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Waianae, HI New Home Financing in Hawaii

Somerset Investors Corp. can find Waianae, HI residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Waianae, HI residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Waianae, 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

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Waianae, Hawaii News
New Waianae medical center opening

The $12 million Harry & Jeanette Weinberg Family Medical Center at the Waianae Coast Comprehensive Health Center will get an official blessing tomorrow for its opening.


Police / Fire

HILO>> A Big Island man who died in police custody Saturday while being held for trespassing and theft was identified by police yesterday as Barry Joseph Curl, 47, of Hilo.


Fire Department to recognize civilian heroes

Honolulu Fire Chief Kenneth G. Silva will present a civilian Medal of Valor to a City lifeguard and Certificates of Commendation to two Honolulu Police Department officers and several civilians on Thursday, ...


Police / Fire

A 4-year-old boy died Saturday afternoon after a stack of broken appliances fell on him on the front porch of his Waianae home.


Donations needed for children Waianae shelter event

Paiolu Kaiaulu, the Wai'anae Civic Center Emergency Shelter, is seeking donations and volunteers for a planned Toys for Tots get-together Saturday from 4-6 p.m. at the facility.


TV Falls On Toddler, Killing Him, Police Say

A toddler apparently struck by a broken television died Saturday, police said. Waianae police have deemed the 4-year-old's case an unattended death.


Officer assaulted in Waianae

A 42-year-old police officer sustained minor facial injuries after he was allegedly jumped by a 19-year-old male early this morning.


Showers soak Oahu

Homeless residents on a Waianae beach were left out in the cold, debris from a collapsed house washed into a stream, and storm runoff closed part of Kailua Beach during a wet and windy day on Oahu yesterday.


Honolulu Airport Bustling With Travelers

Honolulu Airport is bustling with holiday travelers this weekend as thousands are heading out for Thanksgiving celebrations with family and friends.


See Santa, floats, bands at annual Christmas parade

The Wai'anae Coast Rotary Club will present its annual Christmas Parade on Saturday.


Flash Flood Watch: Hawaii

KAUAI WINDWARD-KAUAI LEEWARD-KAUAI MOUNTAINS- OAHU SOUTH SHORE- WAIANAE COAST-OAHU NORTH SHORE-OAHU KOOLAU-OLOMANA-CENTRAL OAHU-WAIANAE MOUNTAINS- MOLOKAI WINDWARD-MOLOKAI LEEWARD-LANAI MAKAI-LANAI ...


Police / Fire

A 63-year-old businessman facing eviction held police at bay for nearly two hours yesterday in Kalihi before surrendering peacefully.


Waianae Crash Knocks Out Power

About 2,000 customers in Waianae were without power Friday morning after a vehicle hit and knocked down two utility poles.


Waianae video makes national 'safe driving' semifinals

For residents still suffering from campaign withdrawal, here's a last-minute chance to vote for something beyond the presidential election - something that will, like Hawaici-born Barack Obama's recent historic ...


Police / Fire

A Waianae man who died Tuesday when he fell off a pickup truck on Waianae Valley Road has been identified as Russell Reyes.


Waianae's Seariders need votes to win video contest

WAIANAE - The state's largest high school journalism and multimedia program is asking residents to log on and vote for its latest video production, which recently earned the school a semifinalist spot in a ...


Police / Fire

Honolulu fire officials said more units would have been damaged had a lone sprinkler head not worked inside a Waikiki condominium unit.


Jazz singer Ginai performs free concert for Holi-Diva Day at Kahala Mall

Celebrate Holi-Diva Day with a live concert performance by Hawaii jazz singer Ginai at 7pm, at Center Court in Kahala Mall on Saturday, December 15.


Surfing: Patacchia advances at Reef Hawaiian Pro

The waves got smaller, but the names got bigger on the second day of the Reef Hawaiian Pro men's surfing contest today.


Gathering Place: A few things to think about after the 'yes' vote on rail

A majority of voters said "yes" to rail in last Tuesday's election, so the stage is now set for the project to continue.


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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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