TX New Home Financing in Texas
Somerset Mortgage Lenders 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 Mortgage Lenders 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 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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| Texas News |
Tough time for GOP
Washington -- The Republican Party that strode confidently into New York City to nominate President Bush for a second term in 2004 would hardly recognize the one that opens its national convention Sept.
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AG says Bible courses not mandatory for schools
Texas high schools are not required to offer elective high school Bible courses under a new law adopted by the state last year, Attorney General Greg Abbott said Thursday.
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Potential Obama veeps get turn on stage
Hillary Rodham Clinton isn't the only also-ran on the loose in Denver. Three officials who were mentioned as possible running mates for Barack Obama but didn't make it onto the ticket got a chance to address ...
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Texas agency tightens procedures for abuse cases
AUSTIN, Texas-Because of a federal appeals court ruling, child welfare workers will be required to obtain court orders in most cases before removing allegedly abused children from their homes, officials said.
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Texas Sen. Hutchison Says She's Out of McCain Veepstakes
U.S. Sen. Kay Bailey Hutchison said Thursday she hasn't been asked to be John McCain's running mate, despite some speculation that she's a possible choice for the No.
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Perry issues disaster declaration for Gustav
Gov. Rick Perry has issued a disaster declaration for 61 counties as Texas prepares for a possible brush with Tropical Storm Gustav.
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Deep-fried s'mores make Texas fried fare finalists in contest
When deep-fried s'mores become a plausibly obtainable snack option, the State Fair of Texas must be approaching.
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Some sex assault charges dropped against designer
Los Angeles prosecutors dropped 30 of 59 sexual abuse charges against Indian-born celebrity fashion designer Anand Jon Alexander, as jury selection got underway for his trial in California.
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Feds cite Texas bus operator after 2 fatal crashes
A Texas motorcoach operator forced out of service by federal authorities last week was involved in at least two deadly accidents in Mexico before being shut down, court records show. The Federal Motor Carrier Safety Administration on Friday ordered Autobuses Rio Verde of Irving to cease interstate operations because of its links to Green River Buses LLC of Dallas, which had received a similar order in April. Court records examined by The Associated Press show a bus operated by Autobuses Rio Verde was involved in a fatal crash in Mexico on July 3, less than two years after a bus operated by Green River Buses was involved in a similar one.
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Texas revoked operators refuse to shut down
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Gustav kills 11; U.S. Gulf Coast prepares
Gustav swirled toward Cuba on Wednesday after triggering flooding and landslides that killed at least 11 people in the Caribbean.
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Bush opposes independence for 2 regions in Georgia
President Bush appealed to Russia's president Monday to ignore the advice of lawmakers and refrain from recognizing Georgia's breakaway regions as independent. The move came as the White House announced Vice President Dick Cheney would visit Georgia, a blast of support for an ally still reeling from its brief war with Russia. Bush's intervention reflected the deep stakes for Georgia, which is a former Soviet republic, and the broader U.S.-Russia relationship, as the fate of separatist Abkhazia and South Ossetia remained in flux.
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Texas students pack bookbags; teachers pack heat
Along with normal first-day jitters and excitement, students in this tiny district started school Monday wondering which teachers might be toting firearms.
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Texas still leads nation in rate of uninsured residents
Texas once again led the nation with the highest percentage of residents without health insurance, a U.S. Census Bureau report showed Tuesday, although the same study also reports a slight dip last year in the percentage without coverage across the nation.
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Fort Worth Man Shoots, Kills Neighbor's Dogs
A North Texas family is mourning the loss of two of their pets. The nine-month-old pit bulls were shot and killed by a neighbor who says it was self defense. The shooting happened in a neighborhood off Ten Mile Bridge Road in northwest Fort Worth. The neighbors never had any problems before. But that all changed over the weekend. The man who pulled the trigger says he didn't have any choice. But the dogs' owners disagree. Kristopher Harrison has a six-year-old daughter. He says that's why he was upset when two pit bulls wandered into his backyard Saturday afternoon. Harrison says he told his next door neighbors, if it happened again, he would shoot the dogs. And that's exactly what he did around 4 a.m. Sunday morning. Harrison says he and a friend were taking a break from watching the Olympics when the nine-month-old dog named 'Scarface' crawled under the fence. Harrison had his shotgun with him, so he says he shot the dog and the dog's sister, 'Lady'. "I wish he just would have went in the house and would have came and told me instead of retaliating that way," dog owner Shaylen Ross said. One of the animals was found dead in Harrison's backyard. The other was found dead in its own backyard. "He was showing his teeth, growling and he was coming at me," Harrison explained. "The second dog, I didn't know. I didn't think I was going to have to shoot him, because he seemed a little hesitant. But then he looked at the hole in the fence. I thought he was going to go back under, then he turned around and started coming at me and that's when I shot him." Fort Worth Police are reviewing the case, but they say if the dogs were in the neighbor's yard when they were shot it's unlikely that any charges will be filed.
