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Addison, NY New Home Financing in New York

Somerset Investors Corp. can find Addison, NY residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Addison, NY residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Addison, NY 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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Addison, New York News
Sondheim returns to the 'Road'

Many venerated hands have gone into creating "Road Show," the Stephen Sondheim musical that made its New York debut last night at the Public Theater.


Brothers in Flimflammery on a Continental Sojourn

It's raining greenbacks in "Road Show," the latest version of Stephen Sondheim and John Weidman 's long-aborning, ever-evolving and eternally slender musical about curdled American dreams, which opened on ...


The Curving Path to Road Show

Stephen Sondheim talks about his fascination with two American dreamers and how it led him and collaborator John Weidman down the long road to Road Show .


Steuben County man charged after Halloween domestic dispute

A Steuben County man today is facing several charges following an incident that took place on Halloween night.


Oil falls below $66 as demand continues to ebb 6:30PM ET

Oil prices dipped below $66 a barrel Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential impact on energy demand.


Sondheim and Weidman's Road Show Pulls Into the Public Oct. 28

Road Show , the latest musical from theatrical innovators Stephen Sondheim, John Weidman and John Doyle, begins performances at Off-Broadway's Public Theater Oct.


IRS may be looking for you -- and that's a good thing

In most cases, the checks were returned to the IRS by the U.S. Postal Service due to mailing-address errors.


Grand opening set today at Horeheads Family Resource Center

A grand opening is planned for 10 a.m. to 7 p.m. today for the Family Resource Center at First United Methodist Church in Horseheads, 1034 Broad St.


NYS Voter Resgistration

Chemung County: All Towns Halls, execpt Town of Big Flats, where drive is at the Community Center.


First Heritage plans ground-breaking in Addison

A ground-breaking ceremony to kick off construction on First Heritage Federal Credit Union's new Addison branch will take place at 2 p.m. Thursday at the site, 11 Steuben Street in Addison.


Encore performances

The men's and women's champions of 2007 came back to the Wineglass Marathon on Sunday and repeated their victories by finishing first again in the annual Bath-to-Corning run.


Raise a glass: It's Wineglass time

It's time for the 'Grape alternative to the Big Apple,' as Runner's World editor Amby Burfoot once called our favorite local marathon, to return to the spotlight.


Community bulletin board

A free rabies clinic for cats, dogs and ferrets is scheduled for 9 to 11 a.m. Saturday at the Erwin Town Garage on South Hamilton Street.


Kuhl announces grants for Addison, Southport

U.S. Rep. John R. Kuhl Jr., R-Hammondsport, today announced grants for the village of Addison and the town of Southport.


Violence numbers again don't add up to truth

Star-Gazette's return look at school reports shows that procedures still vary wildly.


School violence reports still spotty

S. Tier districts have different interpretations of what incidents should be filed with state.


Man arrested after high speed chase in Steuben County

A Cincinnatus, NY man wanted in New Jersey was arrested today after a high speed chase through several Steuben County towns.


Oil jumps $5 on sliding dollar

Oil prices shot up more than $5 a barrel today, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West.


