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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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Alpharetta, Georgia News
Tree of liberty endures, historian says

Bill Potter says the Civil War changed the kinds of liberties Americans enjoy today - and not just for slaves.


Alpharetta 'Heroes' honored

The two Somerby associates were awarded Hero Awards at the ALFA Luncheon Sept. 23. "Professional, compassionate and dedicated are all words that come to mind when I think of Jeanette and Ron," said Debbie Michelet, executive director for Somerby of Alpharetta, an active rental retirement community.


Alpharetta CVB, Welcome Center moving

23. The move brings the ACVB offices and the Welcome Center into the same building after 10 years of being apart.


Police, fire change uniforms for charity in Alpharetta

For the third year, the Alpharetta Public Safety Foundation and Benihana's Mansell restaurant combined for the foundation's biggest fundraiser of the year.


Celebration of Song at Alpharetta Presbyterian

Join soprano Holly Thomson DiClaudio in "A Celebration of Song" featuring art song, musical theater, and opera.


Musician Nate Niec, 27, of Alpharetta, killed in wreck in Johns Creek

Nate Niec played the electric bass in punk bands. He played a monster in indie movies.


Wealthy Americans Will Spend 5% Less This Holiday Season

Respondents with average incomes of $300,000 said they will spend $2,380 on average this year, compared with $2,505 last year, according to the survey.


Ga. Rains Bring Minor Flooding as Creeks Rise

Most of metro Atlanta is under a flood warning as a storm system moves through the area.


Free family reunion workshop set Oct. 24 by Alpharetta CVB

Think you're not up for the task? Don't know where to begin? The Alpharetta Convention and Visitors Bureau will help by providing a free Family Reunion Workshop from 11 a.m. to 2 p.m. on Saturday, Oct.


Local news for Alpharetta, Roswell, Milton, Johns Creek, Forsyth

FIRST TIME HOME BUYER SEMINAR WHEN: Tuesday, September 29, 2009, 7:00 PM - 9:00 PM WHERE: Gwinnett Fire Department - Station #12 2815 Lenora Church Road, Snellville, GA 30078 WHO: Debra Davis & La Shonda Solomon of Keller Williams Realty Here's what you'll learn at this FREE seminar: * Why saving for a down payment doesn't work and what to do about ...


Alpharetta student awarded 'Very Best in Youth'

GLENDALE, Calif. - After a nationwide search spanning nearly a thousand entries, Nestle USA is proud to announce the winners of the 2009 Nestle Very Best In Youth Competition, including local winner Mackenzie Bearup, 16, from Alpharetta .


Alpharetta inventora s idea: a Good Nitea s sleep for all

A Google search for "how to get child to sleep" turns up tens of millions of entries.


AFUMC hosts FALLfest in downtown Alpharetta

17, from 10 a.m. to 4 p.m., rain or shine. Spreading out over most of the church's downtown Alpharetta campus, FALLfest offers something for everyone, including more than a dozen free children's games, arts and crafts from 50-plus exhibitors, live entertainment and plenty of barbecue, food and fun.


Atlanta International Youth Chorus holds auditions

Harmony, Atlanta's International Youth Chorus, is holding auditions for singers age 6 to 18.


CVB presents bridal showcase in Alpharetta

4 at the Wedding Alliance of North Georgia Bridal Showcase to be held at the Manor Golf and Country Club.


Alpharetta police captain receives national award

Sandy L. West of the Alpharetta Police Department was recently awarded the National Society Sons of the American Revolution Law Enforcement Commendation Medal in recognition of his achievements and exemplary leadership that he demonstrates daily with the Alpharetta Police Department.


Philip D. Taylor from Enc Cpa's, PC in Alpharetta, Ga officially...

Philip D. Taylor from ENC CPA's, PC in Alpharetta, GA officially became a licensed Certified Public Accountant Philip D. Taylor from ENC CPA's, PC in Alpharetta, GA officially became a licensed Certified Public Accountant , licensed in Georgia ALPHARETTA, GA, October 02, 2009 /24-7PressRelease/ -- Philip D. Taylor from ENC CPA's, PC in Alpharetta, ...


Congo peacemaker to speak at Alpharetta Presbyterian

11 at 8:30 a.m. and 11 a.m. The Rev. Probe Mukendi Kabongo, Coordinator of Presbyterian Action Against HIV/AIDS, will be speaking about his experiences.


Touchmark Bank adds Alpharetta staff

Touchmark National Bank recently announced the addition of two new team members.


Touchmark National opens headquarters in Alpharetta

Touchmark President Bill Short cuts the ribbon at the new headquarters of the bank off Old Milton Parkway in Alpharetta with the help of his bank board and representatives of the Greater North Fulton and Gwinnett chambers of commerce.


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"Every other company said they could not help us. After speaking to about five companies, we really believed that no one could. Then we called Somerset, and your company proved us and those other companies wrong. We can't thank you enough for all your hard work and effort in getting us a low fixed rate. We can now breathe easier..." - L. Braun
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