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Think you need a massive down payment to buy a home? Let’s dismantle that myth with a clear look at how down payment assistance really works—and how it can help you keep more cash in your pocket while still landing the keys. We open up the playbook on grants versus assistance, what’s truly “free,” and the fine print that matters: credit score minimums, income limits tied to area median income, and asset caps that determine eligibility.

We walk through real numbers and real scenarios: using $14,000 in state assistance and stacking county funds, paying a small second-mortgage payment versus deferring it until sale, and even leveraging assistance alongside VA and USDA loans to cover closing costs when sellers won’t contribute. You’ll hear why some programs vanish overnight, how replenishment works, and the strategy for timing your pre-approval so you’re ready the moment funds open back up. We also explain a critical policy shift—no more flagging subordinate financing in offers—so qualified buyers aren’t sidelined by outdated assumptions.

The goal isn’t chasing “free money”; it’s building a smarter path to homeownership. That might mean getting in with as little as $1,000, keeping $4,000–$10,000 in your account for post-close expenses, and choosing between assistance structures that fit your timeline. We share buyer stories, practical tips, and the questions to ask your lender to compare side-by-side scenarios—cash to close, total payment, and long-term equity impact—so your decision is confident, not rushed.

Ready to see what you qualify for and how fast you can move? Follow the show, share this with a friend who’s saving for a down payment, and leave a quick review to help more buyers find clear guidance. Your keys may be closer than you think.

0:00 Setting The Record Straight

0:22 First-Time Buyer Myths

1:00 Grants vs Assistance: What’s Real

1:40 Local Funds And Why They Run Out

2:44 Minnesota Housing: How It Works

3:27 Payback Types And Terms

4:20 Who Qualifies And With What Loans

5:10 Using Funds For Costs And Points

6:00 No Longer Disclosing Subordinate Financing

7:10 Real Stories: Thousand-Dollar Keys

8:20 Income Limits And AMI Basics

9:35 Keep Your Cash, Use Assistance

10:30 Beyond Assistance: True Grant Options

11:35 Pre-Approval, Next Steps, And Wrap

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Your lake cabin dream and your rental income plan aren’t the same thing—and lenders know it. We pull back the curtain on how financing actually works for second homes and investment properties, from real down payment requirements to the reserve rules that trip up first-time buyers. Barb brings a lender’s playbook: risk tiers for primary vs. second vs. investment, when you can (and can’t) count rental income, and what DSCR programs really consider. Bill adds the operator’s reality: why one rental can sink you, how scale stabilizes cash flow, and the hidden costs that blow up “break-even” spreadsheets.

We walk through practical ways to fund your first deal using equity—HELOCs and cash-out refinances—while being honest about moving risk onto your primary. Short-term rental fans get a clear checklist: check city and county ordinances, recorded covenants, licensing rules, occupancy limits, and insurance clauses before banking on Airbnb revenue. We also unpack the gray areas that cause trouble: occupancy fraud myths, renting out your old primary the right way when you move, and what happens if you change plans within that first 12 months.

Curious about alternatives like seller financing or contracts for deed? We outline when they can work, why they often favor the seller, and the foreclosure risks if there’s a hidden senior mortgage. Whether you’re aiming for a quiet cabin or cash-flowing units, you’ll leave with a cleaner decision tree: define intent, pick the correct loan type, model real expenses, secure reserves, and validate local rules. If you’re serious about buying a second home or building a rental portfolio, this conversation gives you the numbers, the pitfalls, and the path.

Enjoyed the show? Subscribe, share it with a friend, and leave a review to help others find Keys and Credit. Your feedback shapes future episodes—tell us what you want to hear next.

0:00 Setting The Stage: Second Homes vs. Investments

0:52 Down Payments, Programs, And Risk Tiers

2:36 Why Lenders Price Risk Differently

4:10 Primary, Second Home, Or Investment: No Workarounds

6:00 Reserves, Break-Even Myths, And Real Cash Needs

8:36 Scale Matters: Single Door Risks vs. Multifamily

11:05 Using Equity: HELOCs, Cash-Out, And Strategy

12:45 Local Rules: Airbnb Restrictions And Covenants

15:15 Seller Financing And Contract For Deed Risks

17:20 Landlording Costs, Evictions, And Hard Lessons

29:46 Closing Lines And Calls To Action

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Ever wondered why your Credit Karma score doesn't match what lenders see? Or why closing that paid-off credit card actually hurt your score? We're pulling back the curtain on the mysterious world of credit scores and their enormous impact on your mortgage journey.

