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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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Aripeka, Florida News
Shooting with a passion

Snowden Technologies provides information systems solutions for the mining industry.

Get out and about in Hernando County

"Little Buddies" toddler program: 10:30 a.m. to noon, Jerome Brown Community Center, 99 Jerome Brown Place, off Darby Lane, Brooksville.

Get out and celebrate Labor Day in Hernando County

The following Labor Day events are scheduled for Monday: VFW Post 10209 Labor Day cookout, 11 a.m., 14736 Edward R. Noll Drive, Spring Hill.

Get out and about in Hernando County

Aripeka Elks Lodge 2520: 9135 Denton Ave., Hudson. Ed Salmon's String Band performs.

Swiftmud plans controlled burns across 700 acres in two tracts

The Southwest Florida Water Management District will be conducting controlled burns during August and September on the Annuteliga Hammock and Weekiwachee Preserve.

Get out and about in Hernando County

"Date Night" movie and dinner: 6 to 9 p.m., Ridge Manor United Methodist Church, 34350 Cortez Blvd., Ridge Manor.

Zephyrhills thrift center to hold Back 2 School Festival

Thrift center offers school freebies at fest HIS Storehouse Outreach and Thrift Center will hold its annual Back 2 School Festival from 10 a.m. to noon Saturday, offering free backpacks and school supplies, free food, carnival games for the children and a coupon for a $5 kid's haircut at Artistic Hair.

Aripeka Elks Lodge 2520 ready to sell tickets for show series

Aripeka Elks Lodge 2520 is taking reservations for season tickets to the 2009-10 series of dinner shows at the lodge, 9135 Denton Ave.

Hernando County site recommended for Environmentally Sensitive Lands program

Dawn Velsor, left, lead environmental planner with the Hernando Planning Department, talks with Alex Size from the Trust for Public Lands about features of a parcel of land nominated for acquisition through the county Environmentally Sensitive Lands program.

HealthSouth Rehabilitation Hospital in Spring Hill gets approval to add 35 beds, remodel

Rehab hospital gets okay to adds 35 beds The Hernando County Planning and Zoning Commission on Monday approved HealthSouth Rehabilitation Hospital's request to add 35 beds and remodel its Spring Hill facility.

County weathers wet week

Depending on where you live in Hernando County, you saw a sizable amount of rain this week.

Bay Scallop Season Opens On Florida's Gulf Coast

Get out your flippers and your shucking knives, it's that time of year again. The recreational harvest season for bay scallops begins July 1 and continues through Sept.

Get your snorkels ready

Get out the snorkels and load up the boat with dip nets: scallop season is nearly upon us.

Gulf scallop season opens July 1

The recreational harvest season for bay scallops begins July 1 and continues through Sept.

Hernando County events

Rock Band Jam Session for teens: 1 to 3 p.m., Spring Hill Branch/Harold G. Zopp Memorial Library, 9220 Spring Hill Drive.

Events around Hernando County

"Hurricane and Trees" free horticulture class: 10 a.m., Spring Hill Branch/Harold G. Zopp Memorial Library, 9220 Spring Hill Drive.

Pasco churches offering variety of themes at Vacation Bible School this summer

Students this summer may find themselves on a game show, or in Discovery Canyon, or on an imagined stretch of the Australian Outback - but they'll all be in the same place: Vacation Bible School.

Get out and about with Hernando County events

'What Can I Use to Get Rid of All These Bugs?' horticulture class at 10 a.m., Spring Hill Branch/Harold G. Zopp Memorial Library, 9220 Spring Hill Drive, Spring Hill.

Planning agency approves Pasco resort plans

The developers of the former SunWest Mine in northwest Pasco County won one more approval from county commissioners today, despite the objections of residents of nearby Aripeka.

Events: May 25-26

Aripeka Elks Lodge 2520: Dinner, 4:30 to 7:30 p.m., 9135 Denton Ave., Hudson. Music from 6 to 8:30 p.m. Menu choices are liver and onions, baked chicken, spaghetti and a "chef's special." Prices vary from $6.50 to $8. Dessert and coffee will also be available for purchase.

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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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