-care delivery in Connecticut and create 5,000 new health-care jobs, according to Gov.
|
The running of the rich: Is wealth changing Connecticut politics?
Connecticut Attorney General, Richard Blumenthal, posed in his Greenwich home, Monday, March 8th, 2010.
|
2 dead in Conn., thousands without power after massive storm rips through Northeast
Tens of thousands of Connecticut residents remained without power Sunday after heavy rain and high winds whipped the state over the weekend, toppling trees, dropping power lines, flooding roads and delaying trains.
|
Storm downs trees, power lines, leaves one dead
Traffic slows to drive through a flooded portion of Main Street in Stratford, Sunday, March 14, 2010.
|
Conn. would waive student loans in 'green' jobs
Paul Goulet hopes Connecticut will help him get from under nearly $8,000 he's borrowed for college after losing his job in a paper manufacturing plant.
|
For Many Shaw's Workers In Connecticut, Tension Builds As Store Closings Loom
By the end of the month, Connecticut's 18 Shaw's supermarkets will close, and even though all but two eventually will reopen under the banners of Stop & Shop, ShopRite or PriceRite, the renovations could take weeks or even months.
|
Rain, wind buffet southeastern Connecticut
Heavy rains and high winds battered southeastern Connecticut throughout the day and night Saturday, toppling trees and bringing rivers and streams near flood-level in low-lying spots.
|
|
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
|
|