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Addison, NY New Home Financing in New York

Somerset Mortgage Lenders can find Addison, NY residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Addison, NY residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Addison, NY 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 down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably priced homes pretty much anywhere in the country.

Subprime Loans

A different type of loan was also created to assist people with poor credit in buying a home. These are called Subprime Loans. A subprime loan may come in various forms depending on the loan amount, loan terms, and loan-to-value ratio. Your risk is still determined by grading your credit, but in the case of a subprime loan it is to determine the type of loan and interest rate offered you rather than whether or not to give you a loan at all.

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Addison, New York News
Man arrested after high speed chase in Steuben County

A Cincinnatus, NY man wanted in New Jersey was arrested today after a high speed chase through several Steuben County towns.


Oil jumps $5 on sliding dollar

Oil prices shot up more than $5 a barrel today, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West.


Police Record

*Andrej Konopski, 21, of Sleve Road in Bradford, was charged Aug. 9 with driving while intoxicated, having a blood alcohol level greater than .08 percent, first-degree aggravated unlicensed operation of a motor vehicle and failure to keep right. *Vincent P. Mullaney, 35, of Indian Hills Road in Addison, was charged Aug. 11 with second-degree aggravated unlicensed operation of a motor vehicle. *Alex J. Groves, 18, of Watauga Avenue in Corning, was charged Aug. 12 with unlawful possession of marijuana and no brake lights. *David T. Buechner, 20, of Chemung Street in Corning, was charged Aug. 12 with unlawful possession of marijuana. *A 17-year-old Corning youth was charged Aug. 12 with third-degree assault. *Jordan E. Townsend, 22, of Taft Road in Painted Post, was charged Aug. 13 with petit larceny. *Susan L. Warrick, 40, of Mill Street in Painted Post, was charged Aug. 13 with second-degree assault. *David P. Bertrand, 23, of Lower Delevan Avenue in Corning, was charged Aug. 14 with petit larceny. *Dean M. Delio, 21, of West First Street in Corning, was charged Aug. 15 with driving while intoxicated, inadequate brake lamp and refusing to submit to a breath screening test. *Shawn M. Howell, 22, of Fenderson Street Extension in Painted Post, was charged Aug. 15 with second-degree harassment. *Tonya T. Palmer, 38, of East Third Street in Corning, was charged Aug. 16 with driving while intoxicated, leaving the scene of a property damage accident, speeding, and improper or no signal. *Nicole A. Brown, 20, of East Second Street in Corning, was charged Aug. 17 with unlawful possession of marijuana, tampering with physical evidence and second-degree obstruction of governmental administration. *Robert C. Gitchell Jr., 19, of Laurel Street in Corning, was charged Aug. 17 with third-degree criminal tampering and second-degree obstruction of governmental administration. *William Hall, 35, of Chemung Street in Corning, was charged Aug. 17 with first-degree rape, first-degree criminal contempt and second-degree harassment. He was arraigned in Corning City Court and sent to the Steuben County Jail in lieu of $10,000 cash bail or $20,000 property bond. *Kevin J. Bennett, 41, of Goff Street in Corning, was charged Aug. 19 with first-degree criminal contempt and unlawful possession of marijuana. *Robin L. Pierce, 49, of Main Street in Savona, was charged Aug. 19 with second-degree criminal contempt. The addresses listed in record items -- the last known residence of the accused or the address the person gave to law enforcement officers -- are obtained by the Star-Gazette from police or court records.


