So many people have cost themselves years of building wealth because they hold tightly held false beliefs about some aspects of the home buying and mortgage process. Today we are dispelling these common myths and showing ways people have bought homes or refinanced to better their financial situation and really build wealth and a happier life.
#JoGarner #MortgageOfficer 901 482-0354
#TomKing #MemphisAppraiser 901 487-6989
#GenellHolloway #HealthBenefits Eagle Hollow Enterprises 901 270-1127
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
#homebuyer #VALoan #FHALoans #USDALoans #ConventionalMortgages #InhouseFinancing
#Realtor #BusinessOwner
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our topic is: “Dispelling Myths That Hold Veterans and Others Back From Buying A Home.” Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer for sponsoring the episode For your home purchase or refinance, please call Rob Draughon and Shelley Rothman at 901-752-1133. Today is July 5th, 2025-our July 4th Weekend Show. Call in to the live show at 901 535-9732
Introducing Tom King of Bill King Company
(Jo) Tom King of Bill King Appraisal Company is back in the studio. Tom, you stay busy appraising homes in Shelby, Tipton and Fayette Counties in Tennessee. You have been putting some miles on your bicycle too—taking in the outdoors. Take a minute or so and introduce yourself to some of our new listeners and talk about the types of appraisals you do for your clients. (Tom has about a minute and a half to introduce himself and talk about the services he offers his clients)
WHY GETTING TO THE TRUTH IS IMPORTANT
(Jo) Since we are talking about dispelling myths that hold people back in life, it reminds me of that famous quote attributed to Mark Twain. ““It ain’t what you don’t know that gets you in trouble. It’s what you are sure you know that just ain’t so”
Today we are going to dispel some tightly held, but false beliefs that have cost veterans and others lots of opportunities to build wealth.
Later in the show, I want to share with you several myths that hold people back financially. But for now, let’s go in a positive direction with a military veteran who decided he was going to retire from the military a very wealthy man—and he exceeded his own expectations.
G.I. JOHN-THE SOLDIER WHO BUILT AN EMPIRE
When John first started out he bought a house in the city where he was stationed using a 100% veteran loan. He put together a plan to get wealthy during his military career moving from station to station buying a house each move and keeping the other homes for rental income.
The challenge that threatened to shoot holes in his life plan was the fact that the more property he bought, the more specialized mortgage products he needed since his VA eligibility was limited to one or two properties. He needed an experienced mortgage loan officer who could continue to come up with additional mortgage loan programs that fit each situation, so he could continue buying properties at terms that would allow him to make money.
It has been a joy and inspiration getting to work with John as his mortgage officer. John continues to build his real estate portfolio. Since he has done so well with his rental properties, many of his houses are paid off and he no longer has to work. He is finishing up a long military career. Now I see pictures on Facebook of John and his wife regularly on a Carribbean Cruise, on a beach, in the mountains and other exotic places. Thank you, John, for your service to our country. Kudos! to you for making your plan, working your plan, and when the deal worked for you, you did it.
Here are some myths GI John had to shoot down for him to move into his real estate wealth building.
My star veteran real estate investor client knew how to break past common myths a lot of veterans get stuck believing, not realizing the gold mine close at hand. But the VA loan is not the only gold mine available. My veteran customer, John, used the low down payment FHA loan, and different one example of myth variations of the conventional loan product—even cash.
Here’s some myths veterans believe about the Veteran Home Loan program that can cause them to miss opportunities.
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You can’t use your VA mortgage eligibility more than once. (Yes you can. Veterans like G.I. John bought a home at every place in the United States were he was stationed.)
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You can’t have more than one VA loan at the same time. (Yes you can. As long as you have enough VA eligibility left from a former home where you once lived and you are buying a home you will use as a primary residence.)
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The VA mortgage can’t be used to buy, duplexes, tri-plexes and quadraplexes. (That is a myth. A veteran can buy a single family home, a duplex, triplex or quadruplex as long as he or she lives in one of the units. In fact, the tenant income from the other units can more than pay for the mortgage in most cases.)
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The VA loan is an assumable loan but only if an eligible veteran assumes it. (Incorrect. A non-veteran can assume a VA loan if they qualify with the mortgage company who is taking the payments on the loan. However, the veteran seller would not get a release on his or her VA eligibility unless an eligible veteran buying the home assumes the loan and his or her eligibility is transferred to that loan, releasing the other veteran. )
We will cover more on the myth busters for veterans and other in more detail later in the show.
