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Bosque, NM New Home Financing in New Mexico

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

Ely Gutierrez, 57, of Bosque, was arrested on a Socorro County warrant for failure to appear.


Court program gives offenders second chance

For six months, David Vigil has not had one ounce of alcohol and has been able to get his life back on the right track something he never thought he would be able to do before.


Mesilla Valley Bosque named new state park

With the largest full moon of the year fading into a clear, early morning sky, a large crowd gathered Saturday to dedicate New Mexico's newest state park.


Mesilla Valley Bosque Park a great addition

For centuries, the Rio Grande has been inextricably linked to life in the Mesilla Valley.


Socorro County Sheriff's Blotter

Sept. 23

A woman in Bosque reported at 2 p.m. that she learned that money had been withdrawn from her account on three separate occasions. A 21-year-old Albuquerque man was identified as using her account to pay some bills and make purchases. A criminal complaint was filed in Magistrate Court.

Nov. 8

A Lemitar woman reported at 7 p.m. that her vehicle had been keyed while parked at the fairgrounds. A man at the scene stated that a restraining order was in effect involving the victim's daughter and him and that she would have to leave the area. The victim said he had threatened to damage her vehicle and pointed to a scratch on the right side that extended from the rear of the vehicle to the front fender. She said she believed he did it, which he denied, and there were no witnesses anyway.


Morrison 'Hatches' big award

The feathered friends at the Bosque del Apache National Wildlife Refuge are fortunate to have Jonathan Morrison as an advocate.


Sungrebe makes its U.S. debut

Of the thousands of visitors who made the annual trek to this year's of the Cranes, it's one of the littlest ones that has ruffled the most feathers.


Festival boosts the area economy

The birds aren't the only ones flying high during the 21st Annual Bosque del Apache Festival of the Cranes celebration.


Steve M. Aragon

Steve Mark Aragon, 57, a long time resident of Socorro, N.M., passed away Tuesday, Nov. 11, 2008, as a result of a tragic motorcycle accident in White Oak, N.M.

He was born Oct. 1, 1951, in Magdalena, N.M., to Jacobo and Rufina (Armijo) Aragon. Steve was an employee of NRAO/VLA for the past 30 years. Steve enjoyed cycling with his family and friends.

He was preceded in death by his parents; and his brother, Luis Aragon. Steve is survived by his wife, Louise Gutierrez Aragon, of the family home; son, Jason Aragon, of Socorro; seven brothers: Robert Aragon and wife, Beulah, of Albuquerque, N.M.; Roy Aragon and wife, Grace, of Albuquerque; Pat Aragon and wife, Loretta, of Los Lunas, N.M.; Art Aragon and wife, Elaine, of Bosque, N.M.; Eugene Aragon of Belen, N.M.; Carlos Aragon and wife, Rose, of Magdalena; and Gilbert Aragon and wife, Vangie of Harwood, Texas.


21st annual Festival of the Cranes offers array of activities

Sandhill Cranes have begun to arrive at Bosque del Apache National Wildlife Refuge near Socorro, NM, for the 21st annual Festival of the Cranes Nov.


Socorro County Sheriff's Blotter

Oct. 10

A Luis Lopez woman asked an officer at 4:30 p.m. to check to see if her ex was too impaired to drive. She and the man have children together and he had visitation time with their children. She was concerned. The officer met with the father and he was fine and not impaired in any way.

Oct. 17

A woman from Belen reported at 10 a.m. that she found the right rear window of her car had been broken while parked near the intersection of Sixth and Manzanares streets.

Oct. 18


Socorro Deputies Rescue Driver Crashed In Ditch

Thanks to ingenuity of a state police dispatcher and efforts by Socorro County Sheriff's deputies, a 68-year-old Bosque man was rescued following a freak accident on Highway 60 near Bernardo.

Deputy E.P. Higgs told the Mountain Mail that Richard Delorme, 68, used his cell phone to help officers locate his vehicle, which was stuck and crushed at the bottom of a ditch, out of sight by passing vehicles.

