RESIDENTIAL MORTGAGE TYPES | Close With Pam
Mortgage Services | Close With Pam
“If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” — Steve Jobs
I’ve been a licensed mortgage broker since 1985, working with a range of mortgage wholesalers to find the best loan product for your specific needs. I originate Conventional, FHA, VA, USDA, HELOCs, and 2nd mortgages for all property types, including single-family homes, condos, villas, manufactured homes, 2–4 unit properties, and accessory dwelling units—whether owner-occupied, second homes, or investment properties.
In addition to loan origination, I specialize in down payment assistance programs, guidance on student loan repayment options, and credit support (not credit repair). I also refer clients to professional HUD-approved counselors when more in-depth help is needed to become mortgage-ready.
Down Payment Assistance
Helping families find their own piece of the American dream.
More and more prospective homebuyers find themselves short on funds needed to purchase a home. The variety of DPA funds available can help clients whether they are first time homebuyers or not, for all property types and with payments most often deferred making affordability possible. Click on the "Find Down Payment Help" link below, complete 17 questions and find all available down payment assistance in Florida listed for you! But that's not all! I also have proprietary DPA programs available through wholesalers that provide enhanced criteria when other DPA programs are needed! Let me know if you are working with a realtor and I will notify them of all programs you may be eligible for!
Click on the icon below to learn more about available programs.
First Time Home Buyer (FTHB) Affordable Conventional Products
Imagine the possibilities.
There are specific FTHB (not owned home in last 3 yrs) conventional mortgage products with both Fannie Mae and Freddie Mac that only require a 3% down payment and can offer a lower rate and/or lower PMI with a good credit score. Critieria is based off of income of the applying borrower and you must get an approval through the automated underwiting system (AUS).
The Freddie Mac Borrow Smart is a grant that can even be used to lower the rate for qualified Affordable mortgage clients. And down payment assistance can be added for up to a 105% combined loan to value.
Refinancing & HELOC/2nd Mortg Options
Borrower's tend to refinance for two reasons:
- Lower the interest rate and payment
- Cash out some of the homes equity for improvements, other
In some situations, refinancing will save you significant amounts of money over the term of the new loan. In other situations, you might be better off keeping your current terms and getting a home equity line of credit or 2nd mortgage instead of refinancing.
Contact Pam today, and I can tell you whether you should refinance now or choose another option.
Multi-Family Mortgages
A 2- to 4-unit multi-family residential mortgage is a type of home loan used to finance properties with multiple living units—such as duplexes, triplexes, or fourplexes—while still qualifying as residential real estate. These properties can be purchased by owner-occupants who plan to live in one unit and rent out the others, or by investors looking to generate rental income. Because they fall under residential lending guidelines, 2-4 unit properties are eligible for a wide range of affordable mortgage options, including conventional loans with low down payments, FHA financing, and even certain down payment assistance programs. These loan products make it more accessible for first-time buyers or those looking to build wealth through real estate to enter the market with a sustainable investment.
Conventional Loans
The best conventional loans are backed by Fannie Mae and Freddie Mac.
Conventional loan terms can be anywhere from 10 to 30 years. The terms can have an adjustable rate or a fixed rate, depending on the type of loan. 3% down conventional loans are even available for 1st time homebuyers with good credit and can even be coupled with down payment assistance!
Conventional loans offer a lot of flexibility when it comes to lending options. Contact Pam today to learn more about what loan type is right for you.
VA Loans
If you are a veteran of the armed services and served our country for 90 consecutive days during wartime, 181 days during peace time, or spent 6 years in the National Guard or reserves, you qualify for a VA Loan:
- No money down
- Only a financed VA Funding Fee
- 620 credit benchmark
- Easy DTI ratios
- Seller can pay all closing costs
- Shorter wait time for bankruptcy and/or foreclosure
VA loans offer incredible terms and rates. Contact Pam to learn more about other options available to you, or give us a call.
FHA Loans
The FHA (Federal Housing Administration) is a home loan insurer. This insurance allows banks to offer low dowm payment options and better rates because the government is taking on some of the risk.
