Somerset Mortgage Lenders Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

Atlantic Beach, FL New Home Financing in Florida

Somerset Mortgage Lenders can find Atlantic Beach, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Atlantic Beach, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Atlantic Beach, 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.

Return to new home financing in the state of FL

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Atlantic Beach, Florida News
'We weathered the storm pretty well'

Photos by GARY WILCOX/Staff Above: Some Beaches residents didn't seem too worried about the storm.


Working waterfronts may catch a break

Amendment 6 lets appraisers 'do right thing' Jacksonville Business Journal - by Mark Szakonyi Staff Writer NORTHEAST FLORIDA -- Northeast Florida's maritime industry could get a break if a constitutional ...


Help St. Augustine celebrate a birthday

Life is one change after another unless you live in St. Augustine, which tries mightily to keep its historic districts looking the same.


Indiana woman drowns off Neptune Beach

Tropical Storm Fay claimed its first drowning victim Thursday afternoon, when a 21-year-old Indiana woman was knocked unconscious while wading in heavy surf off Neptune Beach.


Arsons reported in Atlantic Beach

Soggy conditions have not prevented a spate of arson in Atlantic Beach, according to police reports.


Woman Pulled From Neptune Beach Surf Dies

NEPTUNE BEACH, Fla. - One of two people pulled from rough surf Thursday afternoon has died and the other is hospitalized.


Sights and sounds

Have you seen an outstanding slice of entertainment recently in the Beaches area? A good band? An interesting art exhibit? A play not to be missed? Do you know of a good attraction that's coming our way? Please ...


Commissioner puts down resident of Atlantic Beach

At the Monday Atlantic Beach commissioners meeting, the commission passed the introduction and first reading of Ordinance No.


Neighbors' dispute comes to bad end

The following is a compilation of reports from Beaches-area police departments: ATLANTIC BEACH - A 39-year-old man was arrested on drunk-driving and accident charges after driving his GMC Hummer through a yard ...


Keep Your Eyes on Surprise

"It surprised the officer when Yates lifted up his shirt and removed a 3 pound package of Foster Farms chicken breasts from the front of his pants." -- From a KNBC-TV report headlined, "Man With Chicken in ...


First Jacksonville Beach homicide leads to arrest

A Jacksonville man accused of beating his former mother-in-law to death in her home left a trail of bloody clothes along the oceanfront before he was arrested by police less than a day after the murder in ...


Atlantic Beach: Ignores citizens' requests to not alter districting

The first steps were taken Monday to eliminate candidate residency requirements for district representation in Atlantic Beach.


Law & Disorder: Slaying suspect surrenders

Jacksonville Beach police arrested a 31-year-old Jacksonville man early Monday on charges he beat his ex-mother-in-law to death.


Don't bulldoze apartments that could be used otherwise

I am uncomfortable with all the talk of bulldozing buildings in Atlantic Beach, especially in regards to The Palms apartments on Mayport Road.


Woman loses control of car, which ends up in a ditch

The following is a compilation of reports from Beaches-area police departments: ATLANTIC BEACH - A 2007 Toyota went out of control and crashed into a ditch about 5:45 a.m. Tuesday in the 1700 block of Seminole ...


Woman Arrested Over Lasagne Attack

Police have arrested a woman for allegedly attacking her husband with a frozen lasagne.


Workers' surprise: concrete chunk

The following is a compilation of reports from Beaches-area police departments: ATLANTIC BEACH - Burglars used a concrete chunk to smash two storefront windows Friday or Saturday at the Subway restaurant, 469 ...


Police: Woman hit hubby with lasagna

Police in Atlantic Beach, Fla., said they have charged a woman with domestic battery after she allegedly struck her husband with a frozen lasagna.


At the Beaches, it's the right time to enjoy a cool treat

Right: Danielle Perlmutter, an employee at Olde Bridge Ice Cream and Deli in Ponte Vedra Beach, dishes up ice cream for a customer.


Have fun at The Players

There is no reason to let the summer doldrums get you down -- especially on Wednesdays at THE PLAYERS Community Senior Center, 175 Landrum Lane in Ponte Vedra Beach.


Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
 
"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)