Police Record

*Aaron Brimmer, 19, of Washington Court in Elmira, was charged Aug. 1 with seventh-degree criminal possession of a controlled substance. *Albert Steadman, 33, of Wellsburg, was charged Aug. 1 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop. *Joseph Grosz Jr., 50, of West Water Street in Elmira, was arrested Aug. 2 on a warrant charging him with driving while intoxicated stemming from the violation of a conditional discharge. *William E. Donaldson, 33, of West Clinton Street in Elmira, was charged Aug. 2 with felony driving while intoxicated and first-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on South Main Street. *Daniel K. Galbreath, 20, of West First Street in Elmira, was charged Aug. 2 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on South Main Street. *Brian K. Mullen, 32, of Waverly, was arrested Aug. 3 on a warrant charging him with criminal mischief. *Jacob Plummer, 27, of West Miller Street in Elmira, was charged Aug. 3 with third- and fourth-degree criminal mischief. *Tracy Wilson, 21, of West Gray Street in Elmira, was charged Aug. 3 with second-degree criminal contempt. *Eddie Evans, 49, of Davis Street, was charged Aug. 3 with third-degree burglary. *Frederick J. Glenn Jr., 20, of Elmira, was arrested Aug. 5 on a warrant charging him with driving while intoxicated, fourth-degree criminal mischief and petit larceny. *Frank A. Mueller, 26, of Elmira, was charged Aug. 5 with unlawful possession of marijuana. *Brenda L. Palmieri, 44, of Elmira, was arrested Aug. 5 on a warrant charging her with facilitating third-degree aggravated unlicensed operation of a motor vehicle. *Derrick D. Dupree, 21, of Elmira, was charged Aug. 6 with unlawful possession of marijuana. *Bonnie L. Silvernail, 51, of West First Street in Elmira, was charged Aug. 7 with falsely reporting an incident. *Christopher W. Sommer, 25, of Savona, was charged July 31 with felony driving while intoxicated. *Debra A. Powers, 35, of Hornell, was charged Aug. 1 with first-degree unlawfully dealing with a child *Ryan M. Durfey, 31, of Van Etten, was charged Aug. 3 with driving while intoxicated and endangering the welfare of a child after a traffic stop. *Frank T. Galvan, 52, of Bath, was charged Aug. 5 with driving while intoxicated after a traffic stop. *Nichole L. Cotter, 21, of Savona, was charged Aug. 6 with driving while intoxicated. *Steven Shoemaker, 25, of Bath, was charged Aug. 7 with driving while intoxicated. *Raymond D. Riffle, 20, of Addison, was charged Aug. 2 with issuing a bad check. *Brian M. Fay, 42, of Bath, was charged Aug. 7 with three counts of issuing a bad check. *John J. Jodway, 28, of Corning, was charged Aug. 6 with second-degree harassment. *Linda L. Hand, 40, of Cameron Mills, was charged July 31 with unlawfully dealing with a child and disorderly conduct. *Aaron P. Nichols, 19, of Campbell, was charged Aug. 2 with underage possession of alcohol. *Iryn B. Meyers, 29, of Wayland, was charged Aug. 2 with third-degree assault. *Nicole L. Hartzell, 18, of Atlanta, was charged Aug. 5 with driving while ability was impaired. *Jon B. Easton, 45, of Horseheads, was charged Aug. 6 with felony driving while intoxicated after a traffic stop on Interstate 390. *Mathew R. Miller, 26, of Hornell, was charged Aug. 7 with driving while intoxicated and reckless driving. *Anthony A. Barna, 33, of Leraysville, was charged Aug. 1 with violating a protection order. *James K. Buskirk, 21, of Rome, was charged Aug. 2 with burglary, criminal trespass and assault after an incident at a residence in Litchfield Township. *Denise Crain, 56, of Ulster, was charged Aug. 2 with reckless endangerment. *Bryan Reynolds, 37, of Sayre, was charged Aug. 3 with harassment. *John Garino, 20, of Gillett, was charged Aug. 3 with assault stemming from an incident on June 19 in South Creek Township. *Conway Garner, 23, of Towanda, was charged Aug. 5 with harassment. *Jennifer L. Thompson, 22, of Wysox, was charged Aug. 6 with harassment. *Karina Pazos, 18 of Horseheads, and a 15-year-old Horseheads girl were charged Aug. 1 with petit larceny at Wal-Mart in Horseheads. *Krista L. Steinhauer, 28, of Elmira Heights, was charged Aug. 1 with petit larceny at Macy's in the Arnot Mall in Big Flats. *Josephine E. Detar, 54, of Millport, was charged Aug. 4 with aggravated harassment. *Joshua W. Vanderpool, 18, of Gillett, and a 16-year-old Horseheads boy were charged Aug. 5 with underage possession of alcohol. Vanderpool was also charged with unlawful possession of marijuana. *Ricky A. Otts, 49, of Hector, was charged July 23 with felony aggravated cruelty to animals stemming from the shooting of a cat. *Michael Conover, 69, of state Route 79 in Mecklenburg, was charged Aug. 5 with cruelty to animals stemming from allegations he kept several cats in a house in unsanitary conditions. *Nathan J. Hemme, 21, of Concordia, Mo., was charged Aug. 3 with third-degree assault and disorderly conduct. *Carmella R. Hare, 32, of Utica, was charged Aug. 3 with third-degree criminal tampering, second-degree harassment, disorderly conduct and unlawful possession of marijuana. *Karl M. Wenzl, 31, of Susquehanna, Pa., was charged July 24 with carrying a firearm without a license when not permitted to carry a firearm. He was arraigned in district court and committed to the Potter County Jail in lieu of $15,000 bail. The addresses listed in record items -- the last known residence of the accused or the address the person gave to law enforcement officers -- are obtained by the Star-Gazette from police or court records.


