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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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Georgia News
Black Community Wants Gwinnett To Rename New Elem. School Named After A Prominate White Family

Just like what happened in 1818 when Gwinnett County was first established, the county powers to be, deemed it necessary to take the land of the Cherokee for foundating a settlement....

.....The area was purchased by two tri-racial families, the Andersons and the Livseys in the 1920''s. They are Black, White and Indian(Cherokee). For over 100 years they have been a self sufficient community. Hard working and politically involved in Gwinnett's history. The Livseys are one of only a handful of settlers who have been recognized by Gwinnett County Historical Society as one of the "First Families Of Gwinnett County "

Today, another first family has been given the unclear privilege of having a new elementary school named for them in the Promised Land. Until five years ago this area had a Lithonia, Georgia address. Even though, do to re-writing city boundaries to this area and renaming it....Snellville. It is still a city that is seven miles away from the new school, Gwinnett county sees fit to name the new school after a family matriarch of the Snell family, in addition of already having the city named after the Snells.

Its like building a fort on an Indian reservation. How can you build a school that will educate children in the immediate area and not acknowledge the community leaders request to name the school after the forefathers of Anderson Livsey. Is it politics? There is no racial inference or implications by the Livseys or the Andersons. The three families are very friendly with each other. Its simply an oversight by a county government with no compassion for this historic neighborhood, or its citizens.....


Georgia woman shot while protecting grandson dies

A woman who was wounded while trying to protect her 5-year-old grandson from her husband has died.


Freeze warning in effect Tuesday morning for Northwest Georgia

Folks in Northwest Georgia should cover up or bring in outdoor plants that are at risk in freezing temperatures as another cold night is on tap.


Perdue appoints Walker County School Superintendent to regional commission

Georgia governor Sonny Perdue has appointed Walker County superintendent of Schools Melissa Mathis to the Northwest Georgia Regional Commission for planning and development.


Some expert analysis of Georgia mental hospitals

A team of experts has been hired to help improve care at Georgia's seven psychiatric hospitals after officials said the facilities are understaffed and lack adequate expertise.


Ga. Regents suing former med school foundation

The state Board of Regents has filed a lawsuit against a private foundation for continuing to use the Medical College of Georgia's name more than a year after the campus severed ties with the organization.


Georgia DOT launches "Teen Driving Safety 101" Web site

The Georgia Department of Transportation is launching a new resource for teen drivers and their parents.


North Georgia Temps Dip for Second Night

Temperatures dipped into the low 30s across much of north Georgia Monday morning, and frost advisories were issued.


Deadline approaches for Georgia flood assistance

ATLANTA a ' Workers in eight Georgia counties have until Monday to file initial claims for federal Disaster Unemployment Assistance to compensate for loss of income directly resulting from severe storms and flooding last month.


Philip Morris to stop offering contracts

The outlook for Georgia tobacco farmers was clouded this week with the announcement that the largest cigarette manufacturer will not offer contracts and will close its Alma buying station.


Clock ticks for Mark McClain

The lawyer for a Georgia man set to become the state's 23rd inmate to be put to death by lethal injection has petitioned the state and U.S. Supreme Court to spare his client's life.


Georgia EPD Director Carol Couch to resign

After nearly six years on the job, Georgia Environmental Protection Division Director Carol Couch will step down from her post on Oct.


Court rules against millionaire's mistress

The Georgia Supreme Court ruled unanimously Monday against the mistress of a millionaire, saying she is not entitled to receive $7,900 a month for the rest of her life as provided under amendments to his will.


Georgia marks 70th year of 'Gone With the Wind'

The ballroom of the Georgian Terrace Hotel, site of the post-premiere reception.


H1N1 Vaccine May be Delayed for Georgia

If you've been waiting for your swine flu vaccination, you may have to wait even longer.


Kernersville man recalls being Wwii Pow

On Aug. 6, 1944, John Anderson was on a bombing mission near Berlin when German anti-aircraft fire hit his B-17. The plane went into a spin.


Talent not the problem for Georgia's defense

Posted by ESPN.com's Chris Low Chip Towers of the Atlanta Journal-Constitution has done some research on where the Georgia defensive starters ranked in some of the recruiting services coming out of high school, and the results are pretty telling.


Inside Insurance: Eldery drivers must take extra precaution

In just about 20 years, people age 65 and older are expected to be 25 percent of the driving population and suffer an equal percentage of involvement in fatal crashes.


Job-seekers without computer access can apply for VW jobs at GNTC campuses

Georgia Northwestern Technical College announced Friday that computer labs will be available to anyone wishing to apply for work at the new Volkswagen facility in Chattanooga.


Police Say Uga Student Robbed By Cab Driver

Police in Athens say a University of Georgia student was robbed at gunpoint by a cab driver who picked him up.


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