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. I am help you find the right mortgage and make the mortgage process EASY. Connect with me at JoGarner.com
(Jo) Tom King, our appraiser expert. What are some of your thoughts surrounding this topic?
(Tom King has about 1- to 2 minutes to start launching into his topics)
Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from Tom King of Bill King Appraisal Company. Genell Holloway of Eagle Hollow Enterprises will be joining us too. We will see you back in just a moment.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business or health and wellness. Talk Shoppe is made possible by the financial support of its sponsors. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have sponsor , Genell Holloway of Eagle Hollow Enterprises. You can count on Genell to help them find solutions that best fit their budget and personal situation. From health insurance to supplemental insurance to life insurance that include riders that help one to be better prepared financially for those health crisis moments that occur as we age, Genell has the knowledge to help.
What is our Talk Shoppe Business Tip for Real Estate Pros today?
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TIP: Many of the veterans that talk with Genell do not know about extra benefits they can be enjoying that does not disturb their current VA benefits. Talk with Genell about some of these extras like dental and vision care and more …
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Call Genell Holloway at Eagle Hollow Enterprises at 901.270.1127.
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TOPICS COVERED BY TOM KING OF BILL KING APPRAISAL COMPANY
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Let’s you and I talk about YOUR plans to save on your mortgage costs or your plans to build your real estate portfolio. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
Dispelling More Myths That Hold People Back From Buying A Home.
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MYTH: I have to have 20% down payment or more to buy a home
FACT: You Don’t Need a 20% Down Payment. Many buyers think they need 20% saved, but most loans (FHA, VA, USDA, and even conventional) allow 3% to 5% down, or zero down for qualified buyers. There are down payment assistance programs and grants available—especially for first-time buyers, and sometimes for people who are NOT first-time homebuyers.
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MYTH: I have to have excellent credit to buy a home.
FACT: Perfect Credit Is Not Required. With other compensating factors, there are some programs that can accept scores in the high 500’s or low 600’s. If you have credit scores in the 700’s, you generally get a lower interest rate and less money required for down payment.
(My team and I can work with you on improving your credit too)
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MYTH: Renting is always cheaper than buying a home.
FACT: Renting Isn’t Always Cheaper. Rent may seem easier short-term, but homeownership builds equity and can often have similar or lower monthly payments. You’re investing in yourself—not your landlord. Depending on the market, renting may be cheaper in the short run. But, building wealth is playing the long game. As a general rule, the earlier you start investing in yourself, the sooner you are winning the long game of wealth.
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MYTH: I have student loan debt, so I can’t buy a home.
FACT: Student Loan Debt Doesn’t Automatically Disqualify You. Student loans are a concern for many, but lenders use income-based repayment plans and other tools to help borrowers qualify.
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MYTH: The whole thought of buying a home and getting a mortgage is to much for me to handle on my own.
FACT: You Don’t Have to Do It Alone. Buyers feel overwhelmed, but real estate agents and mortgage pros offer free consultations, education, and step-by-step guidance.
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MYTH: I am self-employed and don’t show a lot of income on my tax returns, so I cannot buy a home.
FACT: Self-Employed? You Can Still Buy. If you have good credit and 20% down payment, there are special loan programs that get your income from business deposits on your last 12 to 24 months bank statements. Some programs use other methods besides your business bank statements and tax returns. The company where I work currently has multiple in-house portfolio special loan programs with affordable interest rates to help people in these situations. Call or text me and let’s start exploring the program that will work for you.
SERGIO & SELENA-SELF-EMPLOYED HOME BUYERS GETTING FROM A “NO” TO A “YES” WITH A PORTFOLIO MORTGAGE
Sergio and Selena owned a profitable convenient store and had been saving for a home in the suburbs-outside the noisy, crowded city. After searching for months, they found the house with just the right layout, outside the city but still convenient to everything they needed.
What a negative shock when the mortgage company turned them down for their mortgage request due to “not enough income.” Suddenly it looked like the home they wanted so badly was going to get away from them.
Their realtor referred them to me. I could see why the other mortgage company turned them down for lack of income. They had a really good tax accountant who legally wrote of a lot of expenses, making their NET income look very slim.
“But we make PLENTY of income,” Sergio emphatically told me. I believed them.
