Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewedย Latrease Price Gistard.
Aan independent mortgage broker based in Houston, Texas. Here are some key highlights and themes from the conversation:
๐๏ธ Guest Background: Latrease Price Gistard
- Originally from San Antonio, Texas.
- Background in finance since 1999, including investment operations and auto financing.
- Co-owned a car dealership with her husband, focusing on first-time buyers.
- Transitioned into mortgage financing, licensed in 2018, and became an independent broker in 2022.
๐ก Mortgage Expertise
- Independent Mortgage Broker: Works with multiple lenders to find the best loan products for clients, including those with unique needs (e.g., self-employed, first-time buyers, citizenship issues).
- Reverse Mortgages:
- Typically for seniors 62+ with significant home equity.
- No monthly payments; debt is repaid when the home is sold or refinanced.
- Useful for those with limited retirement funds or high medical costs.
- Zero Down Payment Programs:
- Offers up to 3–5% assistance, either rolled into the mortgage or used for closing costs.
- Credit Score Considerations:
- Programs available for scores as low as 500, though higher down payments are required.
- Offers “what-if” scenarios to help clients improve credit over time.
๐ ๏ธ Special Loan Programs
- FHA 203(k) Loans:
- Allows buyers to finance both the purchase and renovation of a home in one loan.
- Covers anything from minor repairs to major remodeling.
- One-Time Construction Loans:
- Offered through United Wholesale Mortgage.
- Combines land purchase and home construction into a single loan.
๐ก Advice for Aspiring Mortgage Brokers
- Ensure sufficient capital before going independent.
- Build a strong client pipeline.
- Be mindful of economic conditions (e.g., interest rates).
- Avoid hiring unqualified friends or family—focus on business needs.
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