Have you or someone you know run into a barrier with getting their mortgage approved or getting a repair completed at your house? Ed Hill Masters Roofing and podcast host for The Home Maintenance Show show you the paths to overcome some of the most common barriers with the right fix-it tool.
Host: #JoGarner #MortgageExpert (901) 482-0354
Co-Host: #EdHill #MastersRoofing #MemphisRoofer 901 273-6594
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
#MemphisMortgage #MidSouthRealEstate #roofrepair #homerepair #realtor #homebuyer
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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: “Fix it to Finance It: Fixing Your Home and Your Mortgage Approval.”
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 12th, 2025. Call in to the live show at 901 535-9732
Introducing Ed Hill of Masters Roofing
(Jo) Ed Hill of Masters Roofing is back in the studio with us today. Ed, Masters Roofing specializes in repairing your roof or replacing it if needed. Not many people know this put Masters Roofing is one of the only roofing companies that is certified by shingle companies for full warranty on the roof installation. Ed, you also have a podcast called The Memphis Home Maintenance Show. What is the best way to find your home maintenance podcast? (Ed has about a minute and a half to introduce himself and talk about the services he offers his clients)
When Solving a Problem Means Life or Death-NASA Commander’s Wisdom
NASA Commander and astronaut Chris Hadfield, teaches his students about solving problems, “The more you know, the less you fear.” Chris Hadfield has floated out into the blackness of space and describes how he could feel heat on one side of his spacesuit from the sun and the chill of space on the other side. He talks about every astronaut’s life on the mission depends on the ability to solve problems quickly. He studies every system on the space ship. Then boils it down to one page. He brings home his point by saying, “You have to be able to solve any problem –in one breath.”
(You do not have to know how to solve your home maintenance and mortgage approval problems in one breath. You just need to have a good realtor and mortgage professional. Let’s work together on your mortgage.
Four Common Areas that Need Fixing to Get a Mortgage Approved.
(Jo) The four most common challenges people encounter with getting their mortgage financing approved are these: (1) Credit (2) Not enough funds to close (3) Not enough verifiable income (4) Title and appraisal snafus
Funds to Close- the most important aspect of a loan approval—having plenty of funds to close. If you don’t have the money to buy a home, check out some down payment assistance programs, 100% loans, gifts from family, loans secured on a 401k retirement fund.
Credit- Review your own credit once a year by pulling all three credit bureaus at www.annualcreditreport.com In my book “Choosing the Best Mortgage-The Quickest Way to the Life You Want” you will find several methods that help people boost their credit scores for a mortgage approval.
Income-to-Debt Ratios-The best way to get a fix on how much of your income qualifies for getting a mortgage, check with your loan officer. I would love to be your mortgage officer. We know how to get the most income from the back pages of your tax returns. We have special programs that help with borrowers who control a lot more income than they show on their tax returns.
Title and Appraisal on the Subject Property- we plan to talk about later in the show.
Income: Qualified income can make or break your financing to purchase a home -Mr. Palmer’s story
Mr. Palmer owned his own successful business. He lived near his shop and desperately needed a change of scenery. He made an audacious offer on a home with lots a green grass, trees and a pond. Mr. Palmer had good credit and adequate funds in the bank so he put down a large earnest deposit too. No worries, right? When he handed his bank his tax returns, they turned his loan request down. “You don’t show enough income on your tax returns,” they told him. He tried his realtor’s mortgage person and they told him the same thing. His realtor remembered hearing me talk about overcoming income issues on the radio and sent him to me. I started at the BACK of the tax return and worked forward, adding back to income every expense item the loan programs would allow me to add back to his income for loan qualifying purposes. Some items required some documentation, but I found over $100,000 more income than the other lenders. Mr. Palmer did not have to sweat. He got his house and his second wind to work on his business.
Not showing enough income? Try the Bank Statement Method
One of the most popular mortgage programs for self-employed borrowers is the Bank Statement loan program. The mortgage company calculates the self-employed person’s income based on business deposits into the business bank account over the last 12 to 24 months. If there is enough deposits after calculating some reduction for expenses, then a self-employed person does not have to turn in his/her tax returns. It is a much faster and easier loan. What self-employed person do you know who would like to buy a home or refinance, but they don’t show a lot of income on their tax returns? Let’s explore the bank statement method. Another outside of the box program is a program that looks at the Profit and Loss Statement of the last year’s tax return.