I asked Sergio and Selena to scan over all pages of the last 12 months bank statements from their business. From the bank statements we took a percentage of all of the business deposits. Now the income-to-debt ratios were looking good.
One more hurdle though. On the first pass, the underwriter turned Sergio and Selena down because it appeared the income from deposits had declined about 50% in the last 6 months.
That night I went back over the bank statements, noticing that the income to the owners had NOT declined—just the overall income. Sergio and Selena explained that they had changed some of their suppliers and types of products sold which reduced cost of goods sold, so they did not have to bring in as much income to keep the same level of profit.
The underwriting team relooked at this angle, agreed and approved their loan.
It was celebration time for Sergio and Selena at their home purchasing closing
Are you self-employed or know someone who has self-employment income who wants to buy a home or refinance? Let’s explore the in-house portfolio products. The interest rates on these programs are surprisingly affordable.
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MYTH: Rates are too high, so I can’t afford to buy a home.
FACT: You Can Still Buy in a High-Rate Market. Waiting for the “perfect” rate can cost buyers more long-term in home prices and missed equity.You can refinance later if rates drop—“Date the rate, marry the home.”
Let’s explore together some special loan programs with below-market interest rates. It can really help you keep your monthly note within your budget.
MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. I can make the mortgage process easy. Connect with me at www.JoGarner.com You can email me at Jo@JoGarner.com or call me at (901) 482-0354
REAL ESTATE TIP OF THE WEEK
Genell Holloway of Eagle Hollow Enterprises shares a tip (about 1 min) If you are self-employed and want to offer a good health insurance package to your employees but feel you can’t afford it, talk with Genell. There are some affordable plans that will allow an employer to offer a good health plan to their employees, saving the employer about $550 per employee per year without costing the employee any extra money.
Tom King, Appraiser, shares his tip (about 1 minute)
If you have ordered an appraisal on your home, please turn on the utilities and hook up the water heater BEFORE the appraiser goes to inspect the property. If you don’t have all of the utilities functioning, the appraiser will have to charge you an additional fee to come back out to reinspect.
Jo Garner’s tip : If you owe on your mortgage less than half of the value of your home, but you have a lot of high interest rate credit card debt that as accrued, let’s explore some cash out refinance scenarios to combine the debt into one single-digit, fixed interest rate.
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1st floor Memphis, TN
(Thank you Ben Hunter 901 660-2912 outstanding Financial Professional at Independent Planning Group for being Talk Shoppe’s location sponsor)
Talk Shoppe on Wednesday July 9th, 2025 Come equip, engage and empower YOUR business. “Called to Lead: What To Do When A Leadership Position Finds You” Gwendolyn Tucker, Author and with RIX International, LLC
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Thank you to Talk Shoppe sponsor, Retired US Navy Line Commander Peggy Lau. Do you want to enjoy some nice vacations and make memories with people you love? Peggy can introduce you to a program that allows you to enjoy great vacations at a bargain price. Call Peggy Lau, she can show you how (901) 289-0747.
Are you working hard at your business but you can’t seem to stay up with your competitors. Talk to the man who can take your work flow systems and marketing up a few levels using some new Artificial Intelligence programs. Contact Christopher Bulin at cbulin@clarity-axis.com
HAPPY 4TH OF JULY WEEKEND. Thank you to the military service men and women who fought and sacrificed so that we can enjoy our freedom today.
MAKE YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE DOES NOT ENDORSE 100% OF THE CONTENT ON THIS EPISODE. REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY, AND NOT AN OFFER TO LEND. EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND MOST ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS. JO GARNER IS A LICENSED MORTGAGE LOAN ORIGINATOR. (EQUAL HOUSING OPPORTUNITY)
QUOTE CORNER:
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“It ain’t what you don’t know that gets you in trouble. It’s what you are sure you know that just ain’t so” Mark Twain
REJOINDERS:
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Pat Goldstein, Realtor with Crye-Leike in West TN and North Mississippi (901) 606-2000
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Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer (901) 752-1133
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Sherry Harbur, Realtor with Harbur Realty www.Harbur.com West TN & North Mississippi
Transitional Music: “ America” by Ray Charles ; “America-Why I Love Her” by John Wayne ; “God Bless the USA” by Lee Greenwood; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
On Amazon and Barnes and Noble
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com X @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
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 30 years. She grew up in West Tennessee and got her start in real estate 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 30 years.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com 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 www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”