Alpine, NY New Home Financing in New York
Somerset Mortgage Lenders can find Alpine, NY residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Alpine, NY residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Alpine, 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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People in the Twin Tiers
Kuppe was awarded a college scholarship from the Hearing Loss Association of America and is the recipient of the New York State Lottery Leaders of Tomorrow Scholarship and the college's Board of Directors Award ...
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Monitor
Individuals charged with criminal offenses noted in this column will face a court proceeding to determine whether they are guilty of the charges.
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Poker Run will spread Spirit of Schuyler
Spirit of Schuyler is taking its show on the road with a group of folks known for their generosity and for having a good time.
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Ride honors fallen soldiers
Rolling Honor rumbled into Don and Bertha Phillips' driveway aboard four Harley-Davidson motorcycles Sunday afternoon in the rain.
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Healthy choices at the park
Eating in a healthy way has never been easier, especially at the Wisner Market. Many vendors offer organic and healthy options every Thursday from 10 a.m. to 2 p.m. at Wisner Park in Elmira.
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Wisner Market opens Thursday with new vendors
Herbal products and wine will be among the offerings of several new vendors joining Wisner Market this year as organizers of the weekly event prepare to begin its 12th year.
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Monitor
Individuals charged with criminal offenses noted in this column will face a court proceeding to determine whether they are guilty of the charges.
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Ethiopian Reta easily wins Lilac 10K
"I ran a fast first mile to see if anyone could go with me, and no one did." Professional runner Alene Reta of Manhattan easily defended his Medved Lilac 10K title today, winning the 30th annual road race by 25 seconds in a field of 994 finishers. via Democrat & Chronicle
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Military news
Army PFC Abbey Darling graduated April 10 from Basic Combat Training from Ft. Leonardwood, Mo. via Ithaca Journal
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Police record
*James R. Ryan, 29, of West Water Street in Elmira, was charged May 7 with second-degree criminal contempt. *Melissa A. Nichols, 46, of Horseheads, was arrested May 5 on a warrant charging her with theft of services. *James H. Squires, 43, of Elmira, was arrested May 5 on a warrant charging him with second-degree criminal contempt. *Gerald M. Palmer, 45, of Elmira, was arrested May 5 on a warrant charging him with petit larceny. *Amber J. Harvey, 21, of Elmira, was arrested May 5 on a warrant charging her with facilitating aggravated unlicensed operation of a motor vehicle. *A 17-year-old Elmira boy was charged May 5 with second-degree criminal contempt. *Marcus Shazer, 21, of John Street in Elmira, was charged May 5 with unlawful possession of marijuana. *Kimberly Y. Cheatham, 35, of South Main Street in Elmira, was charged May 6 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on Harmon Street. *Jovon Moss, 21, of Elmira, was arrested May 7 on a warrant charging him with fifth-degree criminal possession of stolen property. *Michelle A. Jones, 21, of Elmira, was arrested May 7 on a warrant charging her with obstruction of governmental administration. *Daniel A. Ford, 23, of Elmira, was arrested May 7 on a warrant charging him with petit larceny. *David E. Terry Jr., 23, of Veteran, was charged May 7 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on Fulton Street. *Valeria L. Ketchum, 20, of Elmira, was charged May 8 with felony driving while intoxicated after a traffic stop on Spaulding Street. *Sara Eddy, 28, of Alpine, was charged April 1 with fourth-degree grand larceny. *Brion L. Peters 32, of Gillett, was charged April 1 with aggravated driving while intoxicated, third-degree aggravated unlicensed operation of a motor vehicle and unlawful possession of marijuana after a traffic stop on Wyncoop Creek Road in Van Etten. *Michael J. Golotty, 20, of Corning, was charged April 2 with second-degree burglary. *Shawn R. DeProspero, 23, of Elmira, was charged April 2 with unlawful possession of marijuana. *Anthony L. Thompson, 39, of Elmira, was charged April 2 with speeding, broken tail light, expired inspection certificate and unlawful possession of marijuana after a traffic stop on Broadway in Southport. *A 17-year-old Elmira girl was charged April 3 with underage possession of alcohol. *Damon R.E. Morris, 41, of Elmira, was charged April 3 with third-degree assault and second-degree harassment. *Ronald P. Middaugh, 47, of Elmira, was charged April 4 with second-degree assault. *Erin M. Hazen, 19, of Elmira, was charged April 4 with fifth-degree criminal possession of stolen property and petit larceny. *Andrew S. Hazen, 25, of Elmira, was