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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.

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Alapaha, Georgia News
Make A Difference Day

Keep Lowndes/Valdosta Beautiful, the City of Valdosta and Lowndes County are joining forces with several local organizations and volunteers for a Make A Difference Day cleanup.


In August 1431 the magistrate of Hoiyang-bu submitted an appeal for

In August 1431 the magistrate of Hoiyang-bu submitted an appeal for the lifting of a hunting ban imposed on the martial arts training ground there.


Collector reflects on his passion for coins

The Tiftarea Coin Club's annual show will be held from 9 a.m. until 6 p.m. Oct. 23-25 at the Georgia Agrirama's Conference Center.


Welcome to Nashville, Georgia

The history of Nashville is quite interesting. Nashville is located in Georgia's 116th county.


United Way begins annual campaign

The United Way of South Central Georgia is kicking off its annual fund drive campaign this week and is urging everyone in the community to consider the impact the agency has on local people in need.


Alapaha Circuit Superior Court Judge Pleads Guilty

Former Alapaha Circuit Superior Court Judge Brooks E. Blitch, III, pled guilty before the Honorable Hugh Lawson, United States District Judge for the Middle District of Georgia, to one count of Honest Services Fraud Conspiracy in violation of Title 18, United States Code, Sections 1341, 1343, 1346, and 1349.


Judge pleads guilty

A former Alapaha Circuit judge pleaded to a count of fraud Friday morning in a federal court in Macon.


Inter-tribal community delivers food to needy

Those in need of food assistance now have another source to draw from. The River Oak Inter-tribal Community, in conjunction with the Alapaha River Band of Cherokees in Jennings, Fla., is working to bring free food to needy families in the South Georgia and North Florida region, said Glenn "Wolf" Kringle.


A gift of water: Tifton men to help build well in Kenyan village

Two local men were so inspired by the work of a young African man they met and heard preach that they are returning to Kenya later this month in hopes of finishing a well-drilling project.


Volunteers sworn in for service

Eight volunteers were recently sworn in by Judge Clay Tomlinson and Judge Jody Steedley to serve as official Court Appointed Special Advocate volunteers for the Alapaha Judicial Circuit.


Give blood and save lives

One of the men died. The other is still recovering at the Still Burn Center in Augusta.


Your Agenda

There will be a Community Gospel Sing on Saturday, May 30, at 6 p.m., at Robert Simpson's in Alapaha, Ga., on Pait St.


Work-related accident claims one life

A south Georgia man was badly burned in a work-related accident Friday, and the man who helped save his life died of a heart attack.


Strawter to speak at Mother-Daughter Banquet

The youth department of Union Missionary Baptist Church will sponsor its Fourth Annual Mother-Daughter Banquet at 7 p.m. Saturday, May 9, at the Colquitt County Agricultural Complex.


Police reports for April 28

Robert Dewayne Barfield, 52, 401 E. 23rd St., Cordele, was charged Friday with DUI, an open container violation and driving with a suspended or revoked license.


Bridges, roads reopening

'Road closed' signs block Skipper Bridge Road in Lowndes County. The road will be closed until the bridge can be checked out following the weekend flooding.


Road Closings

SR 133 in Brooks County near Brooks/Lowndes County line is reopened. The Georgia DOT HAS CLOSED SR 94 at the Alapaha River in Echols County.


Alapaha River Overflowing 2

A continuation from my first.A The first picture is a storm that produced one of two possible tornados near Willacoochee.A The middle pictures are more of the Alapaha River and the last two are pictures of the Willacoochee River overflow.


Father convicted of killing son

It took a jury less than three hours Wednesday to convict a father accused of shooting and killing his son.


Blueberries and Outrage

This compared to 26% who were "Bothered" and 11% who were "Not Particularly Bothered". What no opportunity for "No opinion? In this case, had my bonus ennui ebbed to the point where I actually picked up the phone, I could have only rallied for "No Opinion." Outrage: Are you as fatigued from outrage as I am? If you look for "outrage" on Google ...


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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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