Police Record

*Andrej Konopski, 21, of Sleve Road in Bradford, was charged Aug. 9 with driving while intoxicated, having a blood alcohol level greater than .08 percent, first-degree aggravated unlicensed operation of a motor vehicle and failure to keep right. *Vincent P. Mullaney, 35, of Indian Hills Road in Addison, was charged Aug. 11 with second-degree aggravated unlicensed operation of a motor vehicle. *Alex J. Groves, 18, of Watauga Avenue in Corning, was charged Aug. 12 with unlawful possession of marijuana and no brake lights. *David T. Buechner, 20, of Chemung Street in Corning, was charged Aug. 12 with unlawful possession of marijuana. *A 17-year-old Corning youth was charged Aug. 12 with third-degree assault. *Jordan E. Townsend, 22, of Taft Road in Painted Post, was charged Aug. 13 with petit larceny. *Susan L. Warrick, 40, of Mill Street in Painted Post, was charged Aug. 13 with second-degree assault. *David P. Bertrand, 23, of Lower Delevan Avenue in Corning, was charged Aug. 14 with petit larceny. *Dean M. Delio, 21, of West First Street in Corning, was charged Aug. 15 with driving while intoxicated, inadequate brake lamp and refusing to submit to a breath screening test. *Shawn M. Howell, 22, of Fenderson Street Extension in Painted Post, was charged Aug. 15 with second-degree harassment. *Tonya T. Palmer, 38, of East Third Street in Corning, was charged Aug. 16 with driving while intoxicated, leaving the scene of a property damage accident, speeding, and improper or no signal. *Nicole A. Brown, 20, of East Second Street in Corning, was charged Aug. 17 with unlawful possession of marijuana, tampering with physical evidence and second-degree obstruction of governmental administration. *Robert C. Gitchell Jr., 19, of Laurel Street in Corning, was charged Aug. 17 with third-degree criminal tampering and second-degree obstruction of governmental administration. *William Hall, 35, of Chemung Street in Corning, was charged Aug. 17 with first-degree rape, first-degree criminal contempt and second-degree harassment. He was arraigned in Corning City Court and sent to the Steuben County Jail in lieu of $10,000 cash bail or $20,000 property bond. *Kevin J. Bennett, 41, of Goff Street in Corning, was charged Aug. 19 with first-degree criminal contempt and unlawful possession of marijuana. *Robin L. Pierce, 49, of Main Street in Savona, was charged Aug. 19 with second-degree criminal contempt. The addresses listed in record items -- the last known residence of the accused or the address the person gave to law enforcement officers -- are obtained by the Star-Gazette from police or court records.


