Follow us on a treasure hunt to find funds for buying or repairing a home or achieving other life dreams. Uncover money you didn’t know you have. Explore bargain methods to get repairs done with the least costs. (Take some tips for Santa too)
Host: #JoGarner #MortgageExpert #MortgageLoanOfficer (901) 482-0354
Co-host: #EdHill #memphisroofer Masters Roofing (901) 273-6594
Special Guest: #santaclaus #chuckbohannon #bookSanta (901) 619-6436
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes and pictures www.JoGarner.com
#downpaymentassistance #homerepairs #mortgagerate #memphismortgage
#memphissanta #mortgagerefinance #realtor #mortgageofficer #memphisroofingcompany #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 today is WANT TO BUY A HOME OR NEED TO REPAIR ONE? TREASURE HUNTING FOR FUNDS TO MAKE IT HAPPEN. This episode of Real Estate Mortgage Shoppe is sponsored by real estate closing attorneys Shelley Rothman and Rob Draughon of Griffin, Clift, Everton and Maschmeyer Law Firm in Memphis. For your real estate closing or refinance, contact Shelley Rothman and Rob Draughon for closing title services (901) 752-1133. Today is September 16TH, 2025
Introducing Ed Hill of Masters Roofing
(Jo) Back in the co-host chair we have Ed Hill of Masters Roofing. You have a great reputation for doing excellent work on roof repairs and replacements. You also keep your customers happy with other types of exterior home repairs. Even the shingle companies give a warranty on your work. Ed Hill of Masters Roofing, take a minute or two and introduce yourself and tell our listeners about some of the services you offer your clients. (Ed has about 1.5 minutes to intro himself and talk about the services he offers his clients)
(JO) Ed, Today, I am inviting our listeners to go treasure hunting with us. For those who want to buy a home, you’re in luck. There’s lots of gold in them hills for buying a home—even if you’re not a first-time homebuyer. Even if you’re NOT wanting to buy a home, you may want to come along on this treasure hunt. You might pick up a few nuggets on our journey.
I have been a mortgage loan officer for over 30 years. When bankers talk about the difficulty to verify source of funds for closing, I chuckle when I remember one of the first loans I ever closed. It was a family building a nice home with a very large down payment. “A piece of cake. This will be easy,” I thought.
Much to my chagrin, the underwriter asked for a paper trail showing the source of funds the family was using for down payment. When I asked my borrowers where they got the large down payment, they replied, “We found buried treasure.” I laughed thinking they were joking. They weren’t.
When their great-grandfather enlisted into the Army during the Civil War, great-grandmother buried the family wealth under a tree on their property intending to dig it up after great-grandfather came back from war. He didn’t.
Great-grandmother, for whatever reason, did not dig up the treasure after the war and eventually the old tree came down leaving no marker for the family.
Great-grandmother was finally laid to rest and a few of the family members began searching for a map that surely must be there. It wasn’t.
Not until several years later when these descendants began clearing ground to build their house on the inherited property did the back-hoe turn up the surprise. Their part was a substantial amount of dollars and was discovered still securely contained where great-grandmother had buried it during the Civil War.
Here are some other places we can sink our gold digging spade:
“Jerry McGuire” was a 1996 award winning film with the resounding catch phrase, “Show me the money!” Lenders have been repeating this to their borrowers for years. Where can borrowers go to find money when they do not have it to show?
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. If the family member giving the money does not want to cash in a certificate of deposit or stock fund, he can borrow against the asset to give to the donee.
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.
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% to 6% 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.Investor loans allow the sellers to pay no more than 2% no matter how much money the investor pays down.
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.
Charitable Organizations and government agencies such as Tennessee Housing Development Agency have programs that provide down payment assistance to borrowers. Some of the well known programs are City of Memphis Down Payment Assistance, Shelby County Down Payment Assistance, United Housing, Inc..Chenoa Funds. For the down payment assistance grants and loans, the borrower is required to meet a minimum or maximum annual income guideline and sometimes are required to be first time homebuyers. First time homebuyers are defined as buyers who have not owned real estate in the last 2 to 3 years.
For Investment Properties
Hard money lenders or private lenders can sometimes loan you 100% of the costs to buy a home and renovate it. When the renovations are complete, the private lenders want their money back. As an investor, you make your money when you quickly resell the investment property, pay off the private lender and pocket the difference. Or, you may want to rent out the property to tenants and make your profits on long-term or short-term rental leases.