Higgs said Delorme had been traveling south on Highway 116 Monday evening and apparently became disoriented, driving through the intersection at Highway 60.


Helen Davila

Helen Davila, 83, passed away Wednesday, Sept. 24, 2008, at her home in San Antonio, N.M., surrounded by her loving family.

She was born May 28, 1925, near Aragon, N.M., to Henry and Josefita (Castillo) Carrejo.

Helen was devoted to the San Antonio Catholic Church, where she served for many years as Marydomo and taught CCD classes.

She was a very caring and giving person and would deliver food to those who were homebound and would pray for those in need.

She was preceded in death by her son, Charlie Davila; brothers: Ramon and Mike Carrejo; brother-in-law, Phil Chavez; and granddaughter, Mary Helen Davila.


Socorro County Sheriff's Blotter

Sept. 4

A man in the 300 block of Otero Street reported at 4 p.m. that he hired the suspect to work on a vehicle. He paid the man for the work up front and when the suspect told him there would be extra charges, he paid him for those. He said the vehicle that the suspect worked on is now non-functional. No contact was made with the suspect at the time of the report.

Sept. 10

A woman on Highland Springs Ranch Road reported at 9 a.m. that someone had kicked open the southeast door to an office building and stole computers, a scanner and an Internet hub. The thieves also entered a residence located west of the office and took a computer and keyboard. There were no suspects at the time of the report.


Downtown Ramble offers fun for the whole family

Enjoy art gallery openings, preview some coming gala events and stay for plays and open mic events as Downtown Las Cruces comes alive today for the Ramble, held the first Friday of each month from 5 to 7 p.m. ...


Tourism Director Secures Grants To Promote Socorro

Socorro city Tourism Director Deborah Dean was notified recently of several grant awards for the 2009 fiscal year. They include:

* $20,000 from the state Tourism Department to support statewide tourism advertising and advertising for individual events. The money will be used to increase the city's visibility in publications like New Mexico Magazine, Guest Life, NM Traveler and the RV Journal Magazine, and an international publication put out by New Mexico Magazine. Though it is difficult to track direct results from such advertising, Dean said people are taking an interest in Socorro.


Shirley L. Spreen

Shirley L. Spreen, 94, passed away Saturday, Aug. 9, 2008, at her home in Bosque, N.M. She was born June 21, 1914, in Sealy, Texas, to K.L. and Stella (Waits) Oliver.

She is survived by her daughter, Barbara Spreen-Atwood and husband, William, of Bosque; sisters: F.V. (Tex) Cornwell of San Diego, Calif.; Yvonne Braught of Bosque Farms, N.M.; and Vondel Oliver of Belen, N.M.; grandson, Morgan D. Atwood of Socorro, N.M.; and numerous nieces and nephews.

Cremation has taken place and there are no services set.


County begins GRT vote process

At a special meeting Monday morning, the Valencia County Commission unanimously approved the publication of an ordinance to put a regional transit system gross receipts tax question on the November ballot.


County begins GRT vote process

At a special meeting Monday morning, the Valencia County Commission unanimously approved the publication of an ordinance to put a regional transit system gross receipts tax question on the November ballot.


Shirleen Greenwood Gets Rotary Service Award

Shirleen Greenwood has been named this year's recipient of the Rotary Club's Service Above Self Award. The award is presented each year to someone who works in the community without expecting anything in return.

The award was presented at a special Rotary Club meeting at the home of Don and Rosie Tripp last Wednesday, June 25.

"It was a great honor [to win the award]," she said. "It's one of those things we'd rather not be known for. We'd rather work in the shadows."

According to remarks by Marj Austin, Rotary president, Greenwood was born and raised in San Antonio, N.M., and has been quietly involved with youth and agriculture for more than 30 years. She and her husband Marty became involved as 4-H leaders in 1974 and are still doing it.


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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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