Good Neighbor Podcast: Frisco

EP 326: You Don't Need 20% Down to Buy a Home: Insights from a Mortgage Expert

• Sophia Yvette

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What makes Mark Ybarra with Fairway Independent Mortgage Corporation a good neighbor?

Ever wondered if you could actually afford to buy a home right now? You might be closer than you think.

Meet Mark Ybarra from Fairway Independent Mortgage Corporation, a lending professional who's been helping people achieve homeownership since his unexpected career pivot from IBM during the 2002 tech bust. With candor and expertise, Mark dismantles the biggest obstacle keeping many renters from even exploring homeownership – the misconception that you need 20% down to buy a property.

The truth is far more accessible. From FHA loans requiring just 3.5% down to VA loans offering 100% financing for veterans, Mark walks us through the surprising range of options available to buyers with different credit profiles and financial situations. Even those with credit scores as low as 580 have pathways to homeownership, with specialized programs for first-time buyers requiring as little as 3% down.

What makes Mark's approach refreshing is his authenticity. Rather than pushing aggressive marketing, he builds his business through relationships and referrals, making himself available to clients around the clock. "I make myself available, pretty much to my detriment, like 24/7," he admits, demonstrating the level of service that has expanded his client base across four states. Between smoking meats on his 13-foot smoker, paddleboarding with family, and creating his backyard "honeycomb hideout," Mark brings the same passion to his personal life that he dedicates to helping clients make the biggest investment of their lives.

Curious where you stand in today's mortgage market? Mark's advice is simple yet powerful: complete an application. You might discover you qualify for more than you imagined, or if not, get a personalized plan to improve your credit and path to homeownership. Ready to stop building someone else's equity through rent payments? Reach out to Mark and start the conversation today.

To learn more about Fairway Independent Mortgage Corporation go to:
 🌐 www.fairwayindependentmc.com

Fairway Independent Mortgage Corporation
📞 +1 (817) 822-9195

Speaker 1:

This is the Good Neighbor Podcast, the place where local businesses and neighbors come together. Here's your host, Sophia Yvette.

Speaker 2:

Welcome to the Good Neighbor Podcast. Are you in need of a mortgage lending company? Well, one may be closer than you think. Today I have the pleasure of introducing your good neighbor, Mark Ibarra, with Fairway Independent Mortgage Corporation. Mark, how are you?

Speaker 3:

I'm doing good. How are you doing?

Speaker 2:

Good. Well, we are excited to learn all about you and your business. Can you start off by telling our listeners just a little bit about your company?

Speaker 3:

Yeah well, with Fairway Mortgage, our independent mortgage corporation, we've been around since 1996. We probably have the best CEO ever, so shout out to Steve Jacobson. But we are a direct mortgage lender and in the retail side.

Speaker 2:

Now, how did you originally get started in this business?

Speaker 3:

That's a long story, man. I don't know if we have time for this, but I'll short it. I'll make it a little bit short. So I was in IBM back in 2002. All these layouts came on, the tech bus came, and so, with the infinite wisdom I had, I jumped into car sales of all things, and I wanted to. I said you know, I'm gonna be into finance, forget this. I want to try finance. And then, out of the blue, uh, a real close buddy of mine called me and said hey, uh, what do you think about mortgage? I was like, ah, I've got one. I mean not much. Like why don't you come see me? And you might as well just quit where you're at and come work with me.

Speaker 3:

So I went to Centex Home Equity, which turned into Nation Star, then turned into Mr Cooper. So yeah, long time ago.

Speaker 2:

That's the short story. Now, what is the most common myth?

Speaker 3:

or misconception in your industry, I would say the biggest misconception, even to this day. I've run into it that there's a need to put 20% down to purchase a home, which couldn't be further from the truth. Yes, 20% will help you avoid mortgage insurance that's additional, but 20 uh, down payment is what I'm running into a lot these days and what is the truth of the matter?

Speaker 3:

so the truth of the matter, it's, uh, it could go many ways. So with us you can go, uh, generally speaking, you can do a 580 credit score and that'll let you, uh allow you, to look at the governmental loans which would be FHA, va. And then you've got conventional loans that allow you to go to have a 620 credit score, but with minimum down payments. Fha is three and a half percent minimum down payment. That's the minimum part. Investment. Va is zero is 100 percent financing. If you have below a 580, you could actually take financing with 10% down, sometimes with exceptions, and then conventional. If you're a first-time home buyer, you can get 3% down payment and then generally 5% if not. But there's some programs out there that allow you to get some financing.