In this straight-talking episode, we dive deep into what makes your credit tick and how lenders actually view your financial history. You'll discover why credit scores differ between mortgage lenders, auto lenders, and credit card companies—and which one matters most when buying a home. We explain the "credit decisioning score" (the middle score of your three credit bureau reports) and why it can make or break your mortgage application, even if you have an excellent co-borrower.

Beyond the technical aspects, we share actionable strategies to build and improve your credit, whether you're starting from scratch or working to boost an existing score. Learn why credit utilization should stay under 30% (ideally 10%), why your payment history accounts for 35% of your score, and why those old credit accounts should remain open. We also reveal powerful credit-building tools like secured cards and authorized user strategies that can dramatically accelerate your credit journey.

For homebuyers, timing is everything. We outline a 12-month roadmap for credit preparation before applying for a mortgage, including exactly when to avoid new accounts and how to position yourself for the best possible interest rate. This episode is packed with insider knowledge on how lenders actually evaluate your creditworthiness—information that could save you thousands of dollars over the life of your mortgage.

Building strong credit requires work and discipline, but with the right approach, you can achieve your homeownership goals faster than you might think. Listen now to gain the credit knowledge that most lenders won't share until it's too late.

0:00 Welcome to Keys and Credit

0:22 Understanding Credit Fundamentals

6:41 Credit Scores Explained

11:23 Credit Building Strategies

17:14 The Mortgage Pre-Approval Process

21:19 Final Thoughts on Credit Preparation

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Navigating the refinance maze doesn't have to be overwhelming. In this straightforward conversation, we cut through the confusion surrounding mortgage refinancing to reveal exactly when it makes financial sense – and when it's better to stay put.

Ever wondered if that half-percent rate drop is worth the hassle? We break down the mathematics of refinancing, explaining how loan-to-value ratios work differently for rate improvements (95% LTV) versus cash-out options (80% LTV). You'll discover why refinancing immediately after purchase often limits your options, and learn about specialized programs like VA Interest Rate Reduction Loans that make the process easier for certain borrowers.

The episode highlights one of refinancing's most powerful applications: debt consolidation. Through real examples, we demonstrate how transforming high-interest debts into mortgage debt can free up hundreds in monthly cash flow – though we emphasize the importance of breaking the debt cycle afterward. We also expose industry tactics to watch for, including misleading teaser rates and hidden discount points that can cost borrowers thousands.

Most importantly, we reveal the critical calculation many homeowners miss: the break-even point. By understanding how long it takes for monthly savings to offset closing costs (which typically run 2-6% of your loan amount), you'll gain clarity on whether refinancing aligns with your long-term housing plans. Whether you're considering a rate reduction, shortening your loan term, or tapping equity for renovations, this episode provides the practical framework to make refinancing decisions with confidence.

Have you navigated a refinance recently? Share your experience and questions – we'd love to hear what worked (or didn't) for you!

0:00 Welcome to Keys and Credit

2:38 When Interest Rates Justify Refinancing

6:15 Refinancing Different Loan Types

10:05 Tapping Equity for Financial Goals

16:25 Understanding Refinance Costs and Fees

20:57 Break-Even Points and Smart Decisions

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Ever wondered why real estate professionals cringe when they hear "For Sale By Owner"? Barb and Bill pull back the curtain on the FSBO world, exposing why these transactions frequently end in disaster.

The allure seems simple - save on commission by selling your own home. But as our hosts reveal through hair-raising stories and first-hand experience, what appears to be a money-saving move often becomes a financial nightmare. When a homeowner in St. Louis Park had to tear down walls after closing because of undisclosed structural issues, the seller learned the hard way that "ignorance is no excuse" in real estate transactions.

From contracts written on napkins to hidden assessments costing sellers thousands, the podcast explores how the lack of professional guidance can lead to catastrophic outcomes. Barb even shares her own humbling experience attempting to sell FSBO with three kids under six, standing awkwardly at open houses with garage sale signs, before eventually listing with a professional and selling in just 10 days.

The most chilling revelation? When real estate professionals see a FSBO listing, their first thought is often "What are they hiding?" Whether it's clouds on the title, unpermitted renovations, or disclosure landmines, the risks for both buyers and sellers in these transactions extend far beyond the closing table. As Bill bluntly puts it, when you sign a FSBO contract without representation, you can find yourself "contractually fucked."

Share this episode with anyone considering buying or selling without representation – it might be the most valuable real estate advice they'll ever receive.