The FHA doesn’t lend money directly; they insure lenders and protect them against default, which means you get great terms and a great rate.
- Lower credit score requirements
- Lower mortgage rates
- Higher debt to income ratios
- Sellers can can cover 6% of sales price in closing costs
- 3.5% down payment
- FHA loans are assumable
Start your application today and see if an FHA loan is right for you.
USDA Loans
USDA loans provide 100% financing and are specified to rural areas that can be found on the USDA eligibility map. Income restrictions based upon family size do apply.
- Household income must meet certain guidelines
- Must be located in an eligible rural area as defined by USDA
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- 0% down payment
USDA loans offer incredible terms and rates. Contact Us to learn more about other options available to you, or give us a call.
Renovation Loans
Renovation loans are specialized mortgage products that allow homebuyers or homeowners to finance both the purchase (or refinance) of a home and the cost of repairs or improvements in a single loan. These loans are especially useful for properties that need updates, repairs, or full renovations to become livable or bring them up to market standards. There are several main types of renovation loans:
- FHA 203(k) Loan: Backed by the Federal Housing Administration, this program offers two versions—Standard (for major repairs or structural changes) and Limited (for non-structural repairs under $35,000). It's available to owner-occupants and allows a low down payment.
- Fannie Mae HomeStyle® Renovation Loan: A conventional renovation loan that allows borrowers to finance almost any type of improvement, including luxury upgrades. It’s available to both owner-occupants and investors, and it often requires a slightly higher credit score than FHA loans.
- Freddie Mac CHOICERenovation® Loan: Similar to the HomeStyle loan, this conventional option is designed to help borrowers finance a wide range of renovation projects, including improvements to increase resiliency against natural disasters.
- VA Renovation Loan: For eligible veterans and service members, this loan combines the benefits of a VA home loan with the ability to fund minor renovations and improvements. It’s limited in scope compared to other options but offers no down payment and competitive terms.
These renovation loan options help borrowers transform outdated or distressed properties into safe, modern homes—all while building equity from the start.
Start your application today and see if a renovation and const/perm loan loan is right for you.
Non-QM Loans
Non-QM (Non-Qualified Mortgage) loan types are flexible mortgage options designed for borrowers who may not meet traditional lending guidelines. These loans are ideal for self-employed individuals, real estate investors, or those with unique income situations, credit events, or non-traditional documentation. Common Non-QM products include bank statement loans, asset-based loans, interest-only mortgages, and DSCR (Debt Service Coverage Ratio) loans for investment properties. While they may carry slightly higher interest rates, Non-QM loans offer valuable solutions for qualified borrowers who fall outside the conventional loan box.
Start your application today and see if a Non-QM loan is right for you.
Accessory Dwelling Units
An Accessory Dwelling Unit (ADU) is a secondary residential unit located on the same lot as a primary single-family home. ADUs can take various forms, such as a converted garage, basement apartment, detached guest house, or an addition to the main home with its own entrance, kitchen, and bathroom. Sometimes called in-law suites, granny flats, or casitas, ADUs provide fully independent living spaces while remaining part of the same property as the main residence.
The benefits of ADUs are wide-ranging. They offer flexible living arrangements for extended family, aging parents, adult children, or even caregivers—allowing for privacy while keeping loved ones close. ADUs can also generate rental income to help offset a mortgage or supplement retirement, making them an attractive option for homeowners looking to boost long-term property value. Additionally, ADUs support more efficient land use, helping communities address housing shortages without significantly changing neighborhood character.
For homeowners interested in building or converting space into an ADU, there are renovation loan options available. Programs like the FHA 203(k) and Fannie Mae HomeStyle® Renovation Loan can finance the cost of constructing or updating an ADU as part of a single mortgage—provided that local county or municipal codes allow for ADU construction. These loans offer an affordable path for homeowners to expand living space, improve property value, and meet evolving housing needs within their own home footprint.
Call Pam to find out if this type of financing is available in your area.