Speaker 2:

Wow, Now we know marketing is the heart of every business. How do you currently market your business and who is your target audience?

Speaker 3:

Oh, I would say I don't do much marketing. I I for a while I got into that whole TikTok thing. It was doing TikToks and I was like man, this isn't even me. So I guess word of mouth is my biggest marketing piece and then, and that's with all my closing and with their families, and then I'll post all my closings when we're doing that. But as far as marketing, I would say that I don't do much marketing, aside from just the general hey, a Facebook post or something, or maybe on a Instagram or LinkedIn or something, but there's nothing that I really jump into. That takes my time away from what I really do, and that's originating home loans and thank you for the grace of God, I am busy.

Speaker 2:

Have you ever thought of having your own podcast?

Speaker 3:

I've uh, no, I wouldn't know it. I have thought about it and I just didn't know if I would have the. I know I have the energy. I'm like all over the place, but to devote the time that I'm sure it takes to have a podcast and and put the end, devote all the energy into it, I don't know if it'd be conducive to what I've bring to the table for my, my, my customers. I, uh, I make myself available, pretty much to my detriment, like 24 seven, so I would have to be really, really good at uh planning on on this podcast. Should I do an adventure that way?

Speaker 1:

But no, I mean I've thought about it?

Speaker 3:

Have I done it? No, like we were talking earlier, this is my first interview, so yeah, I've thought about it.

Speaker 2:

Now, outside of work, what do you and your family like to do for fun?

Speaker 3:

Well, I'm big. This is going to sound crazy. I'm a big smoker but I smoke. I have a big like 12, 13-foot smoker. I barbecue it, Then I I'll hang out, We'll go to the lake. We found a cove that we go paddleboarding in when the weather's fine and, of course, in Texas, I think 12 months out of 12 months is fine, so that and then I'll watch. I'm a huge Dallas Cowboy, Dallas Stars fan and Manchester City fan, so I'm, I'm, I keep myself busy that, if not, I'm in my backyard jacking with my trees, my hammock, making my hammock my little honeycomb hideout, my little space to relax.

Speaker 2:

Now, what is one thing you would like our listeners today to take away from learning about Fairway Independent Mortgage Corporation?

Speaker 3:

independent mortgage corporation.

Speaker 3:

I would say one thing that they want to take out of this is, if you are even considering, or it's even in your thought process, of, like, maybe looking into qualifying for a home or just starting the whole conversation, I would say completing an application wouldn't be the worst thing to do, because you could either a find out that you qualify for something you never thought you would be.

Speaker 3:

If you don't have the credit that allows you financing, then we actually put credit plans in place, so that's a plus there. You know, a lot of folks think that I'm not going to try to get a home, I don't have good credit. And then all of a sudden they got like a 750 credit score, which is like okay, well, it's not perfect, but it's good enough. But I'd want them to take away from this like, if you're renting right now, you should at least consider doing an application to see where you sit and buying a home. I mean, buying a home is a it's pretty huge, biggest investment you'll ever make and you can use it to your benefit in so many ways by just gaining equity. Each month you make a payment.

Speaker 2:

And where can our listeners go to learn more about Fairway Independent Mortgage Corporation?

Speaker 3:

The best way to reach me, or to get to reach me, be my phone. Like I said, my phone is on me 24 seven and by phone, by email, by text, is the best way to reach me. I have clients that I service in Texas, florida, charleston, south Carolina and Wyoming, so I'm minimal to the four states, you know. But to get ahold of me, hit me through any of the social feeds or my phone number is pretty much the best place to get me.

Speaker 2:

Well, Mark, I really appreciate you being on the show. We wish you and your business the best moving forward.

Speaker 3:

Thank you, Sophia.

Speaker 1:

Thank you for listening to the Good Neighbor Podcast. To nominate your favorite local businesses to be featured on the show, go to GNPFriscocom. That's GNPFriscocom, or call 469-221-9345.