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

Anahola, HI New Home Financing in Hawaii

Somerset Investors Corp. can find Anahola, HI residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Anahola, HI residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Anahola, HI residents 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 trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).

Fannie Mae and Freddie Mac do 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 rate as 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 loans are 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 and 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. Often, FHA insured loans are available with d

Return to new home financing in the state of HI

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Anahola, Hawaii News
More of this story

Candidates for public office yesterday walked the 2.1-mile stretch of highway, sand and tall grass that will one day connect existing multi-use path sections at Lydgate Park and Kapa'a's Lihi Boat Ramp.


More of this story

A precinct-by-precinct analysis of the primary election results released this week by the state Office of Elections shows pockets of support for some Kaua'i candidates while exposing gaping holes for others in ...


Be a prepared voter Saturday

With early voting already underway and the county of Kaua'i's Primary Election just around the corner, candidates for the elective offices of mayor, County Council prosecuting attorney, U.S. representative, ...


Letters for Monday, September 8, 2008

All we ever get is the same old tired lines and nothing gets done except the selling of more Kaua'i land.


More of this story

One juvenile driver was taken to Wilcox Memorial Hospital yesterday afternoon following a minor three-car collision in Lihu'e. The juvenile male was making a left turn out of the No.


Kauai: Privacy on the "Garden Island"

KAUA'I: THE GARDEN ISLAND Beautiful Kaua'i is our favorite of the chain of islands.


More of this story

Three cases originally scheduled for trial in 5th Circuit Court yesterday were instead postponed to dates over the next three months as suspects charged with the crimes of sexual assault, drug promotion and ...


Letters for Tuesday, August 19, 2008

JoAnn's mountain Regarding the Aug. 16 kukakuka meeting in Anahola, as reported in The Garden Island : It is interesting to hear that Councilmember JoAnn Yukimura is now ready to "fast-track" materials recovery ...


More of this story

The Department of Hawaiian Home Lands has frozen plans to develop a commercial project makai of Kuhio Highway in Wailua, though it is moving forward with the much larger mauka residential community.


More of this story

The draft environmental assessment of the proposed 5-mile Nawiliwili-to-Ahukini section of the shared-use path says the project "will not adversely impact the environmental quality of the area" and that a full ...


More of this story

Three of the four mayoral candidates talked about the county government's shortcomings in recent years and their different plans for the future at a KukaKuka community gathering in Anahola yesterday afternoon.


More of this story

KAPA'A - A Department of Transportation engineer said yesterday that short- and long-range projects planned for the Wailua corridor will alleviate traffic - but they'll take time and money.


More of this story

KAPA'A - A Department of Transportation engineer said yesterday that short- and long-range projects planned for the Wailua corridor will alleviate traffic - but they'll take time and money.


More of this story

Eleven Kaua'i Fire Department firefighters battled a large brush fire in Anahola for almost two hours yesterday afternoon before it was deemed under control.


Newswatch, Police/Fire

Farmers can get aid for 'vog' HILO Farmers who have crop damage due to volcanic fumes or "vog" will now be eligible for federal disaster program assistance under the 2008 Farm Bill, Congresswoman Mazie Hirono ...


More of this story

The Kaua'i County Council is scheduled to resume its work on three proposed ordinances related to dogs, tomorrow, at the Historic County Building.


More of this story

Eleven Kaua'i Fire Department firefighters battled a large brush fire in Anahola for almost two hours yesterday afternoon before it was deemed under control.


Kapa'a man killed, 8 injured in crash

A 24-year-old Kapa'a man was killed and eight people injured Wednesday night in a three-vehicle collision on Kaua'i. James Piekos of Wailua Homesteads was pronounced dead at Wilcox Hospital.


More of this story

HA'ENA - As the dawn sun sent rays through stormy clouds yesterday morning on the North Shore, some 40 Kaua'i residents of diverse backgrounds rallied on a sandy Ha'ena beach to pray for Hawaiian ancestors ...


Policeman says surfer attacked last year tried to fight back

San Diego police Officer Benjamin Manansala testified Monday that 24-year-old professional surfer Emery Kauanui Jr. via KPUA-AM Hilo


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.
 
"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
© 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
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)