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Waimanalo, HI New Home Financing in Hawaii

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

Moving from house to house and living on the street makes it nearly impossible to create strong holiday traditions.

Oahu trip '08

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Hawaiians get home-building help

The sight of Hawaiians living in tents on property they owned by the Department of Hawaiian Home Lands struck a deep chord in Paige Kapiolani Barber.

Need in Islands greater this year

As Harmonie Aloiau-Ah-Wah crawled around the floor of a one-room studio in Waimanalo, Britney Tacub smiled with the pride of a new mom.

Kalanianaole Highway in Waimanalo gets improvements

Kalanianaole Highway near the Olomana Golf Course in Waimanalo is getting median improvements.

The Search for Signs of Hawaiian Life

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Hawaii Marines hike for hunger

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Kapolei mom goes from streets to success, all for her kids

In this tough economic time, here's a story of inspiration. A woman who took her life from the streets to success- and with four children in tow! Here's how she did it.

Hansen-Young writing stories, plays

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Police / Fire

Two armed and masked men entered a Kalihi home yesterday morning and confronted a 37-year-old man and his brother, demanding to see another man.

Waimanalo man arrested after rear-ending car carrying ex-girlfriend

A man who saw his ex-girlfriend riding in a car with another man and rammed their vehicle on Kalaniana'ole Highway near Enchanted Lake, was arrested early this morning.


Rep. Calvin Say will be leading the state House for his 11th year as speaker. Democrats in the state House issued a news release yesterday saying that Say will return as speaker.

Litter, erosion control project in Waimanalo today

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Volunteers needed for Waimanalo stream cleanup

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Triathletes frustrated at changes to popular Waimanalo road

A group of triathletes is frustrated about losing some prime parking space at a popular Windward workout area.

Tiny frog sets off big alert in Kailua

When Lanikai resident Virginia Enos heard a coqui frog call coming from her neighbor's yard, her first reaction was, "Oh crap." Familiar with the pesky frog's call, Enos called the state Department of ...

Lingle warns that tough times are ahead

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Downpours disrupt work at Windward Oahu farms

The heavy downpours disrupted work at most Windward Oahu farms. The showers turned into a mixed blessing for those who need them the most.

Schnitzer Steel Hawaii halts buying scrap metal

Schnitzer Steel Hawaii has suspended buying scrap autos and light iron for now, General Manager Jim Banigan said yesterday.

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