Call or text me with your questions (901) 482-0354
(Ed Hill has about 1- to 2 minutes to start launching into his topics)
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 Ed Hill of Masters Roofing . 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
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TOPICS COVERED BY ED HILL OF MASTERS ROOFING
THE WONDERFUL WORLD OF ROOF REPAIRS!
Not all roof work involves replacement and not all roof repairs are urgent! That’s good news to many financially stressed homeowners.
If roof replacement is actually required to remedy leaking or resolve improper installation issues, then repairs will be only temporary at best, until roof replacement can be performed by a competent state-licensed roofing contractor, but what about, when roof replacement isn’t required to remedy leaks or resolve improper installation issues?
Here are the basic guidelines to assist homeowners in deciding how to initiate the correct repairs:
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Determine whether the repairs are in the got to category or in the want to category.
GOT TO: replace worn out pipe boots or replace missing shingles or install correct chimney flashing properly.
WANT TO: install new Roto I-vents attic ventilation or install new Velux skylights or change the type of roofing on a flat roof from roll roofing to TPO or two-ply base and cap.
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Determine whether the repairs are in the DIY or the DFY category.
DIY: the homeowner is physically able and properly trained with past successful roof repair experience and has the proper tools and materials.
DFY: the homeowner is not physically able, lacks proper training, has little or no past successful roof repair experience or lacks the proper tools and materials.
If a homeowner is not confident about any aspect of handling a roof repair, then the wisest and safest choice is to hire roofing professionals to complete the project!
Ed Hill, Senior Consultant, Masters Roofing Memphis, is also the host of MemphisHomeMaintenanceShow.Podbean.Com and a monthly guest co-host with Jo Garner on The Real Estate Mortgage Shoppe live broadcast heard on Saturdays at 9:05 a.m. on WREC Memphis 600 AM / 92.1 FM. Contact Ed Hill for free, expert roof advice or to request inspections or estimates by calling or texting him directly at 901-273-6594.
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
HOME REPAIRS AND YOUR MORTGAGE
(Appraisal) Are you preparing to get a mortgage on a home you are about to buy or refinance? The home condition can create obstacles to getting the value needed or getting approval from the mortgage company’s underwriting department. For example, appraisers notate repairs that affect the structure, security, and sanitation of the home. Mortgage companies require these types of repairs to be completed before closing.
Repairs that affect the structure include rotted wood; foundation problems; roof leaks or missing shingles; peeling paint (especially if the home was built prior to 1978); broken siding; electrical, plumbing, or heating problems; or issues with the air and duct systems.
Repairs affecting the security of the home include doors that do not operate correctly, broken locks, or open access to the house from outside. Repairs pertaining to the home’s sanitation include drainage problems, faulty water
When the repairs must be fixed before closing, the buyer and seller negotiate who will pay for which repairs. If the buyer pays, the mortgage company will have to verify in the borrower’s asset accounts that they have the funds to cover closing and repair costs. If the seller pays, then he or she cannot pay the buyer with a “repair allowance.” Most traditional mortgage programs no longer allow repair allowances or “carpet and paint allowances.”
In cases like this, the seller could put the money in escrow to be paid to the repair vendor after closing. Some loan programs require the seller to pay one-and-a-half times the amount of the contractor’s bid into the repair escrow account. The extra fifty percent is simply a cushion to make sure, if the repair bill ended up higher than estimated, the seller would have the money to complete repairs. If unused, the extra fifty percent can be paid back to the seller when all the work is complete.
Martin and Maria Miller–Call on resources to repair and get the second home they need
Martin and Maria moved more than a thousand miles from the place where they had lived and built a life with their children. After the kids were older, the couple had an opportunity to take over a business on the other side of the country, and they took it. Later, their children got jobs in different areas of the country. The Martins yearned to have a central rallying place where their family could get together for the holidays and gatherings.
A close family friend from their hometown knew of their desire for a second home in the old neighborhood. This close friend set them up with a realtor who found them a house close to where they once lived. It was beaten up and needed a good cleaning, some carpentry, and a bit of new sheetrock.
