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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.

Return to new home financing in the state of GA

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Ailey, Georgia News
Party for Alvin Ailey, Story of a Rabbit, and Hiroaki Umeda

'Me? I'm scared of everything. I'm scared of what I saw, I'm scared of what I did, of who I am, and most of all I'm scared of walking out of this room and never feeling the rest of my whole life the way I feel when I'm with you.' - Frances 'Baby' Houseman, Dirty Dancing This party was so good everyone was scared to leave the room.


Baggett Gets First Victory At Speedway

Eric Baggett of Dublin grew up watching and attending races at Dublin 441 Speedway.


Brantley Takes First Late Model Race At Speedway

Ricky Brantley of Ailey, Georgia held off the lap-by-lap challenge from Jeremy Faircloth of Swainsboro to capture his first Late Model Sportsman feature of the 2009 season at Dublin 441 Speedway Saturday night.


Eleone Dance Theatre presents spring anniversary production

On Saturday, May 2 and Sunday, May 3 at 4 p.m., Eleone Dance Theatre, touting a oeModern dance thata s passionate, spirited and totally urban,a will present its annual spring performances at Freedom Theatrea s John E. Allen Jr.


It's a revelation

Boston audiences get a treat when the Alvin Ailey American Dance Theater is in town.


Williams Drives Car To Victory Lane At 441

In front of another standing room only crowd of race fans, Dublin driver Frank Williams drove his familiar No.


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"I prayed day and night for a miracle...In less than a week, (Somerset) was able to stop the foreclosure and get a new mortgage for me. It was the best of times...I have Somerset Mortgage Lenders to thank until eternity for the miracle they were able to make come true." - Diane B.
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