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Accident, MD New Home Financing in Maryland

Somerset Investors Corp. can find Accident, MD residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Accident, MD residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Accident, MD 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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Accident, Maryland News
Garrett officials remain hopeful for wind legislation

The Garrett County Commissioners are still hoping for legislation to allow for wind turbine setbacks.


Commissioners Render Decision On Animal Issue

Kermit Yoder met again with the Garrett County commissioners on Tuesday. The Accident resident has spearheaded an effort to bring about legislative change on issues concerning the Garrett County Humane Society ...


Medevac Accident Survivor Out Of The Hospital

Nov 24, 2008 9:23 pm US/Eastern Reporting Kelly McPherson PRINCE GEORGE'S COUNTY, Md.


Second Meeting Held For Public To Discuss GC Humane Society Issues

Twenty-five persons attended a public meeting at Garrett College last Saturday afternoon to discuss possible changes in the way the local Humane Society handles alleged animal abuse and neglect cases.


Snow Blamed For Traffic Accident In Western Md.

Required fields are marked with an asterisk The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications.


Accidental Fire Severely Damages Single-Family House Near Lake

An accidental fire resulted in the destruction of a single-family dwelling along Garrett Highway just south of Deep Creek Lake Monday afternoon.


Accident On I-70 Claims Life Of A 25-Year-Old Man

The two right lanes of 70 Eastbound were closed down for nearly three hours while police investigated the accident.


Emily Rosser Receives First Local Scout Gold Award In Over 20 Years

Girl Scouts of Black Diamond Council announced Monday that Emily K. Rosser of Accident has received the Girl Scout Gold Award .


Sale of alcohol on Sundays will expand in Garrett County

With all 19 precincts having been tabulated late Tuesday by the Garrett County Board of Elections, the county issue whether to allow Sunday alcohol sales failed overall by 52.85 percent against the initiative ...


Teen Dies After Accident On Route 180

Teen dies after crash on Route 180. A two-vehicle accident at Route 180 and Holter Road in Jefferson Wednesday afternoon leaves one teen dead.


Fatal Accident Closes Ramp In Washington County

A 71-year-old Midland man died at the scene. A serious accident is tying up traffic in Washington County this morning.


Local Man Dies In Motorcycle Accident

A Thurmont man lost his life in a motorcycle accident on Kelbaugh Road. A local man lost his life in a motorcycle accident on Saturday.


Tractor Trailer Accident Closes Interstate Ramp

Maryland State Police are investigating a tractor trailer accident on the ramp from eastbound Interstate 70 to southbound Interstate 81 near Hagerstown.


Mountain Maryland Studio Tour spans two weekends

The public is invited to enjoy the 10th annual Mountain Maryland Artists Studio Tour, which is coordinated by the Allegany Arts Council on behalf of the many talented visual artists in our area.


Double Fatal Accident On The Baltimore Beltway

The inner loop of the Baltimore beltway is closed at North Point Boulevard as Maryland State Police investigate a double fatal accident that occurred around 7am Monday.


Accident closes inner loop of I-695 at North Point Boulevard

The inner loop of Interstate 695 is closed at North Point Boulevard this morning because of an accident, according to Maryland State Police.


Frederick Man Charged In Connection With Accident That Killed Officer

Charges filed against a local man in connection with a vehicle accident that lead to the death of a Frederick City Police Officer.


Teen Killed In Montgomery Co. Accident

Oct 21, 2008 8:56 pm US/Eastern Reporting Kai Jackson DAMASCUS, Md. A Maryland teen isA killed and four othersA are injured in a car accident.


Bear hunt continues

Natural Resources biologist Bradley Kennedy takes paw measurements from a male black bear with an estimated weight of 185 pounds Monday evening at the Mount Nebo Work Center of the Maryland Department of ...


BPW Approves Local POS, Land Easement Projects

Gov. Martin O'Malley announced yesterday that the Board of Public Works has approved funding for a local Program Open Space project and the preservation of 267 acres of farm and forest land in Garrett County.


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"...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.
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