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Alford, FL New Home Financing in Florida

Somerset Investors Corp. can find Alford, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Alford, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Alford, FL 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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Alford, Florida News
It Takes A Lot Of Training (And Patience) To Tame A Wild Horse

Ellen Rosenberg 19.SEP.08 The story goes something like this: someone attends a mustang adoption, falls in love with a horse, buys it, brings it home, tames it, rides it, and they all live happily ever after.


Multi-agency police efforts result in 32 arrests

A four-month investigation by the Chipley Police Department, Florida Department of Law Enforcement, Florida Highway Patrol and the Jackson County Drug Task Force paid off with 32 arrests, announced at a news ...


Report: Truck passenger left scene of fatal accident

Herman Walker was not alone in his tractor-trailer July 11 when it struck another vehicle and killed a father of two and left a 9-year-old girl clinging to life.


Chipley Drug Arrests

The following was released Monday by the Chipley Police Department: PRESS RELEASE The Chipley Police Department reports several drug arrest made recently.


New Schedules for Jackson County Sheriffs Employees

The high cost of fuel has led to some significant schedule changes at the Jackson County Sheriff's Office which will become effective tomorrow.


19-Year-Old Dies in Motorcycle Accident

A 19-year-old is dead after hitting a fence just south of Chipley in Washington County around 3:30 this afternoon.


Fire destroys Cottondale Home

A fire Monday night destroyed a single-family home in Cottondale. "Basically, when we arrived it was fully involved," said Jackson County Fire Rescue Chief Tony Wesley.


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The Jackson County Sheriff's Office reported two arrests Friday in separate and unrelated burglary cases.


Burglaries Reported in Jackson County

A Marianna man is in custody, after authorities say he confessed to stealing items from someone else's home.


Young boaters missing in Choctawhatchee Bay; one body recovered

The body of a young boater missing in Choctawhatchee Bay since Sunday has been found.


Toll road talk turns to Jackson County

Jackson County Development Council's executive director says a proposed toll road from Montgomery, Ala., to U.S. 98 can only bring benefits to the local community.


Palm Beach County metro report

During the weekend, police arrested a Dania Beach man who allegedly stopped his car on Palmetto Park Road and Northeast Wavecrest Way, watched two young women walk in front of the car, then was spotted ...


Bay County Teacher Honored for Saving Teen's Life

On New Year's Eve, 19-year old Alex Poole was driving northbound along Highway 231 between Alford and Round Lake.


Jackson County Approved for Millions

Jackson County may be getting more than expected after hearing about the Legislature's desperate struggle with declining revenue in the amount of $6 billion. via WMBB-TV Panama City


Jackson County Horse Encephalitis Case

"If you don't give them the shot, it's probable a 50 percent chance they'll get it."

News of a horse encephalitis case has many animals' owners on edge. Several animals die each year from the illness, but it's uncommon for it to happen this early in the mosquito season, and that could mean ... via WJHG-TV Panama City


Copper Theft Arrest

One of the three men arrested last week in the theft of some four-wheelers near Alford now stands accused of stealing copper wiring in Marianna. via WMBB-TV Panama City


Jackson County Copper Thefts

"Two people were inside the building cutting up and packing up copper wire, the officers got back up, responded in."

It isn't uncommon for companies to get broken into, but usually when that happens the items stolen is the merchandise for sale. via WJHG-TV Panama City


Sting nets three suspects in theft case

A "sting" operation by the Jackson County Sheriff's Office netted three men suspected of stealing some four-wheelers from the Alford area a few days ago. via Jackson County Floridan


Former City of Marianna employee arrested for stealing from city

A former employee of the City of Marianna was arrested for stealing about $7,000 worth of city property. via Jackson County Floridan


Wanted Jackson County man arrested in Texas

A Jackson County man who deputies say had been sneaking off with construction equipment and hiding it on his large parcels of land has been arrested. via Tallahassee.com


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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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