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Albion, RI New Home Financing in Rhode Island

Somerset Investors Corp. can find Albion, RI residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Albion, RI residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Albion, RI 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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Albion, Rhode Island News
Rhode Island Firefighters Battle Vacant Structure Fire

Around 10:00 pm on August 19th all Central Falls apparatus was dispatched to the area of Hendricks and Wetmore Streets for a reported structure fire.

Rank Strangers, Bluegrass Brunch at the Albion

Get ready for jambalaya, pulled pork and gumbo this Sunday, as the Albion Pub kicks off its first Bluegrass Brunch on Sundays.

Ope\n seats prompt scrum in Assembly races

Open seats have touched off free-for-alls in two local state representative districts, with six candidates vying to replace Roger Picard in Woonsocket's District 51 and five hopefuls looking to succeed Rick ...

Blackstone Valley: Casey wins seat in District 2 school board race

Casey, who garnered about 62 percent of the vote according to unofficial Providence Journal results, will serve a four-year term as Lonsdale's representative on the school board.

Historic District Commission finds Spring House in violation

Renovations on the exterior of the Spring House Hotel were stopped March 26 by town Building Official Marc Tillson, and the Historic District Commission took up the case at its meeting Monday night.

Voters OK extra $500K for schools budget

"Simply put, the taxpayers who opposed the budget as it was will have to pay an (extra) $102 on a $300,000 home."

Late Monday night, Lincoln's residents voted, but not in resounding fashion, for an additional $500,000 in the schools budget for 2008-09. Before the FTM, the recommended schools allotment sat at $47.8 million; ... via The Pawtucket Times

24/3 gambling divides Democrats in Lincoln

"Pure and simple, I think Mr. Crowley was working at odds to the committee, he's clearly against the committee's wishes, and also the Lincoln electorate, which voted 65 percent against expanded gambling at Twin River (last Nov. 10)"

For 40 years now, John J. Cullen has considered himself a loyal Democrat. But he decided, in a letter dated Thursday, to resign his post as District 4 chairman of the Lincoln Democratic Town Committee. via The Pawtucket Times

'I just want to clear my name'

"I used to have a beeper for all those calls. "Not anymore"

It was about 5:50 p.m., Wednesday when firefighters pulled an engine out of its bay at the Albion Fire Department and traveled up School Street, sirens blaring, en route to a call. via The Pawtucket Times

Sullivan sworn in as police chief

"The number of people who were here didn't really surprise me"

Marylou Sullivan claimed her eyes let her down. She had hoped to avoid becoming teary-eyed when her son officially became the town's new police chief, but couldn't help herself. via The Pawtucket Times

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