charged April 4 with fifth-degree criminal possession of stolen property. *James E. Stage, 65, of Lowman, was charged April 6 with unlawful disposal of solid waste. *Daniel F. Walker, 22, of Elmira, was charged April 6 with second-degree aggravated harassment and endangering the welfare of a child. *Jeffery A. Palski, 33, of Elmira, was charged April 7 with felony violation of probation. *Pamela T. Nagel, 19, of Rock Stream, was charged April 8 with petit larceny. *Arthur V. Alpaugh, 30, of Ridgebury, was charged April 8 with petit larceny and false personation. *Dustin E. Maldonado, 18, of Rochester, was charged April 8 with third-degree aggravated unlicensed operation of a motor vehicle, unlawful possession of marijuana and speeding after a traffic stop on state Route 17 in town of Chemung. *Donnell W. Lattimer, 40, of Elmira Heights, was charged April 8 with petit larceny. *Joshua M. Strong, 18, of Elmira, was charged April 9 with unlawful possession of marijuana, unlawfully dealing with fireworks and littering. *Jeffery C. Dinkins, 40, of Decatur Street in Corning, was charged May 6 with petit larceny and seventh-degree criminal possession of a controlled substance at Wal-Mart in Erwin. *David A. Morley, 34, of Troupsburg, was charged May 4 with driving while intoxicated, having a blood-alcohol level greater than .08 percent and failure to stay in lane. *Eric A. Vosburgh, 25, of Campbell, was charged May 4 with driving while intoxicated, having a blood-alcohol level greater than .08 percent and failure to keep right. *Vanessa L. Lewek, 30, of Lamphear Court in Corning, was charged May 8 with fourth-degree stalking. *Michael W. Deberardinis, 29, of Watkins Glen, was charged May 3 with third-degree assault. *Two girls, ages 16 and 17, both of Athens, were charged April 30 with second-degree burglary and petit larceny. *Paula A. Larson, 23, of Port Allegany, was charged May 3 with possession of controlled substance, possession of drug paraphernalia and disorderly conduct. *Terry M. Clark, 20, of Roulette, was charged May 4 with driving while intoxicated, theft and receiving stolen property after a traffic stop on Dingman Run Road in Hebron Township. A 16-year-old boy also was charged with theft and receiving stolen property. via Star-Gazette
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Announcements for May 4, 2008
Lorene A. Keem and Ian G. Barulich, both of Hamburg, NY will be married October 31, 2008 in Alpine, NY. via Star-Gazette
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No one injured in Alpine fire
A fire Friday morning on Oak Hill Road in Alpine caused damage to a house, but no one was injured in the blaze. via Star-Gazette
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Shelter plans event for Prevent Animal Cruelty Month
"More families in our own community are adopting, and we think that's wonderful" During April, the Humane Society of Schuyler County will host a special adoption event, A Month of Sundays. via Star-Gazette
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School bus triggers crash
VETERAN -- A Pine City woman was injured Wednesday afternoon in a three-vehicle accident on state Route 13 that included a school bus. via Star-Gazette
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Police Record
*David L. Barrett, 48, of Alpine, was charged Feb. 2 with petit larceny. *Zachary J. Cornell, 21, of Watkins Glen was charged Feb. 11 with petit larceny. *Richard S. Brown, 46, of Montour Falls, was charged Feb. 16 with felony driving while intoxicated, failure to signal and moving from lane unsafely after a traffic stop on state Route 14. *Stephen S. French, of Horseheads, was charged Feb. 6 with driving while intoxicated. *Ira Heyward Jr., 47, of West Water Street in Elmira, was arrested Feb. 10 on a warrant charging him with being an unlicensed driver. *Melissa M. Tulachanh, 37, of Lower Maple Avenue in Elmira, was charged Feb. 10 with driving while intoxicated and third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on North Main Street. *Curtis L. Cook, 18, of West Fifth Street in Elmira, was charged Feb. 9 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on West Fifth Street. *Brian J. Martin, 20, of South Main Street in Elmira, was charged Feb. 10 with unlawful possession of marijuana. *Aaron M. Nichols, 25, of Pine City, was arrested Feb. 10 on a warrant charging him with second-degree aggravated harassment. *Andrea M. Kent, 27, of Elmira Heights, was arrested Feb. 11 on a warrant charging her with welfare fraud. 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. via Star-Gazette
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Police Record
CHEMUNG COUNTY SHERIFF *Joshua R. Humphrey, 19, of Charles Street in Elmira, was charged Dec. via Star-Gazette.COM
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Chaffee-Franklin
Dixie Marie Chaffee and Joseph John Franklin were married on August 12, 2007 in an outdoor ceremony at The Fontainebleau Inn in Alpine, New York. via Ithaca Journal
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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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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