Police Record

*Aaron Brimmer, 19, of Washington Court in Elmira, was charged Aug. 1 with seventh-degree criminal possession of a controlled substance. *Albert Steadman, 33, of Wellsburg, was charged Aug. 1 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop. *Joseph Grosz Jr., 50, of West Water Street in Elmira, was arrested Aug. 2 on a warrant charging him with driving while intoxicated stemming from the violation of a conditional discharge. *William E. Donaldson, 33, of West Clinton Street in Elmira, was charged Aug. 2 with felony driving while intoxicated and first-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on South Main Street. *Daniel K. Galbreath, 20, of West First Street in Elmira, was charged Aug. 2 with third-degree aggravated unlicensed operation of a motor vehicle after a traffic stop on South Main Street. *Brian K. Mullen, 32, of Waverly, was arrested Aug. 3 on a warrant charging him with criminal mischief. *Jacob Plummer, 27, of West Miller Street in Elmira, was charged Aug. 3 with third- and fourth-degree criminal mischief. *Tracy Wilson, 21, of West Gray Street in Elmira, was charged Aug. 3 with second-degree criminal contempt. *Eddie Evans, 49, of Davis Street, was charged Aug. 3 with third-degree burglary. *Frederick J. Glenn Jr., 20, of Elmira, was arrested Aug. 5 on a warrant charging him with driving while intoxicated, fourth-degree criminal mischief and petit larceny. *Frank A. Mueller, 26, of Elmira, was charged Aug. 5 with unlawful possession of marijuana. *Brenda L. Palmieri, 44, of Elmira, was arrested Aug. 5 on a warrant charging her with facilitating third-degree aggravated unlicensed operation of a motor vehicle. *Derrick D. Dupree, 21, of Elmira, was charged Aug. 6 with unlawful possession of marijuana. *Bonnie L. Silvernail, 51, of West First Street in Elmira, was charged Aug. 7 with falsely reporting an incident. *Christopher W. Sommer, 25, of Savona, was charged July 31 with felony driving while intoxicated. *Debra A. Powers, 35, of Hornell, was charged Aug. 1 with first-degree unlawfully dealing with a child *Ryan M. Durfey, 31, of Van Etten, was charged Aug. 3 with driving while intoxicated and endangering the welfare of a child after a traffic stop. *Frank T. Galvan, 52, of Bath, was charged Aug. 5 with driving while intoxicated after a traffic stop. *Nichole L. Cotter, 21, of Savona, was charged Aug. 6 with driving while intoxicated. *Steven Shoemaker, 25, of Bath, was charged Aug. 7 with driving while intoxicated. *Raymond D. Riffle, 20, of Addison, was charged Aug. 2 with issuing a bad check. *Brian M. Fay, 42, of Bath, was charged Aug. 7 with three counts of issuing a bad check. *John J. Jodway, 28, of Corning, was charged Aug. 6 with second-degree harassment. *Linda L. Hand, 40, of Cameron Mills, was charged July 31 with unlawfully dealing with a child and disorderly conduct. *Aaron P. Nichols, 19, of Campbell, was charged Aug. 2 with underage possession of alcohol. *Iryn B. Meyers, 29, of Wayland, was charged Aug. 2 with third-degree assault. *Nicole L. Hartzell, 18, of Atlanta, was charged Aug. 5 with driving while ability was impaired. *Jon B. Easton, 45, of Horseheads, was charged Aug. 6 with felony driving while intoxicated after a traffic stop on Interstate 390. *Mathew R. Miller, 26, of Hornell, was charged Aug. 7 with driving while intoxicated and reckless driving. *Anthony A. Barna, 33, of Leraysville, was charged Aug. 1 with violating a protection order. *James K. Buskirk, 21, of Rome, was charged Aug. 2 with burglary, criminal trespass and assault after an incident at a residence in Litchfield Township. *Denise Crain, 56, of Ulster, was charged Aug. 2 with reckless endangerment. *Bryan Reynolds, 37, of Sayre, was charged Aug. 3 with harassment. *John Garino, 20, of Gillett, was charged Aug. 3 with assault stemming from an incident on June 19 in South Creek Township. *Conway Garner, 23, of Towanda, was charged Aug. 5 with harassment. *Jennifer L. Thompson, 22, of Wysox, was charged Aug. 6 with harassment. *Karina Pazos, 18 of Horseheads, and a 15-year-old Horseheads girl were charged Aug. 1 with petit larceny at Wal-Mart in Horseheads. *Krista L. Steinhauer, 28, of Elmira Heights, was charged Aug. 1 with petit larceny at Macy's in the Arnot Mall in Big Flats. *Josephine E. Detar, 54, of Millport, was charged Aug. 4 with aggravated harassment. *Joshua W. Vanderpool, 18, of Gillett, and a 16-year-old Horseheads boy were charged Aug. 5 with underage possession of alcohol. Vanderpool was also charged with unlawful possession of marijuana. *Ricky A. Otts, 49, of Hector, was charged July 23 with felony aggravated cruelty to animals stemming from the shooting of a cat. *Michael Conover, 69, of state Route 79 in Mecklenburg, was charged Aug. 5 with cruelty to animals stemming from allegations he kept several cats in a house in unsanitary conditions. *Nathan J. Hemme, 21, of Concordia, Mo., was charged Aug. 3 with third-degree assault and disorderly conduct. *Carmella R. Hare, 32, of Utica, was charged Aug. 3 with third-degree criminal tampering, second-degree harassment, disorderly conduct and unlawful possession of marijuana. *Karl M. Wenzl, 31, of Susquehanna, Pa., was charged July 24 with carrying a firearm without a license when not permitted to carry a firearm. He was arraigned in district court and committed to the Potter County Jail in lieu of $15,000 bail. The addresses listed in record items -- the last known residence of the accused or the address the person gave to law enforcement officers -- are obtained by the Star-Gazette from police or court records.


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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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