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Waco boy, 13, sentenced after admitting to murder
A 13-year-old boy who admitted stabbing a teenage friend to death this summer received a 15-year sentence Monday in a plea agreement. State District Judge Alan Mayfield accepted the plea agreement after rejecting a 10-year proposal earlier this month. The youth pleaded "true" to the first-degree murder charge. County officials have said the former Provident Heights Elementary School student is the youngest person in McLennan County ever charged in a murder. Attorneys met at the Bill Logue Juvenile Justice Center, where the boy, who was 12 at the time of the June 6 stabbing, has been held since his arrest. Authorities said the boy, whose name is not being released because of his age, stabbed 14-year-old Keith Dancer in the heart with a steak knife during a dispute. Mayfield told the youth that if he continues to show good behavior, he could be released on parole in three years, the Waco Tribune-Herald reported Monday in its online edition. His sentence will be carried out at a Texas Youth Commission facility. The boy's mother, Babette Wilkerson, has said her son was attracted to the older boy and was upset that his feelings were not reciprocated. Wilkerson said at the time of the murder that her son's father died in May and that the boy has been in and out of counseling all his life.
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From TVs to parks, Houston City Council spends "leftover" funds
Houston City Council members embarked on a spending spree in May and June, snapping up flat-screen televisions and new office furniture with taxpayer money. Two council members took their staff members on overnight retreats to Galveston. The buying splurges came in the weeks leading up to June 30, the end of the city's fiscal year. Each council member had until then to spend his or her $362,042 office budget. Leftover funds would revert to the city's general revenue fund. Six council members bought new TVs with their budget funds. Some mounted large-screen TVs in common staff areas, while others bought each staffer TV sets for their desks. Two new councilwomen, Wanda Adams and Melissa Noriega, bought five televisions each. Noriega got one TV for her office, one for her chief of staff's office, and three for the staff common area. Sullivan bought all his staffers TV sets but paid the $800 bill himself. Other council members who bought televisions with public funds include Ron Green, Jolanda Jones, M.J. Khan and James Rodriguez. In all, 22 new TVs were purchased for the council floor, at a cost of $8,705. Surplus funds also were spent on office furniture, a leadership-skills book and training. In May, Adams and her five staffers had an overnight training retreat in Galveston. The bill was $3,911, which included five rooms at the Hotel Galvez at $125 a night, meals and the trainer's fee of $2,300. Councilman Jarvis Johnson's staff retreat on June 27 cost about $6,800. His training consultant cost $3,500, and the office paid for seven $189-a-night rooms at the Moody Gardens Hotel, plus one $550 suite. Other end-of-year purchases included $1,400 for shirts for Noriega's staff members. The T-shirts, golf shirts and button-downs sport the city logo and her name. Three council members purchased new furniture at the end of the fiscal year. Green, who is serving his last term because of term limits, spent $14,304 on new furniture. Green has a 42-inch, wall-mounted plasma television hanging over his new walnut credenza. The $1,000 TV was bought through a city vendor on June 10. Green repaid the city with a personal check on Aug. 6, two weeks after the Chronicle asked council offices for spending records. Noriega spent $3,658 on a new desk and credenza. Jones spent $1,607 to get six chairs re-upholstered in her favorite color, pink.
