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Innovative Mortgage Solutions

Pam Marron is a 29 year Sr. Loan Originator who still loves originating residential mortgages!

I have originated FHA, VA and conventional loans in Florida for 28 years… and still love it! In today’s economic climate, it is necessary to not only qualify you as the buyer, but to also qualify the home you are looking at for a compatible fit to meet your family needs! Obtaining a mortgage loan in today’s market is not a simple task, and it is my commitment to make this process as smooth as possible… so that you feel comfortable referring future friends and family to me!

Why I Help Those Considering a Short Sale, Those Involved in a Past Short Sale, or Those in an Underwater Property and Want to Stay

I live in Pasco County, Florida and experienced the bottom falling out of the housing market in December 2007. Though I had gone through upswings in market value in the past, they were short and usually corrected themselves. This swing took on momentum, was unusually long, and many of us were wondering how the market sustained as long as it did. When the faucet turned off, we were left with massive home inventory, and values plummeted when the scale of supply and demand tipped the other way.

The Tragedy of Underwater Value

In April of 2008, while helping an elderly couple with the newly launched FHA Secure which allowed for a refinance up to 115% of the value, to my horror, I found that the extra 15% equity came no where close to covering the loss of 60% equity in this clients’ home. I started investigating how far reaching this problem of dramatically reduced values was… local only? In other Florida counties, or other states? When I went to a HUD meeting in Orlando in May 2008 and explained that the FHA Secure program at 115% was not nearly high enough to help, the room of over 400 resounded the same. It was not just Florida, and the problem was mammoth.

Fast forward to April 2011.  A handful of programs, such as the FNMA Homepath, are doing well. FNMA was smart and started fixing up wrecked inventory, and it was working. But, a lack of homeowner interest in properties where repair financing is more costly and the perception that prices are still decreasing has discouraged more purchasers from coming forward.

Short Seller Listings Are Growing at an Alarming Rate… and Realized the Number of Those Able to Purchase is Shrinking Dramatically!

An unusually high number of calls were coming in around April of 2011 from realtors and previous short sellers who are wondering when they can buy again. Many are at the end of their rope and want to know what the future holds. Often, these clients have done exhaustive research on how to stay in their homes, and many do not want to move. But, because of changing life circumstances they are seeking advice.

Because I had closed a mortgage for a previous short seller, I was inundated with these calls. (Was no one else giving short sellers loans?)

The loan for the previous short seller was one of the most difficult loans I have ever closed, and it was clear that lenders and underwriters were putting additional criteria on homeowners who had a previous short sale. Extra documentation and massive numbers of phone calls to get correct information and over documenting these files is required.

And, I will work to get a short seller approved for a new home purchase again and again. Why? As the number of short sellers continues to grow, we are forcing more past homeowners to the sidelines for a prolonged period of time, and shrinking the home buyer pool!

Short Sellers that Have Experienced Hardship Are Not Likely to Repeat the Short Sale Nightmare Again!

It is clear that most short sellers have:

  • gone through loss of finances, losing all equity they put into homes that they see no hope of ever recovering.
  • anguished greatly when considering just how bad credit will be affected when they are required to default on current mortgage payments to get bank approval for a short sale. The TransUnion May 2011 report “Life After Foreclosures and Hidden Opportunities”, shows that Mortgage Only (MO) defaulters “may not be as bad as we think”.
  • picked themselves up after the short sale, continued good credit practices again right after the short sale, an do everything they can to prepare for home ownership again.
  • are often still employed.
  • usually come to the hard realization that they must short sell when monies for major repairs are not available, or another major financial decision must be made.

Unique Mortgage Products… in addition to customary!

The USDA 100% financing mortgage is a favorite loan of mine, and is available in most of Pasco County! Click here to see if your desired address qualifies for USDA financing, and call me for details!

HomePath loans, FNMA owned REO properties are foreclosed homes that are typically already repaired prior to a homebuyer purchase. Many short sale and foreclosed properties on the market are in disrepair and lenders do not normally cover the cost of repairs. FNMA DOES cover this on a HomePath property, and we also are one of the few lenders that can originate the FNMA HomePath Renovation loan! Ask your realtor about HomePath properties in your area, or go to www.HomePath.com for homes in your area!

I am also able to do Repair Escrows, where homeonwers pay for the repair after closing. This is used most often on short sales and foreclosures when banks won’t make needed code required repairs. Restrictions apply.

Florida NSP

Though I work with SHIP programs in all counties throughout Florida, I have worked extensively with the Pasco County NSP (Neighborhood Stabilization Program) to offer down payment and closing cost assistance to qualified buyers of foreclosures and short sales.

TND’s and CDD’s

I also specialize in Traditional Neighborhood Developments, (commonly called TND’s) and developedwww.TraditionalNeighborhoods.net (currently undergoing updates). I have a fondness for these unique front porch communities and lived in Pasco counties’ premeire TND, Longleaf, for 10 years.

I can also help you with the questions about CDD’s, or Community Development Districts, which are common in Pasco, Hillsborough and Hernando counties.

Personally…

I am the co-director of the Suncoast Arts Fest, past co-director of the Pasco EcoFest 2011 and president of the Fine Arts of the Suncoast, Inc., a 501(c)3 not for profit corporation that benefits Arts for Kids in Pasco County, Florida. In May 2011, I was honored by FAAE.org and awarded the Florida Alliance of Arts Education Community Volunteer Award for helping to establish Suncoast Arts Advocacy, a group for citizens who work to keep arts in education.

Happily married for 28 years, with two sons.