Pam Marron Home Lending

Loans

Below are brief descriptions of mortgage loans, followed by a list of available mortgages available:

Conventional Home Loans

A conventional mortgage is a loan amount under $417,000 that conforms to the guidelines set forth by Freddie Mac and Fannie Mae ….(read more)

Jumbo Mortgage Financing

A jumbo mortgage has a loan amount above conventional conforming loan limit of $417,000. …..(read more)

Home Equity Loans

A home equity loan (sometimes abbreviated HELOC) is a loan in which the borrower uses the equity in their home as collateral.  …..(read more)

FHA Mortgage Loans

FHA loans are for owner occupied homeowners and can also provide rehabilitation to homes in need of repair.  …..(read more)

Reverse Mortgage Senior Loans

A reverse mortgage is available to seniors ober 62 years of age for a purchase or a refinance.  The loan uses the home equity in the property as one lump sum or multiple payments, and the homeowner’s obligation to repay the loan is deferred  …..(read more)

FHA 203k Rehab Loans, Streamline “K”

The FHA 203K will finance major improvements to a home, and the FHA Steamline “K” will finance a limited amount of repairs commonly not structural.…..(read more)

VA Mortgage Loans

VA mortgages offer 100% financing to qualified veterans. …..(read more)

Mortgage Terms / Vocab

Her is a glossary of common mortgage terms. …..(read more)

How Much Can I Afford?

Consideration of income, credit and debts play a factor in how much a homeowner can qualify for. …..(read more)

Property Types

Single family, multi-family units, condos, townhomes and mobile homes are all factors that a lender takes into consideration when qualifying for a residential mortgage. …..(read more)

What’s Mortgage Insurance?

Mortgage insurance (also known as mortgage guaranty) is insurance  which compensates lenders for losses due to the default of a mortgage loan. …..(read more)

FHA Mortgage Insurance

FHA insurance is required for any FHA mortgage, irrespective of the size of the down payment provided. …..(read more)

Credit Do’s and Don’ts

How can a fully approved loan get denied for funding after the borrower has signed loan docs?  …..(read more)

VA Funding Fee

The VA Funding Fee is a requirement of any veteran taking advantage of this zero down payment government loan program. …..(read more)

 

 

 Available Mortgages

HARP 2.0 Refinance

Refinance available March 2012 for underwater FNMA, FHLMC mortgage holders. Owner occupied, 2nd homes and investor refinances allowed.

Conventional Mortgages

Up to 95% financing , can be used for owner occupied,  2nd homes and investor purchases and refinances. 30 yr, 15 yr fixed, ARM’s up to $417,000 loan limit.

Conventional Homepath Mortgage

Financing for existing FNMA REO properties that are already rehabbed or in need of renovation. Up to 97% financing , can be used for owner occupied,  2nd homes and investor purchases and refinances. 30 yr, 15 yr fixed, ARM’s up to $417,000 loan limit.

Jumbo Mortgages

Up to 95% financing, can be used for owner occupied,  2nd homes and investor purchases and refinances. 30 yr, 15 yr fixed, ARM’s over $417,000 loan limit.

USDA Mortgage

100% financing restrictive to rural addresses, income level and up to $417,000 loan limit. Owner occupied only.

FHA Mortgages

96.5% financing restricted by loan limits that vary nationally. Allow for slightly lower credit scores, higher qualifying ratios than conventionals and gifts for downpayment. Owner occupied only.

 FHA 203K  Rehab and Streamline “K”

96.5% financing restricted by loan limits nationally. Same requirements of FHA mortgages but 203K allows for substantial rehabitation to property as long as value is able to cover. The FHA Streamline “K” loan is for cosmetic, non-structural repairs and improvements and the total cost added to the loan cannot exceed $35,000.

VA Mortgages

100% owner occupied only mortgages available to qualified veterans.

Neighborhood Stabilization Program (NSP)

Down payment assistance available through Pasco county and other counties. Each county has different requirements that need to be considered when coupling this 2nd mtg. with a 1st mortgage.