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Conventional
Conventional loans are ideal for borrowers with a
more established credit/employment/savings history.
While 20% down allows a homeowner to avoid PMI,
Somerset can offer NO PMI options with as low as 5%
down. |
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FHA
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FHA loans tend to be
one of the more flexible mortgage options |
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Only 3.5% down |
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As low as a 600 Credit
score |
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All down payment money
can be gifted from family |
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Flexible to help move
up to a bigger home, while converting
current home to a rental |
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Family
members not occupying property can co-sign
to assist with low or hard to prove income,
and
down payment. |
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Somerset also offers
FHA streamline refinances without appraisals |
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VA
VA loans are great for veterans who have
eligibility. In most cases you can buy a home with
ZERO down with NO PMI. This loan also comes with
great rates. |
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USDA
This is a great Zero down loan with NO PMI for
homebuyers interested in areas identified s RURAL.
The USDA eligible zones are much more abundant that
most think, contact Somerset Lending to see if your
area of choice is eligible. |
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Conventional
Rehab
For those borrowers who want to purchase or
refinance a property with 20% down/equity. This is a
great way finance those improvements for the home.
Contact Somerset for more options. |
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FHA 203K Rehab
This loan enables a borrower to finance
improvements and even appliances during a home
purchase or refinance. This option is great for
borrowers that want to put as little as 3.5% down
and buy/refinance a home that needs updating. FHA
203K loans are a great way to purchase that outdated
foreclosure with little down. Call Somerset to learn
about which items are eligible for repairs. |
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Fannie Mae Homepath Rehab
This loan is designed for Fannie Mae
foreclosures that need rehab work. Very attractive
because it comes with special financing with as
little as 3% down with no PMI. |
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Jumbo
These are for loans that exceed the limits of
FNMA and FHLMC. Somerset offers great rates/programs
on both 30 year fixed rates and ARMS. |
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