What type of loan do I need?

Conventional loans are ideal for borrowers with a more established credit, employment, and savings history. While 20% down allows a homeowner to avoid PMI, Somerset can offer no-PMI options with as little as 5% down. 

FHA loans tend to be more flexible mortgage options, typically requiring only 3.5% down and a credit score as low as a 600. All down payment money can be gifted from family, and family members not occupying property can co-sign to assist with low or hard-to-prove income. These loans can help you move up to a larger home while converting your current home to a rental. Somerset also offers FHA streamline refinances without appraisals.

VA loans are great for eligible veterans. In most cases, you can buy a home with nothing down and zero PMI. This loan also comes with great rates. about this item

If your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible to refinance through the Home Affordable Refinance Program (HARP), designed to give you lower interest rates and a more stable, affordable mortgage.

This is a great zero-down loan with no PMI for home buyers interested in areas identified as rural. The USDA eligible zones are much more abundant that you'd think, so contact Somerset Lending to see if your area of choice is eligible.

These loans are for purchases that exceed the limits of FNMA and FHLMC. Somerset offers great rates/programs on both 30-year fixed rates and ARMS.

For borrowers who want to purchase or refinance a property with 20% down/equity, this is a great way finance home improvements. Contact Somerset for more options.

This is a great zero-down loan with no PMI for home buyers interested in areas identified as rural. The USDA eligible zones are much more abundant that you'd think, so contact Somerset Lending to see if your area of choice is eligible. 

A true one-time close construction to permanent loan for new manufactured and modular homes. Finances lot purchase and a permanent loan all wrapped in one.