Nationwide agencies to host show car, simulator

Nationwide Insurance, sponsor of the NASCAR Nationwide series, will have its show car and simulator at several sites this week in conjunction with Saturday's Zippo 200 race at Watkins Glen International.


Valley Car Thieves Doing Well For Themselves

Historically, some businesses thrive during recessions and it seems that Valley car thieves will post a very strong quarter.


Addison railroad crossing improvements planned

The state Department of Transportation, in cooperation with the village of Addison and Norfolk Southern Railway Company, plans to improve the railroad facility and railroad crossing on state Route 417 in the ...


People in the Twin Tiers

St. James Mercy Hospital *MOON -- A son, Thursday, July 31, 2008, to Timothy and Kealica Campbell Moon of Prattsburgh.


Cross country series gets you ready for the fall

The Wineglass Running Club is presenting its annual summer cross country series.


Community dance tonight in Addison

ADDISON - The Addison Community Center will host a community dance from 7:30 to 11:30 p.m. today at its facility on Community Drive, off Front Street, behind Webb's Grocery.


Near Drowning Victim's Condition UPDATE

Police have identified the victim as Donald Combs of Lindley. They say combs and other children were swimming, under adult supervision, when he slipped under water.


Lindley boy, 7, remains critical following near drowning

LINDLEY - A 7-year-old Lindley boy, who nearly drowned Tuesday in the Tioga River, remained in critical condition Wednesday morning at Strong Memorial Hospital in Rochester.


Community Foundation Spring Grants

The Community Foundation of Elmira-Corning and the Finger Lakes Inc., at 307B E. Water St.


Summer reading program winners

This week's prize winners in the Star-Gazette Summer Reading Program are: *Sydney Northup, a second-grader at Chemung Elementary, will receive a signed copy of "I Like Gum" written by Doreen Tango Hampton and ...


Courts record

The following indictments were handed up June 27 by a county grand jury: *Christopher Abeel, 31, of Denwood Terrace in Bath, was charged with third-degree grand larceny after an incident in March in the village ...


No Ice At The North Pole

Title: NO ICE AT THE NORTH POLE It seems unthinkable, but for the first time in human history, ice is on course to disappear entirely from the North Pole this year.


People in the Twin Tiers

St. James Mercy Hospital *COOTS -- A son, Wednesday, June 18, 2008, to Denise M. Coots of Addison.


Corning Inc. lends a hand

ADDISON -- At daybreak Wednesday, there was nothing but a foundation on the lot at 15 Prospect St.


Coring Inc. Rolls Up their Sleeves

June 25, 2008 ADDISON--A Southern Tier family will be getting a new home thanks to an international effort by a Southern Tier Company.


Police Record

He was arraigned in Steuben County Court and sent to the Steuben County Jail without bail.


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