What do YOU want to accomplish with YOUR mortgage? I can help you get the right mortgage and make the mortgage process EASY. Connect with me at www.JoGarner.com
(Jo) Ed Hill of Masters Roofing, you repair and replace roofs but you also do a number of other exterior home repairs. We’re about to go to break, so what are some topics you plan to cover in our next segment?
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, 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 hearing more from Ed Hill of Masters Roofing. We have a very well-known guest stopping in to give out some great tips to you, our listeners—Chuck Bohannon, booking agent for Santa Claus will be here with the jolly ole’ elf himself.
2nd Segment 9:18 AM to 9:30 AM
(RING BELL for COMIC QUERIES (you probably already know the answer, but we will ask anyway (Where will you ALWAYS find money? Answer: In a dictionary.) (Why do people say that if you want to get rich, you should keep your mouth shut? Because silence is golden.) See, I told you that you already knew the answers
TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROS
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) 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. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe sponsor Chuck Bohannon, the Mid South booking agent for Santa Claus—and he brought Santa Claus with him! Santa Claus, we are talking about treasure hunting today. I have heard so many stories about how you have helped families and friends make wonderful Christmas holiday memories by appearing a their holiday events. What is our Talk Shoppe Business Tip for Real Estate Professionals today? (Santa has about 1.5 min to share her tips )
Santa Claus, how do we reach your booking agent Chuck Bohannon to have you visit our holiday parties and celebrations? (901) 619-6436
Santa’s Tip: Planning ahead will keep you ahead on getting to the things you want in life Booking Santa early to appear at your holiday events will create some wonderful holiday memories for your loved ones and friends.
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TOPICS COVERED BY ED HILL OF MASTERS ROOFING
PAYING FOR YOUR HOME PROJECTS!
If home projects were free, then everybody would be doing a home project whenever they wanted to! That’s the problem. They’re not free.
The good news is that problems have solutions. Here are a few possible solutions to home project payment problems:
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Save money by performing the some of or all of the work yourself if you are skilled and able.
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Barter for materials or labor skills with other people or businesses.
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Pray for God’s supernatural direction and provision.
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Use a money management plan to regularly and systematically set aside funds.
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Use a contractor project payment plan such as Hearth or Service Finance.
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Treasure hunt for hidden funds.
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Consult with a mortgage loan originator for help with using your home equity funding source.
Ed Hill, Senior Consultant, Masters Roofing Memphis and host of MemphisHomeMaintenanceShow.Podbean.Com has served homeowners in home maintenance and home improvement since 2008. For free, expert home repair advice call or text Ed at 901-273-6594.
(Ring bell -DID YOU KNOW….That Memphis is known as the hardwood capital of the world? Memphis historically was a major hardwood lumber market thanks to its access to timber in the Mississippi Delta, steamboat/river transportation, and rail infrastructure… Wikipedia
Because of the river and railway routes, Memphis also was the distribution hub for Canadian timber and hardwood from other states.
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Example of a first-time homebuyer
TRAUMA TO TRIUMPH
Sometimes, during the time I get to work with my clients, I have the privilege of hearing some of their back story. When you know some of a client’s personal story, it helps you appreciate even more their journey to finally achieving homeownership.
This was certainly the case with Alia Abbey, a single woman who sounded over the phone like she really wanted to buy her home but kept trying to convince me it would never work out. When I talked to her the first time she said, “Look, I am calling you because I found a house that would be perfect for me. My realtor told me to call you to get preapproved, but I don’t believe I can really buy a house. Every time I have tried in the past, some catastrophe hits my life and the deal falls through. So… I gave up a long time ago.”
Alia (not her real name) had okay credit and good steady income, just not money to pay for the down payment. She did not know about the down payment assistance programs available to her. When she and I looked at her projected monthly payment and very small amount needed for her to pay at closing with an assistance program, for the first time she allowed herself to get excited. As we got closer to closing she began to start giving up again. Trying to figure whey she was ready to sabotage her chance to own a home, I started asking questions. She shared about her traumatic childhood experience when the home where she and her family lived was destroyed by a catastrophic event. With the encouragement of her friends at work, her realtor and of course our mortgage team, this lady went to her closing and laughed, then cried (for joy) and then laughed again. Buying her own home with the help of a down payment assistance program and her real estate professionals, the day she closed on her home was a positive turning point for Alia Abbey.
Financing to Buy a Home with Funding Secured on a Different Asset
There are many cases and situations, like with a real estate investor we will call Molly. She wanted to buy a home that was in such poor condition that the mortgage company would not accept it as collateral. Molly found a way to get some money to pay cash for the fixer-upper. We did a mortgage secured on one of the other homes Molly owned that was in good condition. She used the cash out refinance funds from that mortgage to pay cash to buy the fixer-upper property.
