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Archer, FL New Home Financing in Florida

Somerset Mortgage Lenders can find Archer, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Archer, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Archer, 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 down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably priced homes pretty much anywhere in the country.

Subprime Loans

A different type of loan was also created to assist people with poor credit in buying a home. These are called Subprime Loans. A subprime loan may come in various forms depending on the loan amount, loan terms, and loan-to-value ratio. Your risk is still determined by grading your credit, but in the case of a subprime loan it is to determine the type of loan and interest rate offered you rather than whether or not to give you a loan at all.

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Archer, Florida News
What you need to know: Key storm information

Published: Thursday, August 21, 2008 at 6:01 a.m. Last Modified: Thursday, August 21, 2008 at 1:32 a.m. ALACHUA COUNTY: Alachua County Farmer's Market at U.S. 441 in Gainesville will be closed Saturday.


Alachua County Shelters Opened

Alachua County announces the opening of two shelters. Tropical Storm Fay continues to remain a concern for Alachua County residents.


WCJB TV-20

The gloves almost came off for some of the candidates at the 2008 Alachua County Democratic Black Caucus.


Derek Petersen and Lazaro Pick Up Another Win in Atlanta

At the Lucky Sevens Welcome Stake, which kicked off week III of the Atlanta Summer Classics, Derek Petersen and Lazaro picked up where they left off in June with another victory in the Flashpoint Media Services ...


Derek Petersen and Lazaro Pick Up Another Win in Atlanta

At the Lucky Sevens Welcome Stake, which kicked off week III of the Atlanta Summer Classics, Derek Petersen and Lazaro picked up where they left off in June with another victory in the Flashpoint Media Services ...


Police Seize 33 Bombs in Drug Raid

Published: Thursday, July 17, 2008 at 6:01 a.m. Last Modified: Thursday, July 17, 2008 at 6:01 a.m. ARCHER At a home shielded by trees and brush and enclosed by a fence with a "beware of dog" sign, officers ...


Stretch of 441 to be name for Williston resident

RV sites will become permanent fixtures A request by Goethe Trailhead Ranch to convert 37 of 73 recreational vehicle sites into stationary park trailers drew sharp criticism from neighbors before being approved ...


WCJB TV-20

The Drug Task Force expected to find a marijuana grow operation when they searched a home just outside of Archer.


WCJB TV-20

A man from near Archer is finding out you reap what you sow. A woman, who lives in Archer claims to be attacked with a scythe Sunday night.


Read the whole story

Anthony Phillips wants to be property appraiser Anthony Phllips announces candidacy.


With killer gone, a case consigned to the flames

Nearly 20 years after Danny Rolling terrorized this college town, the more than 2,000 items of evidence tying him to the murder of five college students are finally being destroyed.


Bo Diddley remembered

Aerial photography no longer free County will have to fund aerial photos for appraiser's office.


GNV Wx...: Update

Current Local Radar Tonight: A 30 % chance of showers and thunderstorms, mainly before 2 AM.


Archer holds Yulee-Diddley Day

Archer's Yulee Diddley Day 2008 was a festival day like none other north of Key West or East of New Orleans.


Friends, family celebrate Bo Diddley at his funeral

His funeral festooned by bouquets from musicians such as Jerry Lee Lewis, Tom Petty and George Thorogood, Bo Diddley was laid to rest Saturday.


Bo knew local band's beat

The death of rock 'n' roll pioneer Bo Diddley this week struck a chord close to home.


Bo Diddley gets a rocking sendoff at Fla. funeral

Jun 7, 2008 4:19 PM By BRENDAN FARRINGTON, AP A couple grieve during the funeral for Bo Diddley in Gainesville, Fla.


Local mourns legend Diddley

The music world remembers Bo Diddley was a godfather of rock 'n' roll. But Lafayette guitarist C.C. Adcock also knew Diddley as an amateur mechanic who could fix anything.


Rock Pioneer Bo Diddley, Famous For Square Guitar, Hat & Unique Rhythm, Dies At Age 79

JACKSONVILLE, Fla. -- Bo Diddley, a founding father of rock 'n' roll, whose distinctive ``shave and a haircut, two bits'' rhythm and innovative guitar effects inspired legions of other musicians, died Monday, ...


Hall of fame rocker inspired many for decades to come

JACKSONVILLE, FLA.: Bo Diddley, a founding father of rock 'n' roll whose distinctive rhythm and innovative guitar effects inspired legions of other musicians, died Monday after months of ill health.


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