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

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
📞 [phone]

Episode Transcript

Speaker 1 (00:00):
This is the Good Neighbor Podcast, the place
where local businesses andneighbors come together.
Here's your host, Sophia Yvette.

Speaker 2 (00:10):
Welcome to the Good Neighbor Podcast.
Are you in need of a mortgagelending company?
Well, one may be closer thanyou think.
Today I have the pleasure ofintroducing your good neighbor,
Mark Ibarra, with FairwayIndependent Mortgage Corporation
.
Mark, how are you?

Speaker 3 (00:28):
I'm doing good.
How are you doing?

Speaker 2 (00:30):
Good.
Well, we are excited to learnall about you and your business.
Can you start off by tellingour listeners just a little bit
about your company?

Speaker 3 (00:39):
Yeah well, with Fairway Mortgage, our
independent mortgage corporation, we've been around since 1996.
We probably have the best CEOever, so shout out to Steve
Jacobson.
But we are a direct mortgagelender and in the retail side.

Speaker 2 (01:01):
Now, how did you originally get started in this
business?

Speaker 3 (01:06):
That's a long story, man.
I don't know if we have timefor 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, thetech bus came, and so, with the
infinite wisdom I had, I jumpedinto car sales of all things,
and I wanted to.
I said you know, I'm gonna beinto finance, forget this.

(01:27):
I want to try finance.
And then, out of the blue, uh,a real close buddy of mine
called me and said hey, uh, whatdo 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 quitwhere you're at and come work
with me.
So I went to Centex Home Equity,which turned into Nation Star,

(01:51):
then turned into Mr Cooper.
So yeah, long time ago.

Speaker 2 (01:59):
That's the short story.
Now, what is the most commonmyth?

Speaker 3 (02:03):
or misconception in your industry, I would say the
biggest misconception, even tothis day.
I've run into it that there's aneed to put 20% down to
purchase a home, which couldn'tbe further from the truth.
Yes, 20% will help you avoidmortgage insurance that's
additional, but 20 uh, downpayment is what I'm running into

(02:28):
a lot these days and what isthe truth of the matter?
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'lllet you, uh allow you, to look
at the governmental loans whichwould be FHA, va.

(02:50):
And then you've gotconventional loans that allow
you to go to have a 620 creditscore, but with minimum down
payments.
Fha is three and a half percentminimum down payment.
That's the minimum part.
Investment.
Va is zero is 100 percentfinancing.
If you have below a 580, youcould actually take financing

(03:11):
with 10% down, sometimes withexceptions, and then
conventional.
If you're a first-time homebuyer, you can get 3% down
payment and then generally 5% ifnot.
But there's some programs outthere that allow you to get some
financing.

Speaker 2 (03:27):
Wow, Now we know marketing is the heart of every
business.
How do you currently marketyour business and who is your
target audience?

Speaker 3 (03:38):
Oh, I would say I don't do much marketing.
I I for a while I got into thatwhole TikTok thing.
It was doing TikToks and I waslike man, this isn't even me.
So I guess word of mouth is mybiggest marketing piece and then
, and that's with all my closingand with their families, and

(03:59):
then I'll post all my closingswhen we're doing that.
But as far as marketing, Iwould say that I don't do much
marketing, aside from just thegeneral hey, a Facebook post or
something, or maybe on aInstagram or LinkedIn or
something, but there's nothingthat I really jump into.

(04:21):
That takes my time away fromwhat I really do, and that's
originating home loans and thankyou for the grace of God, I am
busy.

Speaker 2 (04:33):
Have you ever thought of having your own podcast?

Speaker 3 (04:37):
I've uh, no, I wouldn't know it.
I have thought about it and Ijust 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 podcastand and put the end, devote all
the energy into it, I don't knowif it'd be conducive to what
I've bring to the table for my,my, my customers.

(05:00):
I, uh, I make myself available,pretty much to my detriment,
like 24 seven, so I would haveto be really, really good at uh
planning on on this podcast.
Should I do an adventure thatway?

Speaker 1 (05:13):
But no, I mean I've thought about it?

Speaker 3 (05:15):
Have I done it?
No, like we were talkingearlier, this is my first
interview, so yeah, I've thoughtabout it.

Speaker 2 (05:23):
Now, outside of work, what do you and your family
like to do for fun?

Speaker 3 (05:28):
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-footsmoker.
I barbecue it, Then I I'll hangout, We'll go to the lake.
We found a cove that we gopaddleboarding in when the
weather's fine and, of course,in Texas, I think 12 months out
of 12 months is fine, so thatand then I'll watch.

(05:52):
I'm a huge Dallas Cowboy,Dallas Stars fan and Manchester
City fan, so I'm, I'm, I keepmyself busy that, if not, I'm in
my backyard jacking with mytrees, my hammock, making my
hammock my little honeycombhideout, my little space to
relax.

Speaker 2 (06:11):
Now, what is one thing you would like our
listeners today to take awayfrom learning about Fairway
Independent Mortgage Corporation?

Speaker 3 (06:26):
independent mortgage corporation.
I would say one thing that theywant to take out of this is, if
you are even considering, orit's even in your thought
process, of, like, maybe lookinginto qualifying for a home or
just starting the wholeconversation, I would say
completing an applicationwouldn't be the worst thing to
do, because you could either afind out that you qualify for

(06:48):
something you never thought youwould be.
If you don't have the creditthat allows you financing, then
we actually put credit plans inplace, so that's a plus there.
You know, a lot of folks thinkthat I'm not going to try to get
a home, I don't have goodcredit.
And then all of a sudden theygot like a 750 credit score,
which is like okay, well, it'snot perfect, but it's good

(07:09):
enough.
But I'd want them to take awayfrom this like, if you're
renting right now, you should atleast consider doing an
application to see where you sitand buying a home.
I mean, buying a home is a it'spretty huge, biggest investment
you'll ever make and you canuse it to your benefit in so
many ways by just gaining equity.

(07:31):
Each month you make a payment.

Speaker 2 (07:34):
And where can our listeners go to learn more about
Fairway Independent MortgageCorporation?

Speaker 3 (07:40):
The best way to reach me, or to get to reach me, be
my phone.
Like I said, my phone is on me24 seven and by phone, by email,
by text, is the best way toreach me.
I have clients that I servicein Texas, florida, charleston,
south Carolina and Wyoming, soI'm minimal to the four states,

(08:04):
you know.
But to get ahold of me, hit methrough any of the social feeds
or my phone number is prettymuch the best place to get me.

Speaker 2 (08:15):
Well, Mark, I really appreciate you being on the show
.
We wish you and your businessthe best moving forward.

Speaker 3 (08:21):
Thank you, Sophia.

Speaker 1 (08:25):
Thank you for listening to the Good Neighbor
Podcast.
To nominate your favorite localbusinesses to be featured on
the show, go to GNPFriscocom.
That's GNPFriscocom, or call469-221-9345.