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New Home Financing

Somerset Mortgage Lenderscan find you the perfect loan and start your home purchase off right. With hundreds of loan programsavailable, we’ll help you match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find you 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 tradingcompanies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).

Fannie Mae and Freddie Mac does 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 rateas 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 loansare 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, 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.

Return to new home financing in the state of NC

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Ahoskie, North Carolina News
Arrest made quickly after crime

" Quick work by the Ahoskie Police Department led to the recent arrest of an individual wanted in connection with a breaking-and-entering and larceny case.


Arrest made in Woodland sexual assault

An arrest has been made in a sexual assault that occurred in Woodland last week.


Perrytown firemen roll out - red carpet'

" Good things happen to those who wait...and wait...and wait. Nearly a half-century after the founding of the Perrytown Volunteer Fire Department, the current band of hard-working and dedicated firefighters have moved into a brand new facility.


Gates prison to close

" For years, the Gates Correctional Center has teetered on the edge of distinction.


Three years; three arrests

" For the third consecutive year, all in the same month, an Ahoskie businessman has been arrested for offering counterfeit apparel for sale.


Teen rebounds after horrible accident

" May 2 was a typical Saturday for Ahoskie native Joseph Williams. "Little Joe", as he is known to his family and friends, was hanging out with a few friends as they drove around his new hometown of Greensboro.


R-C area religious educator succumbs

" If there were just one phrase to say at the passing of Anna Belle Crouch, it would be, "well done, my good and faithful servant.


Ahoskie shot house raided |

An alleged a oeshot housea on Troy Street in Ahoskie is no longer in operation. On August 6, a search warrant was executed by members of the Ahoskie Police Department and ALE agents at a Troy Street residence rented by Elvis Beacher, 49.


Misunderstanding surfaces over EMS for M'boro

An expression of concern by members of the Murfreesboro Town Council on Tuesday that emergency medical service they thought had been promised the town was, in fact, not being provided, developed into a huddle later that afternoon between the town administrator and the Hertford County Manager.


Teen shows big heart

People who practice the act of giving without the expectation of restitution come few and far between these days.


Save cash during tax free weekend

Like saving money? Have school supplies to buy? This weekend is for you in North Carolina.


6 chosen for Medal of Honor

Six members of the U.S. military who were killed in action have been chosen for the Medal of Honor during the wars in Iraq and Afghanistan.


Hertford County Schools improve AYP

" At no time over the past seven years have more than two public schools within the Hertford County public education system met the annual AYP .


Gospel Sing benefits accident victim

" As former Ahoskie native Joseph Williams continues to heal from injuries sustained in a May 2 accident that nearly claimed his life, family members and friends are persistent in an effort to help.


Two-county chase nets arrest

" An Edgecombe County man, suspected of larceny from an Ahoskie business, was arrested here Monday afternoon following a vehicle chase.


Ahoskie slates movie night

" Grab the children, a chair and head out to the Ahoskie Creek Amphitheater. On Friday night, August 7 the amphitheater will be host to a 30' inflatable screen as the Town of Ahoskie, the Ahoskie Chamber of Commerce and Wal-Mart host "Movies in the Park." The event is free to the public and something Ahoskie Mayor Linda Blackburn and Town Manager ...


'I just refused to waste what I learned'

The trials and tribulations that come with life are only negative when you let them be.


Privott slates camp

AHOSKIE a ' The new coach is looking to help. Hertford County High School Head Football Coach Scott Privott has announced his first football camp.


APD dedicates new station

" A vision is now reality. Dignitaries from Ahoskie, Hertford County and the surrounding region came together Monday morning to celebrate the culmination of a vision of the Ahoskie Town Council and the Ahoskie Police Department.


DMV offices to prepare for mailing licenses

Sixteen driver's license offices in the eastern part of the state will close for a half day, beginning next week, so the Division of Motor Vehicles can prepare a new process of mailing driver's licenses and ID cards.


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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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