The Winfields—get the home that is just right with a renovation and repair mortgage
Mr. and Ms. Winfield own their own business. They found a home that with a huge shop and a location that would, over time really pay for itself. Their heart was set on getting this home.
The problem was that the house needed about $60,000 worth of repairs. The lender was going to require almost all of these repairs be done BEFORE closing because these repair items affected the safety and habitability of the house. The seller would not allow them to do any work on the house until after they owned it. The Winfield’s were in a Catch 22. They could not close on the house until the repairs were done, but they could not do the repairs until they owned the house.
The solution for them was better than they originally thought. The renovation and repair loan would allow them to the sales price of about $200,000 and add the cost of the $60,000 plus some reserves for overruns making the total around $270K to 275K. The program required a licensed general contractor to do the work.
The Winfields would only have to pay a little over 3% of this total as a down payment plus closing costs and some extra costs for the inspections on the work and title updates and a licensed repair coordinator. If the seller would have been willing to pay their closing costs, the Winfields could have gotten in with just a little bit over 3% percent down –just under $10K.
Since the seller was not willing to pay any closing cost in this case, all total the Winfields figured they would have $24,000 of their own money in the deal, but the house would be worth around $340,000 when the renovations were done. Was paying the extra costs for the renovation and repair loan worth the money and extra effort? They were walking into instant equity of the upper $50 thousands to low $60 thousand with a relatively low, fixed rate 30-year mortgage. The deal was definitely worth it to them since they would end up with so much equity.
The financing available for the purchase of a primary residence like this bargain-priced fixer-upper home are the FHA 203K renovation and repair loan and a conventional product also with similar guidelines. Both programs allow a very small down payment. This program may not be worth the extra financing costs if the Winfields just barely broke even with the loan amount and value. It’s a bargain deal if you can realize enough equity or profit from buying a house this way.
(RING THE BELL) INSIGHTS & INSPIRATION
From “The Alchemist”
“Remember that wherever your heart is, there you will find your treasure.” In the book, “The Alchemist” after traveling across the harsh desert, Santiago decides he is going to settle at the oasis and take it easy. But, The Alchemist warns him not to stop seeking his treasure or the good he thinks he will get by abandoning his journey will not bring happiness. Santiago eventually realizes if he is to live the life he wants and be the Legend he was meant to be, he had to get out of his comfort zone at the oasis and follow his heart into the unknown.
REAL ESTATE TIP OF THE WEEK
ED HILL OF MASTERS ROOFING OFFERS A TIP (about 1 minute)
CHUCK BOHANNON, BOOKING AGENT FOR SANTA CLAUS OFFERS A TIP (about 1 min)
Giving brings blessings to you and others. Santa tells the real story of how he became Saint Nicholas at an early age.
Jo Garner’s tip
If you are struggling as the interest rates on your credit card debt and variable rate home equity line ratchet higher, let’s explore a scenario where you refinance your home and include into a new fixed rate mortgage all of your variable debt. The cash out refinance could be a good deal if you are exchanging high variable rate debt putting it securely into one fixed-rate mortgage. It is worth checking out.
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
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Talk Shoppe on Wednesday September 24th, 2025 9AM CT “Who Do You Know-Networking Connection Game” (You are only one connection away from a new opportunity. Describe to the business group the type of or referring partner you are looking to meet. Group responds)
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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:
QUOTE CORNER: “Giving love is the greatest pleasure. Receiving it back is the greatest treasure.” Picturequotes.com
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CREDITS AND ACKNOWLEDGEMENTS
Sound effects by Zapsplat
REJOINDERS:
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Saul Klein, Data Advocate San Diego, CA
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Brett Bernard The Stamps Company The Investment Division Collierville, TN
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Tony Youngs, Real Estate Investment Trainer Atlanta, GA
Transitional Music:
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
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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
TN State Licensed Contractor #00067521/ Reciprocal Licenses MS & AR
BBB A+ Accredited Member Business
Platinum Preferred Contractor Owens Corning / GAF Master Elite Installer
Guild Quality Member / Angie’s List
www.EdHillMastersRoofing.webs.com
Podcast https://MemphisHomeMaintenanceShow.podbean.com
You Tube Channel: Ed Hill Masters Roofing
http://Instagram.com/EdHillMastersRoofing
www.Facebook.com/EdHillMastersRoofing
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”