Easy Mortgage Process - Somerset Lending

At Somerset Lending, we offer many loan types with options to suit every situation.

We’ll consider your down payment, monthly payment goal, and other factors like zoning and equity to determine which loan type will best meet your needs, all while securing the best rate and lowest closing costs.

Conventional Loan

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.


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.

FHA Loan

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 Loan

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.


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.

Conventional Rehab Loan

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.

FHA 203K Rehab Loan

This loan enables you to finance improvements and even appliance updates during a home purchase or refinance. This option is great for borrowers who want to put as little as 3.5% down. FHA 203K loans are a great way to purchase that outdated foreclosure with little down. Contact Somerset to learn about which items are eligible for repairs.

Jumbo Loan

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.

FHA One Time Close, Modular and Manufactured Homes

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