Halfway through the loan process, the appraisal came in with a mile-long list of items that could affect the structure, safety, and sanitation on the house. Due to the types of repairs needed, the lender required these repairs to be completed BEFORE closing.
The Millers realized with a sinking feeling that they had just spent hundreds of dollars on an appraisal and now seemed to be in a catch-22. They could not close on the home until repairs were done, but the seller did not have the money for repairs until after the closing. In so many cases, this is where the bargain deal dies.
Nevertheless, good friends can be valuable, especially when their trade is fixing and building houses. Their hometown friend got the list of needed repairs and whistled up his construction buddies. Everyone agreed to work for just about free just to help the Millers.
They put together an itemized agreement to start work when the loan was approved for all but the repairs. The seller signed the agreement that he would pay the hometown friend and his pals on closing day when he got the funds. Once the loan was preapproved by the lender’s underwriter, hometown friend and his pals went to work. The appraiser went back to the house to verify the completed repairs so the Millers could quickly close on their home, where they and the rest of their family could gather together in their former hometown … all thanks to their good-hearted hometown friend … whom they now looked forward to having over for their celebratory dinner!
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Improving Your Credit Game to Gain Yourself a Lower Mortgage Rate:
When mortgage rates recently started a rapid climb upward, some of my clients were still out house shopping and could not lock their rate on a standard program. When the seller finally accepted their home purchase offer, rates had moved away from where they had been originally.
Benton and Baily were disappointed that their payment would be a little bit higher since the mortgage rates had jumped higher. Benton and Bailey had a longer time than usual until they were contracted to buy the house.
The answer for them was to somehow improve their credit score. By paying down their credit cards to show they were using less than 30% of their revolving credit limits, their score would like increase 15 to 20 points, just enough to put them in a much better price level for their mortgage. The higher their credit score, the lower their mortgage rate. The lower their mortgage rate, the lower the payment. Life would be much happier enjoying that lower rate.
Funds to Close:
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The most common challenge is having the money to pay down.
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According to the Real Estate Today show through the National Association of Realtors, 90% to 95% of people needing down payment assistance to buy a home, do not know there are programs to help home buyers with the down payment .There are other down payment assistance programs available to first-time home buyers in other states other than Tennessee. Most of them have restrictions, similar to the programs we have been discussing today. Some of these restrictions are not owning a home within the last 3 years, income restrictions based on the number of people in the household and the location of the property. If you want to know more, Google “Down Payment Assistance” and the name of YOUR state and you should hit the jack pot. Many metropolitan cities have their own down payment assistance programs with certain restrictions. ask an experienced, reputable realtor in your area what programs THEY recommend. They usually know what programs are good and which ones may be not so advantageous. You can also check with Rob Chrane at Down Payment Resource, supported by Housing Finance Agencies across the country, for assistance programs in YOUR city and state. http://downpaymentresource.com/about/leadership/
Some common low down payment loan programs available today are these:
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The 100% Veteran Home Loan program. You have to be an military veteran eligible for this program to use it.
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The 100% Rural Housing USDA loan for borrowers meeting certain guidelines and the property has to be in an eligible area –not in high density places.
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FHA 3.5% down payment loan
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Affordable conventional loans with 3% down payment
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Down payment assistance programs (must meet their program guidelines)
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Combination loan programs
Places to go treasure hunting for money down:
To find your pot of gold to use for down payment funds, here is some places to sink your spade.
Three areas to search are the borrower’s forgotten assets, gifts from family or employers and move-in costs paid by third parties. Sinking a shovel into these three areas has turned up pay dirt in the past. Here is a treasure hunting map detailing some clues.
Gift From Family: Gifts can come from family members or employers. The amount of the donation varies according to different loan programs. The donor will be required to document the source of his funds and that the money is a gift to the donee not requiring repayment.
Borrower’s Forgotten Assets: Whole life insurance policies or annuities may have a cash value that can be borrowed. Many times the borrower does not realize the insurance she purchased years ago has a cash value that can be borrowed to pay the move-in costs.
Loans secured on certificates of deposit, stocks and bonds, and durable assets such as cars can be used as acceptable sources of funds to close as long as the loan is secured on an asset owned by the borrower. The payment must be added into the debt-to-income ratios for qualifying purposes
IRAs, 401(k)s and Retirement Funds. There can be heavy financial penalties for pulling money from these sources. However, many companies allow the homebuyer to borrow against these assets with no penalty. The repayment terms may be calculated in the borrower’s debt-to-income ratio.
