Conquering Obstacles To Financing and Homeownership

Written by Posted On Monday, 19 April 2021 00:00

“Being challenged in life is inevitable; being defeated is optional.” Roger Crawford

Values are high, and rates are lower than they have been in a few weeks. Pressure builds to  buy your first home or sell the one you have  in order to buy your next one.  Finding and financing your next home seems to run smoothly until you run up on some challenges.   How do you conquer challenges and move to your celebration day?

Here are the four common barriers homebuyers face when buying their home.

Lack of funds to close. When the bank account is short on funds, it is time to pull out the treasure map.  Can you borrow against your 401k retirement fund?  Do you have a cash value on a life insurance policy?  Gifts from family members are helpful. Look into local down payment assistance programs. Ask about getting a loan secured on a different home or asset to provide funds to close on the new house. 

Debts too high, income too low. Look for additional income like annual bonuses. A good loan officer knows how to add certain expenses on the self-employed borrower’s tax return back to income like depreciation, depreciable business miles, business use of home, and other items.   The loan officer may find that the borrower's answer is to rearrange debt to lower debt-to-income ratios.   

Low Credit Scores- If you need to add about ten to fifteen points on your credit score to get a better price for your mortgage rate, you might try paying down your revolving credit card balances to show that you use less than 30% of the credit limits on each card.  Once the credit card companies report the lower owed balances, there is a good chance the credit scores will improve.  

Appraisal problem- When the appraisal comes back showing repairs that pertain to the structure, security, or sanitation of the home, these repairs must be completed before closing. Loan program exceptions allow repairs to be completed after closing, but funds have to be put in an escrow account to cover them. In some instances, the seller gets the contractor to repair the home and agrees to pay the contractor after the home closing.  

The homebuyer still takes home the gold when they call on real estate professionals to help conquer these obstacles.  A good realtor, mortgage officer, title company, and others make great teammates for the homebuyer. 

What do YOU want to accomplish with YOUR mortgage?  Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today.   Let’s explore YOUR options. Connect at  

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Jo Garner

“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals.”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want.  What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.  

Jo Garner has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on

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