San Diego Conforming Mortgage Loans Pros and Cons (2017 Update)

When you start looking at loans, you’ll definitely wonder about the bad and good that comes with the loan.

We’re here to walk you through all of the good and the bad to help you get a better idea about this loan.

Some of the pros may outweigh the cons and vice versa.

But you’ll need to know about them first, which is where this article comes into play.

If a conforming mortgage loan sounds like something you would be really interested in, then take some time to check out the main article, the answers to some common questions, and the loan limits for this kind of loan.

If you are looking at multiple loan types and you aren’t sure which kind of loan is really going to be the best for you, then check out the reasons why the conforming mortgage loan might be perfect for you.

Here's a quick rundown of our list:




And if there are any questions that you still have, then you can always contact me and I’ll help make sure that you’re on the right road to owning a home in San Diego.


San Diego Conforming Mortgage Loans Pros and Cons (2019 Update)

More Loan Types

When it comes to getting a loan that is a conforming type, you’ll find that there are tons of options to pick from.

There are loan types with low down payments and loan types that will work with you in the future.

All the different types and ways to pay mean that you won’t be stuck with just one kind of loan.

You’ll really be able to make everything work with your life.

Here's a few options we've written about:

Adjusts for High-Cost Areas

While the basic 1-unit home loan limit is $510,400, there are other kinds of loan limits that you will be able to find if you are living in an area with high home costs.

This means that you’ll have a little more flexibility when you’re getting a home in some areas of California.

You will have to do some research and ask your lender and see if your area will qualify for the higher limit, but it is an option.

This means that you’ll be able to get a decent home in an area regardless of the cost of homes.

This is a great perk for those people that live in areas where the $424,100 wouldn’t cut it for a decent one unit home.

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Wide Range of Home Types

While this is dependent on the exact type of loan that you get, there are a number of homes that you’ll be able to get with a conforming loan.

Some specific types are meant to be for single unit homes that are your primary homes.

Some are less picky about what you get.

If the specific loan you are looking at has a lower down payment, then you’re probably going to face some more restrictions than other types of loans.

However, there are still many options out there, which means that you’ll be able to find a loan type that fits what you really need in your life.

Just as Good as Government-Backed Loans

There is an idea that the conforming loans aren’t going to work well for people.

They’re supposedly impossible to get for some people.

However, that’s not true.

While there are higher standards for these loans, they are not completely impossible for an individual to get.

You will have to spend a little bit of time making sure that you’re getting the right loan type for you, but there are plenty of options.

Some of them have low down payments or are helpful in other ways for the long term of your finances.

Just as there are programs that are designed for those that are having a harder time getting a loan, the loans in the conforming loan umbrella are designed for different things.

You’ll find that some of them might fit you better or that some of them might not work at all for you.

You’ll just have to keep your eyes open for the right loan.

See the latest San Diego homes, townhomes, and condos for sale now


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San Diego Conforming Mortgage Loans Pros and Cons (2019 Update)

Can Have Higher Down Payments

Even though there are many conforming loans with lower down payments, there are many that will have more average or higher down payments.

This can be frustrating for some individuals.

However, many of the loans with higher down payments, such as the piggyback loan, come with some benefits.

The benefits might not be enough to outweigh the fact that you will have to have more money ready for that down payment.

In fact, the down payment is one of the bigger stumbling blocks that people face when they’re trying to pay for a home.

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Higher Qualifications

Part of the fact that they aren’t backed by the government means that there are fewer protections on the people that are lending out the money.

The higher risk means that the lenders have to be a little bit more selective.

This means they’ll look harder at your credit score and your employment history.

If your income isn’t safe, then they’re going to be less likely to lend to you.

This means that people who get variable income such as freelancers or those that earn royalty checks for books or acting will have a little bit harder time getting this loan.

This can be a major roadblock for some people.

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One of the most dreaded parts of getting a mortgage loan is having to deal with the insurance payments that are added onto the loan.

The insurance is a way of making sure that the lender is covered in case you skip a payment.

PMI is something that you can get out of, but you will have to put down a down payment of 20% or more.

Finding that kind of money can be almost impossible for some people, which makes PMI something that you, unfortunately, have to deal with.

However, there are very few loan types that you can get out of the PMI.

There are some that are backed by the government, but they are even harder to get than a conforming loan.

Lower Loan Limits

While there are higher limits for areas that are known to have higher cost homes, the loan limits may not be enough for some people.

This can be frustrating for some individuals that are really trying to find their perfect home but are limited by the budget.

The loan limit makes sure that people aren’t using a loan with a lower down payment to really make sure that the people that need a lower down payment are able to get it.

The base loan limit is $510,400 for a one unit home.

In a place like San Diego, this isn’t going to meet the average price of a home.

Apply Now: Why wait? Apply online 24/7 using our secure loan application, from any computer or device, and let Scott find the best loan options based on your needs – takes less than 10 minutes…


San Diego Conforming Mortgage Loans Pros and Cons (2019 Update)

If you find yourself interested in learning more, then you’ll want to check out our main article, the pros and cons about the loan, the answers to the most common questions about this loan type, 5 reasons why, and more information about the loan limits that are available with this loan.

What do you think?

Do you think this low down conforming mortgage loan is a great idea?

I would love to hear your comments below - or cal/text me at (760) 297-4539.

Your Conforming Loan Insider, 


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