Charleston, SC New Home Financing in South Carolina
Somerset Investors Corp. can find Charleston, SC residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Charleston, SC residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Charleston, SC 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
Return to new home financing in the state of SC
| Charleston, South Carolina News |
Charleston Stage cuts staff, salaries because of budget shortfall
Faced with a drop in private donations and increasing costs, local professional theater company Charleston Stage announced Monday it has cut staff and salaries.
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S.C. House set to rearrange its chairs
Three influential leadership posts are in the balance as the state House of Representatives meets this week to assign committees and elect chairmen.
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Delfin Group USA plans North Charleston expansion
Russiaa s Delfin Group USA, also known as Project Bluewater, is looking to add 160 jobs at the former Shell Lubricants plant on Virginia Avenue in North Charleston.
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Traffic deaths down in SC this year
Traffic deaths are down nearly 17 percent so far this year in South Carolina. The Post and Courier of Charleston reported Monday that there have been 802 traffic deaths in the state between Jan.
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Fire guts house on Rutledge Ave.
Fire gutted a 77-year-old Charleston man's home early Thursday morning. Thomas Bennett said a smoke alarm awoke him.
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Suspect arrested in N. Charleston
Tom Hubbard, an assistant manager at a Chick-fil-A in North Charleston, had just finished his shift Friday night and was counting money in the safe when he felt someone press a gun to his head.
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Holiday Greetings to Charleston from the Obama Family
30 second video card from the Obama Family In this season of good cheer, this wonderful holiday 30 second video card comes from the 44th US President-elect Barack Obama, his wife, Michelle, and his two daughters, Malia and Sasha. View and enjoy his family's greeting to Americans in their homes and communities across the nation. Our differences not withstanding, take the time to wish each other glading tidings and good cheer! Click the link to hear the 44th President's holiday greeting to the nation. http://link.brightcove.com/services/link/bcpid353515028/bctid1349141721 Share this with others. Here is a gift link to the Newseum's exhibit of the front pages of 741 front pages of newspapers from 64 countries on 6 continents around the world. This is a historic record of what Barack Obama's election meant to communities around the world. These pages are actual fronts and are unedited. Click (or paste): http://www.newseum.org/todaysfrontpages/default_archive.asp?fpArchive=110508 Feel free to share this historic link with friends and family.
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North Charleston police charge 2 suspects in robberies
The game of hard-to-get might be over for a wigged bank robber. Police think they have identified a man who wore a long woman's hairpiece during the Nov.
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Woman's home destroyed
A North Charleston woman suffered from smoke inhalation early Saturday after a fireplace ember started a blaze.
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Dead on beach: Jaws
Jon Geddings, a fisheries scientist with the S.C. Department of Natural Resources, examines the 13-foot, 2-inch female great white shark that was discovered washed ashore on Morris Island last week.
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Shots fired, 2 hurt at Thanksgiving parade in S.C.
Mount Pleasant, S.C. Two people were hurt when shots were fired at a Thanksgiving parade in a community in Mount Pleasant.
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S.C. monks finding new labor after egg controversy
Nearly two years ago, the quiet lives of Trappist monks in South Carolina were disrupted by accusations they were mistreating chickens in their egg business.
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How a running shrimp became a Web star
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A Chicago mentor in the White House who will have Obama's Ear
With her long term, close ties to the President-elect, Valarie Jarrett maybe the most powerful Black woman in America
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Charleston's night of holiday jazz
Wednesday, November 26, 2008, an editorial in the Charleston Post and Courier. Editorial Endorses Night of Big Band Jazz Entertainment Times are tough for local arts organizations, and in that context, the community should extend an especially rousing welcome to perhaps the youngest member of the group. The Charleston Jazz Orchestra will perform a program of holiday music, including Duke Ellington's "Nutcracker Suite," tonight at the Charleston Music Hall. Big bands have long struggled to survive as musical tastes have changed and the youthful audience for "swing" has diminished. But the 20-member CJO, created this year, is happy evidence that the tradition prevails. The orchestra, conducted by Charlton Singleton, hopes to serve as Charleston's "big band" for years to come. It owes its existence to dedicated musicians who want to keep mainstream jazz alive. And like other arts groups, its continued viability will depend on audience interest and community support. "We think we have among the best, if not the best, jazz musicians in the area," said local jazz historian Jack McCray, who is serving as impresario for the event. Proceeds will benefit ongoing efforts to promote jazz education and preserve its history in Charleston. As Mr. McCray has noted, Charleston was a founding center for jazz - the most American of musical forms. On our Commentary page, George Stevens, director of the Community Foundation, details the difficulties of operating nonprofits, including arts organizations, in the current economic climate. Musical groups are among those shining "points of light," and offer much of what makes life most enjoyable. Enjoy listening to the Charleston Jazz Orchestra tonight.
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Majority Whip Jim Clyburn calls State Senator's Remarks "Strange"
State Senator Robert Ford (D) criticized U.S. House Majority Whip Jim Clyburn(D) of South Carolina of Trading on Obama Support
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2 die in SC when car hits mailbox, tree
Walterboro, S.C. Two people have died in a wreck north of Walterboro after a pickup truck ran off a road and hit a mailbox and a tree.
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Charleston to benefit from delaying development again
City web site, showing plans for the park area of Concord Park : Plans to develop 200 homes and a 100-room hotel on city-owned land that brackets Concord Park in Charleston have been delayed because of economic ...
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Zumalt: Progress made
Police Chief Jon Zumalt thinks the latest crime rankings do not reflect the efforts made in North Charleston.
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Charleston Fire Department graduates record number of recruits
Charleston fire officials on Monday welcomed aboard the largest group of recruits in the department's history, boosting manpower and efforts to bring the agency in line with national guidelines.
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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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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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