Somerset Investors Corp. Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

TX New Home Financing in Texas

Somerset Investors Corp. can find TX residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help TX residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find TX 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 TX :
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
Eagle Lake Edgewood Elkhart Enloe
Eagle Pass Edinburg Ellinger Ennis
Early Edmonson Elm Mott Enochs
Earth Edna Elmaton Eola
East Bernard Edroy Elmendorf Era
Eastland Egypt Elmo Estelline
Easton El Campo Elsa Etoile
Ecleto El Indio Elysian Fields Euless
Ector El Paso Emory Eustace
Edcouch Eldorado Encinal Evadale
Eddy Electra Encino Evant
Eden Elgin Energy

Return to our new home financing page

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Texas News
Police: Man who carved parts of victim's face still at large

The Harris County Sheriff's Office is searching for a man it says killed and then mutilated another man by scalping him and cutting away portions of the victim's face. Mark Andrew Boyd, 37, is accused of killing Wilbur L. Ake, 47, at Ake's north Houston apartment on Sept. 23. He faces capital murder charges.

"Apparently the men would party together," said Lt. John Denholm of the Harris County Sheriff's Office.

Ake was found about 5:30 p.m. in his apartment at 14619 Ella, dead from multiple sharp force injuries of the head, neck, torso and extremities, according to the Harris County Medical Examiner's report.

After Ake was dead, authorities said Boyd took Ake's ATM card and withdrew about $1,000 in several transactions.

Boyd, described as a crack cocaine user, should be considered dangerous, the Sheriff's Office said. He is believed to be homeless and is likely in north Harris County, near Ella and FM 1960. Boyd also has family in the Willis area.

Boyd is 6 feet tall and 165 pounds with brown hair and blue eyes. He may be armed.

Police ask anyone with information about Boyd's whereabouts to call Crime Stoppers at 713-222-TIPS.


Many who stayed died in Ike's fury

The final hours brought the awful realization to victims of Hurricane Ike that they had waited too long. This storm wasn't like the others, the ones that left nothing worse than a harrowing tale to tell.

George Helmond, a hardy Galveston salt, watched the water rise and told a buddy: I was born on this island, and I'll die on this island.

Gail Ettenger, a free spirit who adopted the Bolivar Peninsula as her home 15 years ago, told a friend in a last phone call: I really messed up this time.

Within hours, the old salt and the free spirit were gone as the powerful Category 2 hurricane wracked the Texas Gulf Coast on September 13, flattening houses, obliterating entire towns and claiming at least 33 lives.

The dead -- as young as 4, as old as 79 -- included lifelong Galvestonians firmly rooted on the island and transplants drawn by the quiet of coastal living.

Seven people drowned in a storm surge that moved in earlier and with more ferocity than expected. Nine others died in the grimy, sweaty aftermath, when lack of power and medicine exacted its toll. Eleven people were poisoned by carbon monoxide or killed in fires from the generators they used in their own attempts to survive.

Hundreds of people remain missing three weeks after Ike's assault on Texas. Local and city officials are no longer keeping their own count of missing residents, and the estimate varies wildly from one agency to another.

According to the nonprofit Laura Recovery Center, about 300 people are missing. Of those, about 200 from Galveston. However, the number "goes up and down by the minute" as people call in to remove or add names, cautioned Executive Director Bob Walcutt.

Some vanished during the evacuation of towns in the storm's path. Many were last heard in desperate, last-ditch calls for help.

Immediately after the hurricane, Galveston officials conducted door-to-door searches for survivors and possible victims. But the city is no longer taking an active role in the search, spokeswoman Alicia Cahill said.

Instead, search teams of sheriff's deputies, volunteer firefighters and special K-9 search and recovery units have been using airboats and all-terrain vehicles to sift through debris fields, tangled and fetid marshlands, and the rubble left behind by Ike.


Texas Woman Arrested In Robbery Of Lincoln Credit Union

A Texas woman has been arrested on suspicion of robbing a Lincoln credit union. Lincoln police said Deborah Keahl, 49, of Dripping Springs, was arrested Friday afternoon on suspicion of robbery and use of ...


Paris designers pull out the stops

British fashion designer John Galliano poses after his spring-summer 2009 ready-to-wear collection presented in Paris, Saturday, Oct.


President makes quick, long-awaited return home

President Bush almost made it through his two terms without visiting his boyhood hometown.


Texas Republicans pressured to vote for bailout

Texas' House members who voted against the financial rescue package were headed back to Washington Thursday with the possible repercussions of a new vote churning in their minds and constituents' complaints ...


Texas gas prices fall

News can happen anytime, anywhere. If you See It you can Snap It and then Send It to KLTV.


Tax breaks big and small sweeten financial bailout

Millions of taxpayers, thousands of businesses and groups as diverse as solar power developers and natural disaster victims will see tax relief with the House vote Friday to approve and send to the president a ...


Judge bars footage of Anna Nicole breast surgery

A judge ordered a Texas doctor and his wife on Friday not to distribute videotaped footage of Anna Nicole Smith's breast augmentation surgery in 1994.

The order settles alawsuit filed last year by Howard K. Stern, the executor of Smith's estate, who was trying to stop Dr. Gerald Johnson and his wife from distributing the tapes of the former Playboy Playmate.

Los Angeles County Superior Court Judge Mitchell Beckloff issued preliminary injunctions against the Johnsons more than a year ago before issuing his final decision.


Texans switch votes to help pass bailout bill

Four Texas congressional Democrats and two Republicans have switched their votes to help pass the $700 billion bailout bill.


Austin Boy's Death Attributed To Bathroom Game

A 7-year-old Texas boy found dead hanging from a hook in a school bathroom may have been playing a game students call "run and jump," according to police reports released Thursday.


3 Texans guilty in Grand Canyon wildfire case

Three Texans accused of accidentally starting a 2,000-acre wildfire near the Grand Canyon in April have pleaded guilty to leaving a campfire unattended.


Debris of daily life swept away by Ike washes onto Texas beaches

The world's longest undeveloped barrier island now looks as if people have been living and dumping their things on it for decades.


Texas senators vote for rescue package

News can happen anytime, anywhere. If you See It you can Snap It and then Send It to KLTV.


FW firm pledges part of lawsuit proceeds to UT

AUSTIN A lawsuit Moncrief Oil International has filed over its interests in one of Russia's largest natural gas fields could benefit the University of Texas.


Texas AG accuses two businesses of price gouging

The Texas Attorney General's Office is taking a hard stance against businesses involved in price gouging during Hurricane Ike.


Ike evacuees complain of violence at shelter

Portable toilets are seen in front of an abandoned Wal-Mart store in Tyler, Texas, that has been converted to a emergency shelter housing Hurricane Ike evacuees from Beaumont, Texas, as storm clouds move in, ...


Scientists unite for science curriculum

Scientists from Texas universities on Tuesday denounced what they called supernatural and religious teaching in public school science classrooms and voiced opposition to attempts to water down evolution ...


Nearly one-third of Texans speaking Spanish at home

Nearly one out of three Texans speak Spanish at home, a rise attributed to an increasing number of immigrants coming from Mexico, according to a report by the U.S. Census Bureau.


Some House lawmakers rethink bailout, some don't

A move in the U.S. Senate to add a few tax sweeteners and other changes to a $700-billion Wall Street bailout bill was prompting a rethink on Wednesday in some corners of the House of Representatives, but not ...


Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
 
"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.
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)