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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.

Return to new home financing in the state of FL

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Altamonte Springs, Florida News
Former cop sentenced for causing crash

Former Altamonte Springs Police Officer, Mark Maupin had to turn his drivera s license in to a judge Monday.


After-hours party turns violent in Altamonte Springs

An after-hours party outside a Jamaican restaurant in Altamonte Springs turned violent Sunday, injuring three people and sending one of them to the hospital, Altamonte Springs police said.


Former Altamonte Springs officer to be sentenced today

A former Altamonte Springs police officer who slammed into a car at more than 100 mph last November will be sentenced today.


2 Shot, 1 Stabbed In Fight Outside Circuit City Parking Lot

Police are trying to find a gunman who opened fire into a crowd in the parking lot of a Circuit City store in Altamonte Springs.


Partly naked man tries to abduct woman on Altamonte Springs street

A 40-year-old woman screamed and shook off an attacker who tried to abduct her on an Altamonte Springs street in broad daylight, police said today.


Central Florida remembers 9-11 attacks

Several events are planned around Central Florida to remember the September 11th attacks and honor the nearly 3,000 victims.


Masters Inn on I-Drive changes hands

A four-story hotel in the middle of the International Drive tourist corridor is under new ownership.


6 Fantasy 5 players share $257,178 top prize

Six winners of the "Fantasy 5" game will collect $42,863.08 each, the Florida Lottery said Sunday.


Woman, 79, killed in crash on State Road 436

A 79-year-old woman was killed in an accident that shut down State Road 436 this morning.


Orlando, Altamonte Springs tickets share in Fantasy 5 jackpot

I'm 57, a native and resident of Sanford and a 6th generation Floridian who has covered and played Florida Lottery games since the first scratch-off tickets went on sale at 12:01 a.m. Jan.


A wee bit of history from Altamonte

The Altamonte Hotel, once a playground for wealthy Northerners, burned down in 1953, but you can see a tiny version of it at the Museum of Seminole County History through Sept.


Agents bust grow houses in 2 cities

Four people are in custody after narcotics agents with the Brevard County Sheriff's Office executed three warrants late Wednesday, confiscating more than 900 marijuana plans, 550 prescription pills and pounds of harvested pot ready for sale.


COSO Releases Thought Paper on Board Risk Oversight

ALTAMONTE SPRINGS, Fla. The Committee of Sponsoring Organizations of the Treadway Commission an organization providing thought leadership and guidance on internal controls, enterprise risk management and fraud deterrence has released a new thought paper, Effective Enterprise Risk Oversight: The Role of the Board of Directors.


Cattle Call: We Bet There are Some Stories to Tell

The difference between this and a regular cattle call is you only need a headshot if you painted it yourself.


Seminole Wekiva Trail Maintenance

Seminole County, Fla., August 27, 2009-The Seminole Wekiva Trail will have intermittent closures due to pavement maintenance from the week of August 31 through the week of September 14, 2009.


Fla. Officer Found Guilty in Coma-Causing Crash

A former Altamonte Springs police officer was found guilty on traffic violations related to a crash that left a teenager in a coma.


Colonial Medical Supplies Opens New 15,000 Square feet retail store in Altamonte Springs

Colonial Medical Supplies is a full service medical supply company providing equipment and supplies for: PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Dana Johnson August 24, 2009 407/849-6455 dana@colonialmed.com Colonial Medical Supplies Opens New 15,000 Square feet retail store in Altamonte Springs Rehab Equipment Aids for Daily Living Mastectomy ...


Ex-Altamonte cop who seriously injured two skips court hearing

The former Altamonte Springs Police Altamonte Officer who was speeding when he seriously injured two people in November of last year was in traffic court Tuesday afternoon.


Veterans group, cops butt heads over Internet cafe

One of two Internet cafes raided Thursday in Seminole County has reopened, but threats by police to arrest the landlord have stymied efforts to reopen the other location, a lawyer for the Allied Veterans of the World said Friday.


Cops raid gaming rooms in Seminole

Longwood police and Seminole County deputies raided two gaming operations Thursday, seizing computers, equipment and cash.


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"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
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