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NY New Home Financing in New York

Somerset Investors Corp. can find NY residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help NY residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find 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 d

Local new home financing directory for NY :
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Painted Post Perrysburg Plainville Port Washington
Palatine Bridge Peru Plattekill Portageville
Palenville Peterboro Plattsburgh Porter Corners
Palisades Petersburg Pleasant Valley Portland
Palmyra Phelps Pleasantville Portlandville
Panama Philadelphia Plessis Portville
Paradox Phillipsport Plymouth Potsdam
Parish Philmont Poestenkill Pottersville
Parishville Phoenicia Point Lookout Poughkeepsie
Parksville Phoenix Poland Poughquag
Patchogue Piercefield Pomona Pound Ridge
Patterson Piermont Pompey Prattsburgh
Pattersonville Pierrepont Manor Pond Eddy Prattsville
Paul Smiths Piffard Poplar Ridge Preble
Pavilion Pike Port Byron Preston Hollow
Pawling Pine Bush Port Chester Prospect
Pearl River Pine City Port Crane Pulaski
Peconic Pine Hill Port Ewen Pulteney
Peekskill Pine Island Port Gibson Pultneyville
Pelham Pine Plains Port Henry Purchase
Penfield Pine Valley Port Jefferson Purdys
Penn Yan Piseco Port Jefferson Station Purling
Pennellville Pitcher Port Jervis Putnam Station
Perkinsville Pittsford Port Kent Putnam Valley
Perry Plainview Port Leyden Pyrites

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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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