What Type of Home Loan is Right for YOU?

A reoccurring question that we get asked by our clients is, “what is the best loan program for me?”  It is very likely that you will one day ask yourself and a Mortgage Advisor the same question.  To truly answer this question,  we first have to first make sure our clients are familiar with the different types of loan programs available. Please continue reading below…

There are several primary loans available in the market today.  In order to help our clients fully understand the different types of loan programs, we like to break them up into three categories:

  • Government Loans: FHA & VA
  • Conforming Loans: Fannie Mae & Freddie Mac
  • Non-conforming Loans: True Jumbo Loans
The biggest differentiating factors when talking about a government loan, a conforming loan, and a non-conforming loan, is the down payment.  Here is a simple explanation:
  • Government Loans:
    • FHA loans have a minimum down-payment is 3.5%, making it a great option for a first-time home buyer.
    • VA loans have 0% down-payment, which is fantastic for veterans or active military who have VA eligibility.
  • Conforming Loans:
    • Down-payment start at around 20%, though there are some options to do less than 20%.
  • Non-conforming Loans:
    • Starting point for a down-payment is 20%, however if putting down 25% opens up a variety of new loan options.

The best situation for any first-time home buyer is to have at least a 20% down-payment and also their own funds to cover closing costs.  That will give them the best interest rate options with the most flexibility.  More importantly, during the offering and negotiation process, this will give them the best ability to be aggressive in their offer.

In closing, some important questions to ask your Mortgage Advisor are: what products do you offer and do you have a full array of products?  Remember that some larger banks are limited to just their own product-line, while regional mortgage banks typically have more options.


Carmel Valley San Diego Community | Alex Scoma | Samuel Scott Financial GroupAlex Scoma is a real “people person” and his strengths lie in a strong service mentality towards each individual client. He has a genuine concern about every client he fashions a loan for. Alex is not satisfied just to fund and close a loan…he takes personal interest in making sure the loan is the best one for the client. Alex takes the opportunity to meet the needs of his clients seriously, by being proactive in finding solutions, ideas and strategies that are applicable to them. Solving problems, building relationships and having fun in the process are all a part of his success strategy.

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 Carmel Valley San Diego Community | Samuel Scott Financial GroupBest Mortgage Company in San Diego for the 5th straight year by readers of local publications.

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.

Carmel Valley San Diego Community | Equal housing Lender | Samuel Scott Financial Group


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.


Carmel Valley San Diego Community | RIDE Cyclery Encinitas

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