Somerset Investors Corp. Mortgage Refinance, Reverse Mortage, Home Loan
  Purchase Refinance Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement
Search Somerset:
Print this page    E-mail this page

Call Now

(800) 675-9783

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.

Local new home financing directory for GA :
Abbeville Allenhurst Appling Atlanta
Acworth Allentown Arabi Attapulgus
Adairsville Alma Aragon Auburn
Adel Alpharetta Argyle Augusta
Adrian Alston Arlington Austell
Ailey Alto Armuchee Avera
Alamo Ambrose Arnoldsville Avondale Estates
Alapaha Americus Ashburn Axson
Albany Andersonville Athens

Return to our new home financing page

Call for COMPLETE details NOW!

(800) 675-9783

Georgia News
DCH Launches H1N1 Communication Tool for Georgians

Georgia Department of Community Health Press Release: ATLANTA - " Dr. Rhonda Medows, State Health Officer and Georgia Department of Community Health Commissioner, announced the launch of Georgia's H1N1 Influenza Vaccine Provider Locator.

Lake Lanier, focus of 'water wars' between Georgia, Alabama and Florida, at full pool

The drought that plagued the Southeast has been over for months, but to many in north Georgia it didn't officially release its grip until Wednesday when it reached a height it hadn't topped in more than four years.

Georgia's Largest School System---Gwinnett County Students Will Have A New School Next Year

Parents of children strained by Gwinnett County school redistricting plans for next fall can now see detailed maps of the proposal.

Did The Georgia Disaster Create Legal Problems For You, Too?

If the September storms and flooding left you entangled in a legal issue, Free Disaster Legal Services may be able to help.

Gov. Perdue Campaigns for Foster Care

Gov. Sonny Perdue is helping to launch a campaign to support foster care in Georgia.

Forgetting past is dangerous

It takes a special breed to want to study history. That being said, those who do search through the past because they want a better understanding of their world find it invigorates them to discover what happened decades, centuries and millennia ago.

Date is set for McClain to die

An execution date has been set for Mark McClain, who was sentenced to death by a Richmond County Superior Court jury nearly 14 years ago.

More Rain for North Georgia

It's starting to feel like we really are making up for all that missing rainfall from the drought.

Ga. Teachers Sue For Bonuses Promised Under Law

A group of Georgia teachers are suing the state for cutting the salary bonuses they received for getting extra certification.

UGA baseball player arrested

An underage University of Georgia baseball player has been arrested on alcohol-related charges.

3 Missing Gainesville Children Found Safe, 1St Ld

Three Gainesville children who went missing after going for a walk have been found safe.

Authorities investigate cause of Georgia bus fire

Authorities say a charter bus that burst into flames along Interstate 20 had been broken down and its owner was trying to fix it when it caught fire.

Catching up on Georgia history

I just finished reading 'Midnight in the Garden of Good and Evil' by John Berendt.

Northwest Georgia Aggressive in Hunt for Volkswagen Suppliers

Submitted by Amy Katcher on October 6, 2009 - 4:20pm. Chattooga County News Dade County News Murray County News Walker County News Whitfield County News Northwest Georgia gets aggressive in the fight to lure Volkswagen suppliers.

Severe Thunderstorm Watch For Parts Of W. Georgia

The Storm Predicition Center has issued a Severe Thunderstorm Watch for portions of Eastern Alabama and Northwestern Georgia until Midnight.

No more dealing for Deal

Congressman Nathan Deal, a candidate for governor, has ended a business arrangement with the state of Georgia.

Georgia firefighter burns down home, pleads guilty to insurance fraud

A Georgia firefighter pleaded guilty to insurance fraud for burning his house down in December of 2007.

1938 FDR visit remembered

Rebecca Goolsby remembers the day Franklin D. Roosevelt visited Barnesville as being very hot.

Advocates want more spent to educate teen drivers

A state law adopted in 2007 that required driver's education for all 16-year-olds also created a way to help pay for it - but only 20 percent of funds collected under the program have been appropriated for its use.

Unknown Civil War soldier reburied in Tennessee

A Civil War soldier whose remains were found in a battlefield grave last spring was reburied Saturday by admirers who knew neither his name nor even what side he fought on.

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.
Free Rate Quote
"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.
© 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 | Testimonials | Employee | Top 100 Mortgage Companies
Equal Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA) ADD YOUR SITE, BOOST YOUR TRAFFIC. Alexa Traffic Ranking