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Testimony adds details in Texas child-for-sale case
A San Antonio couple accused of trying to sell the woman's 5-year-old daughter for sex also planned to include her 10-month-old daughter in the deal and then blackmail the person interested in the children, court testimony revealed this week. The person with whom Jennifer Richards, 25, and her married boyfriend, Sean Michael Block, 40, had been in contact with turned out to be an FBI informant. Richards is now charged with using interstate facilities to transmit information about a minor. Block is charged with distributing child pornography. Both appeared Friday before U.S. Magistrate Judge Nancy Stein Nowak, who ordered Block held. Richards' detention hearing was delayed until Tuesday, the San Antonio Express-News reported Sunday. Richards wanted an apartment and a used car in exchange for providing her daughter for sex, according to the affidavit. The deal also included child care for the 10-month-old, who "eventually" would be raped herself, testified Rex Miller, the FBI's lead agent on the case. The couple also had hoped to then blackmail the person involved in the deal, Miller said. Authorities said both children are no longer in Richards' custody and that neither child was sold for sex. The FBI agent said Block made incriminating statements during an interview. Based on the interview, a review of the computers the couple used and surreptitiously taped conversations, Miller said he discovered the two were making further plans to abduct, rape and "carve up" a teenage runaway.
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Mexican Police Chief Slain 1 Day After Taking Job
A northern Mexican town's police chief was killed Friday just 24 hours after replacing a predecessor whose slaying had prompted the rest of the force to quit out of fear of drug gangs. Jesus Blanco Cano's bullet-ridden body was found at a ranch near the town of Villa Ahumada in Chihuahua state, about 80 miles (130 kilometers) south of El Paso, Texas, said Alejandro Pariente, a spokesman for the regional deputy attorney general's office. He had been beaten, blindfolded and his hands were tied behind his back. Twelve bullet casings were found at the scene. Cano, 40, had been on the job for just a day. The previous police chief, two other officers and three residents were killed in May when 70 gunmen barged into Villa Ahumada, a town virtually taken over by drug gangs. The rest of its 20-member police force quit in fear, forcing the Mexican military to take over. The town had slowly been recruiting new police and was without a police chief until Blanco took the job. The troops eventually left. Mayor Fidel Chavez met Friday with state police, but nobody at this office could be reached for comment. Chavez had fled after the May attack, taking refuge in the state capital of Chihuahua City, but he returned after soldiers recovered the town. Mexico's powerful drug cartels have stepped up attacks against police in response to a military and police crackdown, beheading some officers and killing others outside their homes. Several towns and cities, particularly in the north, have struggled to hold together their police forces. The mayor of Ciudad Juarez, a town just north of Villa Ahumada, announced a plan this week to recruit soldiers to replenish its depleting police force. Many police in Ciudad Juarez, across from El Paso, have been killed after their names appeared on hit lists left in public. Others whose names appeared on the lists have quit.
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TxDOT looks for phony war heroes
Veteran Dick Agnew knows all eight other Dallas-area members of the Legion of Valor, and he knows their cars - each with a special marking on the license plate to recognize the honor. So when he heard about the maroon 2001 Chevy parked at Dallas/Fort Worth International Airport, he had to go see for himself. "I went out there and took pictures of the car, and said, 'That son of a ...' " said Mr. Agnew, commander of the North Texas Legion of Valor chapter and a recipient of the Army Distinguished Service Cross. "No one in our chapter has a maroon 2001 Chevy." Mr. Agnew and another real war hero, Don Mason, commander of the San Antonio chapter of the Legion of Valor, checked their records and called the Texas Department of Transportation to turn in the phony, who also had a Navy Cross in the back window. Service crosses, which give you Legion of Valor eligibility, are second only to the Medal of Honor. "They came to us and we were like, 'Holy cow. What can we do to make this better?' " said Kim Sue Lia Perkes, a TxDOT spokeswoman. A subsequent investigation has found 14 of the 67 Legion of Merit license plates that were on the road in Texas may have been obtained through fraudulent means. So far, 11 have been either returned by the holder or canceled by TxDOT. The department has revamped the application process for military license plates signifying the highest honors to ensure that those who are requesting them did, in fact, earn the recognition. First-time applications for seven meritorious service license plates - including the Medal of Honor - are being routed through Austin headquarters, where they undergo a much more stringent review than they had in the past. Sometimes almost half a dozen people will examine the required documents, said John Poole, manager for special registrations. If any red flags pop up, letters go out notifying the applicant and giving them a chance to respond. If there's no response, a second letter is sent out. "As a final warning we send out a letter saying we don't want to cancel the plates or notify the FBI," said Mike Craig, deputy director of vehicle titles and registration. Ms. Perkes added: "It's a very delicate balancing act." While the agency wants to catch people posing as military honorees, "we don't want to make so many hoops to jump through that people who deserve it can't get a license plate."
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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 was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
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