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Adamstown, MD New Home Financing in Maryland

Somerset Investors Corp. can find Adamstown, MD residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Adamstown, MD residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Adamstown, 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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Adamstown, Maryland News
Families need nerves of steel to follow demolition drivers

Jeff Graybill, of Brunswick, saws off a portion of the bumper while preparing the car for the next round at the demolition derby this year.


Love of goats lends nickname to producer

Photo courtesy Laurie Savage Bryan Lee, 19, of Adamstown, has a true passion for goats, and his friends and family call him the "goat collector." He is building up his business with his brother, Phillip, 16.


Long lines started the day, but quickly shortened

Election official Helen Horrocks of Ijamsville gives stickers to Christy Haybok of New Market and her daughter Katie, 1, after Haybok voted at New Market Middle School on Tuesday morning.


Election snapshot: Adamstown

Outside Carroll Manor Elementary School on Tuesday, the parking lot was crowded but the mood was quiet.


Election snapshot: Adamstown

Tuesday was a day of many firsts. For me, it was the first time one of my boys was old enough to vote.


A few flakes might fall on Frederick

The heavy winds that blitzed through Frederick County on Tuesday afternoon blew down the traffic signal lamps at the intersection of eastbound U.S. 40 and Hoke Place.


Chamber names new lobbyists

ANNAPOLIS a ' The Frederick County Chamber of Commerce will be represented by new lobbyists in the Maryland General Assembly.


Adamstown man remembered for construction efforts

David Furman didn't know much about his father's life before he became a family man.


Editorial: Humane beings

Some editorials encounter more difficulties getting to the page than others. Like this one.


County passes anti-chaining law for dogs

A new county ordinance will prevent dog owners from keeping their pets tied up for long periods of time and requires them to provide adequate shelter.


Police blotter

An overturned tractor-trailer caused traffic delays on I-70 west near Ridge Road on Thursday afternoon, according to Maryland State Police.


Adamstown Man Sent To Prison For Rape

An Adamstown man is off to prison for raping his ex-girlfriend. An Adamstown man is off to prison for raping his ex-girlfriend who is the mother of one of his children.


Convicted rapist sentenced to two life terms

After an Adamstown man spent 25 minutes counting off about 40 reasons why his rape trial was not fair, a Frederick County Circuit Court judge today sentenced George W. Mathis to two consecutive life terms in ...


Lilypons Water Gardens 28TH Annual Koi & Wine Festival

Celebrate Labor Day Weekend Close to Home. Adamstown, MD - August 25, 2008 -- Celebrate the end of summer with Lilypons Water Gardens at the 28th annual Koi & Wine Festival, Saturday and Sunday, August 30th & ...


Train hits trailer

A slow-moving CSX freight train struck a trailer that had become stuck on the tracks at Mountville Road in Adamstown about 4:15 p m Tuesday The collision did not affect trains on the MARC commuter line The ...


Train, trailer collide in Adamstown

Frederick County Sheriff's Office personnel are responding to a collision between a train and a trailer in the area of Mountville Road, near the railroad crossing, according to a Frederick County Emergency ...


Rapist to be sentenced next week

A new sentencing date has been set for an Adamstown man convicted this spring of raping his former girlfriend in April 2007.


Catapulting canine

One member of Carney's Sozio family is ranked third in the state in her sport, even though she's less than 2 years old, has big floppy ears and eats dog food.


Detour increases traffic through Adamstown

Traffic detours around the Route 28 bridge work into Adamstown. With a detour increasing traffic through Adamstown again this summer, residents are looking to the county for help.


FOOD: Rising prices create new farmers

ADAMSTOWN, Md. - Isaac Wilkes is grateful that his church is allowing him to plant a garden.


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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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