What Type of Home Loan is Right for YOU?

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.

 

Alex 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 Best Mortgage Company in San Diego for the 5^th 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.

 

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.