Sale or Cash Out Refinance of Existing Real Estate Property can generate needed funds to close on another property. Lenders will require the Closing Disclosure Statement or sufficient proof of the source of funds.
Tax Refunds can provide a surprising source of closing funds.
Move-In Costs Paid By Third Parties: Sellers are as motivated to sell a house as the buyer is to purchase. Sellers can pay up to 3% of the sales price toward the buyer’s costs if the borrower is getting a conventional loan above 90% loan-to-value. If the loan-to-value is 90%, the seller is allowed to pay costs up to 6% of the sales price or value whichever is less.
On certain loans, the sellers are allowed to pay more and even loan the borrower the equity on a second mortgage. Investor loans allow the sellers to pay no more than 2% no matter how much money the investor pays down.
FHA loans allow the seller to pay up to 6% of the price toward the buyer’s closing costs and prepaid taxes and insurance. ( it is much more difficult to get the sellers to pay the buyer’s costs in today’s market with multiple offers being placed on the same home)
Lenders are motivated to close the transaction and sometimes can bump up the interest rate slightly in order to use “premium pricing” to pay the borrower’s prepaid taxes and insurance or some of the closing costs. In most cases the rate is increased .25% and the difference in the monthly payment is minimal.
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!
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
Ed Hill of Masters Roofing offers a tip (about 1 minute)
Jo Garner’s tip :
Are you working on building up your credit so you can get a mortgage to buy a home or refinance? The mortgage credit scoring system is about to go through some changes in about a month or so. For decades the mortgage industry has only used a form of the FICO credit scoring system. Coming soon to a mortgage office near you, the mortgage industry will be adding the Vantage Score system to the credit reports. We are hoping this change will help improve borrowers’ chances for mortgage approval. Do you or someone you want to give your mortgage plans another try?
Call or text me at 901 482-0354 or jogarner.com
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 16th, 2025 Come equip, engage and empower YOUR business.
Cindy Longmire, Your Place ManiPedi and Silverts, “Preserving Dignity by Maintaining Independence As We Age.”
This is a Health Talk powered by Mary Lou Nowak’s Resource4Care.com; Tim Flesner and Genell Holloway’s MidSouth Home Helpers; and hosted by Talk Shoppe.com
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Thank you for Chuck Bohannon, booking agent for Santa Claus. Santa is in his summer attire and ready to make your Christmas in July event VERY FUN AND MEMORABLE. Call Chuck Bohannon today to book Santa to your Christmas in July event. (901) 619-6436
Are you putting off a major repair on your home that requires packing up some of your stuff and moving it out of the area that you are going to renovate? If you are looking to pack up and move stuff temporarily or moving permanently, Leah Anne Morse of All Things New. Leah Anne has an excellent reputation for making the packing, moving and unpacking process a positive one for her customers. Connect with Leah Anne Morse of All Things New at 901 488-9733.
Keep the victims of the Texas Flood and other victims of disasters in your thoughts and prayers. Please help them repair and restore their lives by giving to the Red Cross or other agency of your choice.
MAKE YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
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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:
Anonymous “You only need two tools in life — WD-40 and duct tape. If it doesn’t move and should, use the WD-40. If it shouldn’t move and does, use the duct tape.”
― Anonymous
REJOINDERS:
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Taylor Morse of Cartridge World of Collierville (recycled ink cartridges) 901 853-3230
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Lawren Bogard of Shelby Gardens Memory Care in Cordova, TN (901) 377-7500
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Mark McLaurine of Refrigeration Unlimited (Heating and Air Repair or Replacement) 901 216-7782
Transitional Music: “Hardware Store” Weird Al Yankovic ; “Power Tools” by Ray Stevens ; “Talking Repair Song” by Alan Jackson ; “
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 ED HILL OF MASTERS ROOFING
Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010. He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind. He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers! For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com
Ed Hill, Senior Consultant
Masters Roofing
2845 Stage Center Cove
Bartlett TN 38134
901-273-6594
EdHill.MastersRoofing@gmail.com
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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”