0:00 Episode Introduction

0:35 Why FSBOs Bug Real Estate Pros

3:43 Contracts and Disclosure Requirements

7:12 Hidden Problems and Disclosure Landmines

12:17 Limited Service Listings Explained

15:50 Barb's Personal FSBO Experience

21:14 Pricing Mistakes and Financial Losses

38:42 Assessments and Hidden Costs

44:57 Episode Closing

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Tired of paying that mysterious monthly fee labeled "mortgage insurance"? You're not alone! In this eye-opening episode, we tackle one of the most misunderstood aspects of home financing: mortgage insurance.

Mortgage insurance exists primarily as protection for lenders when buyers put less than 20% down, but it's often a necessary stepping stone that makes homeownership possible without requiring massive savings. We break down exactly how much you can expect to pay (approximately $150-175 monthly on a $350,000 home with minimal down payment), and more importantly, how these costs vary based on your credit score, down payment amount, and loan type. Did you know that conventional loan mortgage insurance costs less as your equity increases? Or that FHA mortgage insurance typically remains for the life of your loan unless you refinance?

The conversation moves beyond basics to explore strategic approaches for eliminating this extra payment. From waiting for automatic removal at 78% loan-to-value with conventional loans to leveraging home appreciation (typically 3-7% annually) to reach equity thresholds faster, we explore every angle. For homeowners considering refinancing to escape mortgage insurance, we provide clear guidelines on when it makes financial sense—look for at least a 0.5% interest rate reduction to offset closing costs, especially when you could save $150-250 monthly by eliminating PMI.

Whether you're a first-time homebuyer trying to understand all the costs involved in your new mortgage payment or a current homeowner looking for strategies to reduce monthly expenses, this episode delivers practical, actionable insights from decades of mortgage experience. Listen now to transform your understanding of mortgage insurance from confusion to clarity, and discover options you might not know existed for your specific situation.

0:00 Introduction to Mortgage Insurance

2:10 What Is Mortgage Insurance and Why

6:08 Mortgage Insurance Costs and Calculations

10:26 Removing Mortgage Insurance

14:31 Refinancing Options and Considerations

17:13 The Value of Experience in Lending

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Your carefully crafted will might have a massive blindspot that could cost your heirs thousands of dollars and months of unnecessary stress. In this eye-opening episode, we tackle the critical difference between living wills and Transfer on Death Deeds that every property owner needs to understand.

Most homeowners assume their estate planning is complete once they've created a will, but there's a shocking truth many lawyers won't volunteer: living wills do not transfer real property. Without a specific Transfer on Death Deed in place, your real estate must go through probate—a lengthy, expensive court process—even when your will clearly states who should inherit your home.

We explore why this happens, how to properly protect your real estate legacy, and the sometimes messy complications that arise when property ownership isn't properly documented. You'll learn the crucial difference between joint tenancy and tenancy in common, how these choices affect property transfer after death, and why these distinctions matter especially for unmarried couples, investors, and parents of minor children.

Drawing from real-world examples, we share stories of families caught in legal limbo, including one particularly troubling case where a woman married for 20 years discovered she had no legal right to her deceased husband's home because she was never added to the title. These cautionary tales highlight why understanding property transfer isn't just a legal technicality—it's essential protection for your loved ones.

Whether you're creating your first will or revisiting existing estate plans, this episode provides the knowledge you need to ensure your real estate transfers according to your wishes. Don't leave your biggest asset vulnerable to probate delays and unnecessary expenses. Listen now to protect what matters most.

0:00 Welcome to Keys and Credit

4:15 Transfer on Death Deeds Explained

7:12 Living Wills vs. Real Property Transfer

10:55 How to Avoid Probate Completely

14:27 Joint Tenants vs Tenants in Common

18:00 Estate Planning with Minor Children

20:12 Real-World Horror Stories

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Real estate open houses have earned a questionable reputation in recent years, with many wondering if they're just an outdated tradition or actually worth the effort. Bill and Barb tackle this question head-on, revealing how open houses serve as crucial market feedback mechanisms that can save sellers months of frustration.

"When people walk into the house, I can hear straight from the market – the market is the people," Bill explains, describing his "instant open" strategy that gives sellers immediate feedback on pricing, presentation, and positioning. Rather than waiting weeks to adjust course, this approach allows for nimble responses to market reactions within days of listing.

