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Alva, FL New Home Financing in Florida

Somerset Investors Corp. can find Alva, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Alva, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Alva, 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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Alva, Florida News
The buck stops in LaBelle for second charity rodeo

The second annual LaBelle Rodeo benefiting the Ronald McDonald House Charities of Southwest Florida took place Saturday at the LaBelle Rodeo Grounds.


Lehigh should capitalize on nature, planners say

The Palm Beach Boulevard corridor east of Interstate 75 needs a business plan and to capitalize on the area's natural assets if it is to thrive in the future, a group of business and community leaders agreed ...


Lehigh Acres Mailbag

Based on the opinions I've read, it sure looks like many people are tired, disgusted or simply disillusioned by many of our elected officials.


SWFL men arrested in Highlands crime spree

HIGHLANDS COUNTY: Three Lee County men were arrested after an overnight crime spree and chase in Highlands County.


Mailbag: Voice needed on budget

I was one of few who voiced public comment at the budget hearing requesting substantial cuts to taxes, as Amendment 1 promised.


Jet Ski crash in Alva

At least two personal watercrafts were involved in a crash in Alva. The Lee County Sheriff's office tells WINK News the crash happened in a waterway just off the Caloosahatchee River.


Palm Beach Blvd. lane reopens after accident in Alva

The westbound lane is open now in Palm Beach Blvd. after the earlier accident, the Florida Highway Patrol reported.


Dangerous intersection of SR 80, Broadway to get traffic light

Heavy trucks, small cars and school buses compete for space each morning in Alva where State Road 80 and Broadway Street intersect.


Planned Alva motor-coach park faces hurdles

A proposed 40-unit motor-coach park in Alva hit a wall of opposition Monday when it was presented to a community planning group.


Editoral: Weigh crime rates carefully

Shootings have become a regular occurrence lately in east Lee County. * On Sunday, deputies were called to an Alva neighborhood, where a 30-year-old man had been shot, allegedly in a domestic dispute with his ...


Lehigh Acres, Alva meet to plan growth

Alva Inc. is hoping to save the integrity of Alva's historic core while making a compromise for development on the horizon.


Body found in Alva

UPDATE ALVA, Fla. - FWC officials say they have recovered a body in Alva. ORIGINAL STORY FWC searches for missing boater HENDRY COUNTY, Fla.


Alva woman charged with shooting her mate

An Alva woman was arrested yesterday on charges of attempted murder against a man she lived with, the Lee County Sheriff's Office reported.


Shooting in Alva

A shooting suspect has been captured in Alva. Lee County Sheriff's Deputies are telling WINK News at least one person has been shot on Langford Road.


History Lesson: Web site preserves Fort Myers High's story

Tinker Stewart lives on the other side of America, in the small town of Lebanon, Oregon.


Two signals to be installed on State Road 80 in Alva

Installation of mast-arm traffic signals is scheduled to start on Monday in Alva at State Road 80 and Joel Boulevard and at State Road 80 and Broadway Street/Packinghouse Road.


Where you can reach me

Howdy Gator Country , Just wanted to let you know you can reach me at jimmyjamguitarman@embarqmail.com or check out my myspace at http:/www.myspace.com/jimmyjamguitarman Thank you all sooooo...much!!! I`ve been ...


East Lee County supports incumbents

Lehigh Acres and Alva fared well with the results of Tuesday's primary election, according to local residents who get involved in community activities and follow the politics.


Lee County TRIM notices tax residents' patience

Allen Olofson didn't agree with his Alva property value when his tax estimate arrived during the weekend.


Mann wins Lee commission District 5 race

Frank Mann said he didn't just defeat his opponent Tuesday, he held back wealthy and well organized developers.


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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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