Somerset Investors Corp. 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

FL New Home Financing in Florida

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

Local new home financing directory for FL :
Pahokee Panacea Pineland Ponte Vedra
Paisley Panama City Pinellas Park Ponte Vedra Beach
Palatka Panama City Beach Pinetta Port Charlotte
Palm Bay Parrish Placida Port Orange
Palm Beach Patrick AFB Plant City Port Richey
Palm Beach Gardens Paxton Plymouth Port Saint Joe
Palm City Pembroke Pines Point Washington Port Saint Lucie
Palm Coast Penney Farms Polk City Port Salerno
Palm Harbor Pensacola Pomona Park Punta Gorda
Palmdale Perry Pompano Beach Putnam Hall
Palmetto Pierson Ponce de Leon

Return to our new home financing page

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Florida News
Constitutional Amendments: What You Need to Know
Published 10/1/2008 in Florida Trend email this article printable format feedback Election 2008 Constitutional Amendments: What You Need to Know November's ballot includes six proposed constitutional amendments, from a ban on gay marriage to a tax break for working waterfronts. Here's a guide. by Amy Keller
Couple Charged with Scamming Illegal Aliens

Police are looking for more victims of a scam targeting illegal aliens. Detectives with the Martin County Sheriff's Office are looking for additional victims of a scam.

Poll: Gay-marriage ban likely to pass

Florida voters look close to passing a gay-marriage ban and rejecting a community college tax and are largely undecided about a handful of property-tax issues, according to a new statewide poll concerning the ...

South Florida watering limits to become permanent

Yep, it rained yet again Thursday. Yep, Lake Okeechobee is back to normal. Yep, flood gates along the coast open every time storms flood South Florida's streets and dump billions of gallons.

Pricey gems swiped in South Florida

Authorities say a loosely organized network of thieves are behind two pricey jewel heists in South Florida.

Florida Republicans cast blame as McCain trails in polls

For the first time in more than a decade, Florida Republicans are considering the almost unthinkable: Their presidential nominee could lose the state.

Sarasota Woman Killed Trying To Save Her Dog

Required fields are marked with an asterisk The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications.

Cardinals official dies after car accident

Hospital officials say longtime St. Louis Cardinals official George Kissell has died after being injured in a traffic accident in Florida.

Fla. Boater Knocked Unconscious By Leaping Dolphin

A boater is hospitalized after being knocked unconscious by a leaping dolphin along the Atlantic coast of central Florida.

Governor Crist Signs Executive Order Creating - Silver Alert'

Governor Charlie Crist today signed Executive Order 08-211 enacting Florida's a Silver Alert,' which allows the immediate broadcast of information to the public regarding missing elders with dementia or other ...

59 Counties Eligible for Disaster Assistance

Florida Agriculture and Consumer Services Commissioner Charles H. Bronson announced today that agricultural producers in 59 of Florida's 67 counties are eligible for federal disaster assistance as a result of ...

Bush raises $2 million in Florida, South Carolina

President Bush worked to allay fears about the financial crisis on Friday then left the White House and headed south to raise nearly $2 million for the Republican Party in South Carolina and the battleground ...

Fla. Disaster Registrations Slow; Outreach Continues

Six weeks after Tropical Storm Fay swamped portions of the state with record rainfalls, recovery officials reported a decline in new registrations and applicant visits to Disaster Recovery Centers on Friday.

Tornado Hits Panhandle

A tornado has blown out windows and knocked down trees and power lines near a state park in the Florida Panhandle.

Gay Orlando Film Festival brings queer films to Central Florida

The Gay Orlando Film Festival, Oct. 25 and 26, is a project of the Enzian Theater and Kangagirl Productions, run by Margaret Nolan The 6th Annual Gay Orlando Film Festival will play the Maitland's Enzian ...

Obama puts fight for Fla. in forefront

The move signals that Obama apparently expects to be highly competitive in the Nov.

Florida judge says mom of missing 3-year-old can access evidence from car, forensic tests

The mother of a missing 3-year-old Florida girl will have access to her car and forensic tests completed by authorities trying to figure out what happened to the child, a judge ruled Friday.

Mystery illness killing local horses

State veterinary officials say a mystery illness has killed nearly 100 horses at one farm in Central Florida.

Fla. improves technology to track probationers

Until recently, when Florida probation officers went out to check on sex offenders wearing ankle bracelets, they had to leave an important tool in the office: the monitoring software that tracks the offenders.

Qatar Parachutist Lands On DeLand Roof During Training

Officials say a member of Qatar's army was injured when he landed on a roof during parachute training in Central Florida.

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.
"...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
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)