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Purchasing a home is such an exciting process, but it can be slightly overwhelming at times too, especially when you are just starting to learn about all the mortgage options available in today’s market. In order to get a better understanding of two common types of loans, jumbo and conventional, Brian Reynolds of Samuel Scott Financial Group, will explain the basic differences and help navigate the waters of mortgage loans. Please continue reading below…
A conventional loan, also known as a conforming loan, is a government backed loan that has a set amount of guidelines in place for purchasing a loan. A conforming loan has to fit the guidelines set forth by government entities, such as Fannie Mae and Freddie Mac, and can be used for any loan amount up to $546,250 for conventional and $697,500 for FHA loans in San Diego County. On the other hand, a jumbo loan is what fits outside the designated box and falls beyond the set limits, normally because it is a larger loan amount.
Jumbo loans are typically either backed by individual investors or a financial institution that funds and purchases the loan. While the income evaluating process is generally the same, jumbo loans do require greater amounts of income to be shown on tax returns, bank statements etc. Put simply, a buyer will need to make more money in order to qualify for a jumbo loan. In addition, the underwriting process for jumbo loans can take a little longer, due to the fact that jumbo loans do not meet government guidelines and are more unique in nature. In regards to down payments for jumbo loans, there is normally a minimum of a 20% down payment required, but as the loan amount increases, especially over the $2 million range, the down payment will also increase.
Because every jumbo loan is different and unique, it is important to ensure that you choose a mortgage professional that really understands the different products and programs available in today’s current market and who also understands your buying needs.
In 2006, when Brian co-founded Samuel Scott Financial Group with Todd Pianin, his thoughts were with his clients. He understood the market was changing and wanted to proactively create a place where he could continue to grow his business through honest transactions.
Brian has been in the lending business for well over a decade and has built his reputation on exceptionally high service and tailoring the perfect loan to his clients’ needs. He often explains that his team is not there to get borrowers through just the one transaction, but to build the type of trust that leads to a lifelong relationship.
With all of Brian’s many talents, his most appreciated one is his problem solving skills – especially when it comes to closing the deal. Brian has the ability to meet all the deadlines and timelines it takes to make each deal run smoothly. He has handled all kinds of loans, including construction to perm, land loans, first time buyers, refinances and residential purchases up to 10 million dollars.
Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client. Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve. Consistent and reliable, Samuel Scott Financial Group has been selected as The
President: Todd Pianin
Vice President of Sales: Russ Schreier
Mortgage Advisors: Christian Alvarez, Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.
Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.