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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.

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District Of Columbia News
Ban On Texting For All Drivers Passes First Test

A ban on texting while driving that would apply to all motorists received first-round approval Tuesday from the Nebraska Legislature.


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Feds may give University of the District of Columbia $5M

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From same sex marriage to medical marijuana, states take the lead

Same-sex marriage/domestic partnerships

Of all the issues states have taken up, this probably draws the most national attention. Massachusetts, Connecticut, Iowa, Vermont, and New Hampshire issue marriage licenses to same-sex couples.

California recognizes marriages performed before last Novembera s passage of Proposition 8, which limits marriage to one man and one woman. Rhode Island, New York, and the District of Columbia recognize same-sex marriages from other states.

New Jersey, California, Oregon, and Nevada allow domestic partnerships, providing some or all state-level spousal rights to same-sex couples. New Mexico sought to pass a domestic partnership bill, but it was delayed in February, effectively killing it for this year.


D.C. Tries Murder Case Without Body

Prosecutors in Washington are trying to convince a jury that a woman who went missing nearly 11 years ago was killed by her boyfriend, though her body has never been found.


Same sex couple plans to wed in Washington, D.C.

The District of Columbia's first same-sex weddings will be held Tuesday, marking a new day for gay and lesbian couples in the nation's capitol.


NAR Urges Congress, Administration to...

The National Association of Realtors urged Congress and the administration to move cautiously before making changes to the Federal Housing Administration program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation.


Kentucky construction employment falls 19 percent

Kentucky construction employment fell nearly 19 percent from January 2009 to January 2010, the Associated General Contractors of America reported Wednesday.


Judge Dismisses Last of Filegate Suits Against Clinton White House

A federal district judge ruled today that there was no intentional misconduct on the Clinton administration's part in its acqusition of hundreds of FBI background files on former White House staffers and dismissed the last two "Filegate" cases.


DC Catholic schools chief heads to Boston College

The superintendent of the Archdiocese of Washington's schools says she is leaving the post for a position at Boston College.


Religious leaders helped secure marriage for gays and lesbians in D.C.

As same-sex couples continue to the the knot in the District of Columbia, the fact remains local religious leaders played a critical role in the effort to allow gays and lesbians to marry in the city.


Report: MLS Players Set To Strike If CBA

Major League Soccer players overwhelmingly voted to strike if a new collective bargaining agreement isn't reached with the league by the season opener on March 25, according to a report in The Washington Post.


States gain new jobs

Thirty-one states and the District of Columbia posted net gains in employment in January, the Labor Department reported Wednesday, providing further evidence that the economy is slowly gaining momentum.


DC school evacuated for police helicopter landing

A helicopter from a suburban Washington police department made an emergency landing near a District of Columbia school, forcing its evacuation.


Gay couples celebrate historic weddings in Mexico

Mexico City Mayor Marcelo Ebrard was officiating five same-sex marriages in one day, despite harsh criticism from the Roman Catholic Church and a campaign against the measure launched by President Felipe Calderon's conservative National Action Party.


[Iws] BLS: Regional and State Employment and Unemployment -- January 2010 [10 March 2010]

In January, nonfarm payroll employment increased in 31 states and the District of Columbia, decreased in 18 states, and remained unchanged in 1 state.


Marriage vs. common law: what it means financially

There are many financial benefits that pertain to married and common-law couples.


Bill to ban texting while driving moves forward

TALLAHASSEE - Here's a new reason to keep your thumbs on the wheel and your eyes on the road: Action to outlaw texting while driving is off to a speedy start in the Legislature.


D.C. courthouse busy with same-sex applications

Angelisa Young and Sinjoyla Townsend hold hands as Rev. David North speaks during their wedding on the first day same-sex couples are legal to wed under a new law March 9, 2010 in Washington, DC.


Study details how Census leads to funds

Financially battered states get about 20 percent of their money from federal funds, so they're paying special attention to the Census this month.


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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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