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Astatula, FL New Home Financing in Florida

Somerset Mortgage Lenders can find Astatula, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Astatula, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Astatula, 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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Astatula, Florida News
Tavares may add fire fee for 2010

City officials are considering whether to charge taxpayers a special fee to cover fire services.

Lake County's Sgt. Butch Perdue

Ten years ago he decided to try to reduce the number of teen fender benders and ultimately accidents that resulted in fatalities.

Astatula school chef's turkey roll-ups are a winner, hungry kids say

Hungry students aren't the only ones with a taste for the turkey-and-stuffing roll-ups served at Astatula Elementary School for the Arts.

Head-on crash kills one in Lake County

A Clermont man was killed Wednesday morning in a head-on crash between two semi trucks in Astatula. via South Florida Sun-Sentinel

If I were a rich . . . school district?

"Where are you supposed to be looking?"

"Five, please," Matt Burris said while raising his hand in the air. "Ladies and gentlemen -- five, please." Burris, drama/video production teacher at Astatula Elementary School for the Arts, told the cast of 52 ... via The Orlando Sentinel

Phone call reopens search for driver in traffic death

"As an investigator, I'd be pretty nervous about walking away from a DUI fatality without snapping even a Polaroid of my suspect."

Jacob Hernandez scrambled away from the fatal Lake County crash, bruised and bleeding but better off than his passenger. via The Orlando Sentinel

Lake County foreclosures continue record climb

"With the surge in the filings of foreclosure cases, any additional time that we have to process them is helpful"

The national mortgage crisis continues to hit close to home as Lake County homeowners keep defaulting on mortgages at a record pace, circuit court figures show. via The Orlando Sentinel

2 men face battery charge in beer-theft case

Two men have been charged with aggravated battery, accused of plowing into a store clerk Friday with the getaway car after stealing beer. via The Orlando Sentinel

Lake County school notes

Business Resources Center and the Lake County Historical Society are offering a series of classes on Lake and Sumter County history on the Leesburg campus. via The Orlando Sentinel

Fraud alleged in drug scam

An Astatula man has been charged with 92 counts of fraud after deputies uncovered his involvement in a suspected prescription-drug scam. via The Orlando Sentinel

Bird lovers can check out rare sight in north Lake

"That's one of the reasons we do bird bandings."

A unique visitor has moved into north Lake County for the winter. He has bright blue feathers, a rust-colored chest and a melodic chirp. via The Orlando Sentinel

Area voters reporting problems at polls in Florida primary

"Whoever entered my information must have gotten it wrong."

On Florida Primary day, voters are reporting problems across Central Florida from Daytona Beach to Hunter's Creek. via El Sentinel

Military news

Airman Jack W. Banta and Nathaniel I. Robinson have graduated from basic training at Lackland Air Force Base near San Antonio. via The Orlando Sentinel

PJ's Hit-n-Run in Astatula is well-stocked store for quick hits

"We have our regulars who come in every day, sometimes twice a day."

Husband and wife team Pavah Jean and David Kucharek know getting out of the car to shop can be tiresome. via The Orlando Sentinel

Business news and notes around Lake, Sumter and Marion counties

The U.S. Census of Agriculture will begin mailing forms in early January to Lake County farmers and ranchers. via The Orlando Sentinel

Lake County Police Log

Following are some of the incidents recently reported to area police agencies and the Lake County Sheriff's Office. via The Orlando Sentinel

Salvation Army of Lake will accept gift cards with unused balances

"We expect to provide toys and food to more than 3,000 families this year and that requires a lot of money. We hope this new ability to accept gift cards at Christmas kettles will help provide additional funds needed to help all those in need."

The Salvation Army in Lake County will accept gift cards at Christmas kettle locations this year for the first time. Holiday shoppers can drop off gift cards with any remaining balance and the Salvation Army can convert that unused balance into cash to help struggling families in Lake County.

The kettles will have a sign to remind everyone that they are accepting gift cards with unused balances. Any new, unused gift cards may be brought to or mailed to The Salvation Army, 2105 W. Main St., or P.O. Box 491265, Leesburg, FL 34749-1265. Read more

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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
"...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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