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

Call Now

(800) 675-9783

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.

Local new home financing directory for FL :
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Haines City Hialeah Hollister Homosassa Springs
Hallandale High Springs Hollywood Horseshoe Beach
Hampton Highland City Holmes Beach Hosford
Hastings Hilliard Holt Howey in the Hills
Havana Hobe Sound Homeland Hudson
Hawthorne Holder Homestead Hurlburt Field
Hernando Holiday Homosassa

Return to our new home financing page

Call for COMPLETE details NOW!

(800) 675-9783

Florida News
Florida foster child adoptions

Florida is getting a $9.75 million federal bonus for leading the nation in increasing the adoption of foster children.


Corus Takeover Could Be Good for Condo Market

Commissioner Kevin McCarty told Gov. Charlie Crist and Florida Cabinet members, who oversee his office, that 84 companies writing policies in the state had underwriting gains in the first six months of the year compared with 102 that had losses.


Fixes to Fla. death penalty ignored

Lawyers, current and retired judges and a former death row inmate Wednesday criticized Florida for ignoring suggestions on how to fix its death penalty procedures.


Florida lawmakers will try to roll back fee increases

TALLAHASSEE -- A group of 15 Democrats in the Florida House will try to roll back the flood of fee increases and higher license charges that angered drivers across the state last month.


Health Choices has no clients

Florida Health Choices, pushed as a solution to the state's high rate of uninsured last year by Republican House leaders, still has no insurers or businesses signed up.


Judge Orders More DNA Testing in Marianna Quad Murders Trial

The notorious Marianna Quad murders trial is still set to start on Monday. Attorneys on both sides are racing against the clock to prepare.


Two Central Floridians among latest swine flu-related deaths

A 46-year-old Polk County woman and a 53-year-old Volusia County woman were among the latest swine flu -related deaths, state officials confirmed today.


Florida deputy pulls over a naked man riding a motorcycle, charges him with DUI

A Marion County deputy pulled over a naked man riding a motorcycle and charging the man with driving under the influence.


My View: Let's talk death penalty in 2010

Three years ago, the American Bar Association released a Florida Death Penalty Assessment Team report that documented numerous concerns about Florida's death penalty process.


Former inmate, corrections officers indicted

Officials say they have indicted two former Dade Correctional Institution officers, a corrections sergeant and a former inmate on felony civil rights charges.


Republicans Give Senate Seat To Thrasher

After a short but intense primary campaign, Republican voters in five northeast Florida coastal counties have picked former House Speaker John Thrasher to succeed late Sen.


U.S Marshals Capture South Florida Murder Suspect In Tallahassee

The U.S Marshals Florida Regional Fugitive Task Force today announced the arrest of 18 -year old Adrian Leebrent Hunter from Jupiter, Florida for the offenses of 3rd Degree Murder with a Firearm, Aggravated Battery with a Firearm, and Manslaughter with a Firearm.


Fla. insurance chief: Rates may increase

Companies offering hurricane and other property insurance coverage may need to raise rates because they're losing money, even though Florida hasn't had any serious storms in the past couple years, the state insurance commissioner said Tuesday.


34 Nabbed In Polk County Prostitution Sting

Authorities in central Florida say they have arrested 34 people during an undercover prostitution sting involving people using Craigslist advertisements on the Internet.


Faith Flipping Teen May Have Told Tall Tale

The Ohio teen who fled to Florida claiming her father threatened to kill her for converting to Christianity from Islam may have been stretching the truth after her dad was absolved of any wrongdoing yesterday.


More nonstop flights coming to Southwest International airport

Commissioners for the Lee County Port Authority, which governs Southwest Florida International Airport in Fort Myers, agreed 4-0 Monday to offer fee waivers to airlines that add nonstop flights.


Special session on gaming called unlikely

Florida Senate President Jeff Atwater says a special legislative session on whether to expand gambling at Seminole Indian casinos next month is unlikely.


Senate campaign full of name-calling, negative ads

The campaign to fill the Florida Senate seat vacated by the death of Sen. Jim King has turned nasty with biting, vicious television advertising and racially tinged mailers because of a court ruling that invalidated regulations against secretive political groups.


Florida News Preview

When a 2-year-old Florida foster child went missing for four months in 2007 only to be found severely injured in Wisconsin, it re-exposed a problem: the state didn't keep good track of the children in its care - an audit found that another 611 or about 2.3 percent of its children couldn't be located.


Charlie Crist's strong support may have shaky base among GOP

Gov. Charlie Crist greets student Gizelle Moore while visiting Frost Elementary School in Riverview on Thursday.


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.
Free Rate Quote
 
"...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.
© 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 | Testimonials | Employee | Top 100 Mortgage Companies
Equal Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA) ADD YOUR SITE, BOOST YOUR TRAFFIC. Alexa Traffic Ranking
 
close