The duo doesn't shy away from industry criticisms either, particularly the practice of agent substitution at open houses. When sellers hire a specific agent only to have a different team member host their open house, it creates a knowledge gap that can cost real opportunities. As Bill bluntly puts it, "That's one of the shittiest things an agent or team can do." They offer practical advice on what questions to ask when interviewing listing agents to avoid this common pitfall.

Beyond traditional open houses, we explore the power of broker opens – targeted events that multiply a property's exposure exponentially by showcasing it to agents representing numerous potential buyers. This insider strategy can effectively market your home to hundreds of buyers through a single well-executed event.

For buyers, open houses offer advantages too: immediate access to financing information (especially when lenders like Barb attend), opportunities to view properties without scheduling formal appointments, and a pressure-free environment to envision themselves in the space. The hosts share how these events often serve as the first battlefield in negotiations, with casual conversations revealing motivations and preferences that become powerful leverage later.

Whether you're a first-time home seller, an experienced investor, or simply curious about real estate dynamics, this episode offers valuable insights that challenge conventional wisdom about open houses. Subscribe to Keys and Credit for more straight-talking, no-fluff conversations about navigating today's complex real estate and mortgage landscape.

0:00 Welcome to Keys and Credit

0:24 Are Open Houses Overrated?

3:14 The Truth About Agent Substitutions

8:42 Broker Opens: The Hidden Strategy

16:29 Navigating Low Ball Offers

21:20 Multiple Offers and Pricing Strategy

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Struggling to get a mortgage while self-employed? You're not alone. The traditional mortgage process often leaves freelancers, contractors, and business owners feeling like homeownership is out of reach. But there's good news – alternative documentation options exist specifically for you.

In this eye-opening episode, we break down how self-employed borrowers can qualify for mortgages using bank statements instead of tax returns. Forget about the frustration of having your income dismissed because you've maximized write-offs. Learn how lenders can analyze 12 or 24 months of deposits to calculate your true income potential, accommodating seasonal fluctuations and business expenses without penalizing your homebuying dreams.

We explain the powerful but little-known portfolio loan programs that look at what you actually make rather than what your tax returns show. For 1099 contractors, discover how your income can be calculated with just a 10% reduction for expenses rather than the substantial write-offs that might appear on your returns. The best part? Once approved and funded, these mortgages function exactly like conventional loans – the alternative documentation is simply a smarter path to approval.

Most borrowers don't realize these options exist because many traditional lenders don't offer them or lack the expertise to properly implement them. Working with the right mortgage professional who understands self-employment can make all the difference between rejection and approval. Whether you've been self-employed for decades or just a few years, don't let conventional wisdom stop you from exploring unconventional solutions to homeownership.

Ready to move forward with your homebuying journey? Share this episode with other self-employed friends who might benefit, and leave us a review to help more entrepreneurs discover these game-changing mortgage strategies.

0:00 Welcome to Keys and Credit

0:23 Self-Employed Lending Options Explained

1:46 Bank Statements vs. Tax Returns

3:21 1099 Income Documentation Alternatives

5:54 Portfolio Programs for Contractors

8:00 Episode Wrap-Up

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Ever wonder what separates elite real estate professionals from those who just collect commissions? The difference becomes crystal clear when deals hit turbulence—and in this revealing episode, Barb and Bill pull back the curtain on recent transactions that would have fallen apart without their expertise and determination.

We dive into "Barb for the win" moments, including a near-disaster closing saved with just 24 hours to spare when insurance needed last-minute adjustments. Most lenders would have delayed closing by a week or more, but not Barb. You'll hear how her experience and relationships made the impossible happen, keeping buyers in their dream home and sellers on schedule.

The manufactured home negotiation story will have you shaking your head—a listing agent who didn't understand the property type ended up costing his sellers nearly $30,000 in required improvements after contract acceptance. Without Bill's strategic negotiation skills and Barb's specialized lending knowledge, this transaction would have collapsed entirely.

Perhaps most eye-opening are the stories about agents and lenders who actively discourage qualified buyers. We share multiple examples of clients told they "weren't ready" by other professionals, only to successfully close on homes within weeks of working with us. Sometimes these discouraging voices even come from family members with hidden agendas!

Whether you're buying, selling, or just real estate curious, this episode provides invaluable guidance on selecting trustworthy professionals. Learn how to spot "hack agents," verify credentials, test responsiveness, and ultimately find representatives who'll fight for your interests rather than taking the path of least resistance.

Ready to stop getting standard real estate advice and start hearing the unfiltered truth? Listen now, and discover why our 100% close rate isn't just talk—it's the result of putting clients first, even when the path gets challenging.