Loan Originator Arlene Pryce: Why the Biggest Barrier to Homeownership Isn't Money
Most people who never buy a home aren't stopped by their credit score or their down payment. They're stopped by not knowing where to start, what a mortgage actually requires, or that property taxes can climb the moment they close.
I recently had the pleasure of speaking with loan originator Arlene Pryce on my podcast, where she shared exactly how she closes that education gap for first-generation buyers and self-employed borrowers who don't fit the traditional lending mold.
Here’s a preview of that episode:
The Real Reason First-Time Buyers Get Stuck
Arlene has spent more than three decades in the mortgage industry, and she's been recognized as a top-ten performer in her region. But what stood out most in our conversation wasn't her production numbers. It was how consistently she runs into the same wall with new clients: they simply don't know what they don't know.
Watch the full episode here:
She told me that in her community work, she regularly meets people who have no idea homeownership is even within reach. Not because the numbers don't work, but because nobody ever walked them through the process in language they could actually use.
That gap shows up in specific ways. Buyers don't realize their property taxes can rise after closing. They don't understand what "loan-to-value" means, so Arlene simply stops using the term and says it plainly instead. They don't know their homeowners insurance can climb, too, especially after filing a claim.
Arlene builds trust before she ever gets to the numbers. She's open with clients about growing up on the west side of Chicago and being the first person in her family to buy a home. That shared starting point does more for a nervous buyer than any rate sheet ever could.
Here's how she put it when I asked what's kept her passionate about this work after thirty years:
"What's keeping me passionate about it is the fact that I know every day I meet someone who has no idea that they could actually own a home. Or they don't understand the process of owning a home... So there's a lack of education. There's no knowledge. They don't understand the process. They don't understand what's required."
That quote reframes something a lot of us in this industry take for granted. We move through first-time homebuyers' conversations every week. For the person sitting across from us, it's often the single biggest financial decision of their life, and they're making it without a map.
Why Renting Doesn't Actually Save You Money
One of the most interesting parts of our conversation was how Arlene talks buyers out of the idea that renting is somehow the "safe" choice. Her argument isn't about pressure. It's about where the money is already going.
"If you look at how much you're paying for rent, if you take that same rent money and invest it in buying a home, you could build equity; property appreciates about five percent a year... If you can rent, then you can own. Because you're paying somebody's rent. You're just not paying your own; you're paying somebody's mortgage. It's not your own. So pay your own mortgage."
If a renter is already carrying a monthly housing payment, Arlene's point is that they've already proven they can handle a mortgage. The question isn't whether they can afford to own. It's whether they've been shown how.
How Creative Financing Opens Doors for Self-Employed Buyers
This is where the conversation got especially practical for me, because so many of the clients I work with are self-employed, and lending has historically been slow to catch up to that reality.
Arlene walked me through a new FHA program that’s built specifically for self-employed borrowers. It only requires two years of profit and loss statements, plus a year-to-date profit and loss, and it allows buyers to purchase a primary residence with just three and a half percent down.
For buyers looking at investment properties instead, she described a separate path: twenty percent down, no tax returns, no pay stubs, no W-2s. The requirements are a minimum 680 credit score and proof of funds for the down payment and closing costs.
This is exactly the kind of creative financing conversation that used to happen far too late in the process, if it happened at all. Arlene's approach is to put it on the table early, so self-employed borrowers don't assume they're locked out before they've even applied.
Why Working with a Mortgage Broker Changes What's Possible
Arlene has spent the last seventeen to eighteen years on the broker side of the industry rather than at a direct lender, and she was direct about why. Her brokerage works with more than 300 lenders, which means far more flexibility than a single bank's guidelines allow.
Direct lenders tend to put buyers in a box. If a client doesn't fit the standard profile, there often isn't a second option in-house. A mortgage broker with hundreds of lending partners can look for the program that actually fits the buyer instead of asking the buyer to fit the program.
That flexibility matters most when it comes to down payment assistance. Arlene was candid that not every program is a net benefit. Some cost buyers more over time depending on forgiveness terms and how long they plan to stay in the home. For anyone weighing options like this, it's worth getting a second, independent look at real estate guidance before committing to any single program.
What Changed for Me After This Conversation
We met at the 78th NAREB National Convention in Las Vegas, an organization built around the idea of democracy in housing. I asked Arlene directly what that phrase means to her, and her answer has stuck with me since.
"Having a fair opportunity to own a home like everyone else, home ownership, fair credit, building wealth, just having that same privilege and opportunity like everyone else, especially when housing is concerned. Not being discriminated against because of your race or color or creed."
That's not a slogan. That's the daily work of loan originator Arlene Pryce, one client and one conversation at a time. It's also the standard I try to hold myself to at Brown & Company Advisors, where over-explaining the process beats under-explaining it every time.
Want to hear my full conversation with Arlene to better understand why the biggest barrier to homeownership isn’t money?
Frequently Asked Questions
What credit score do I need to qualify for a home loan as a self-employed borrower?
Programs can go as low as a 580 credit score for a primary residence, with more competitive terms available above 680 for investment properties.
Will my property taxes change after I buy a home?
Yes. Taxes and homeowners insurance can rise after closing, particularly in markets like Chicago, so it's worth budgeting with that in mind rather than assuming today's tax bill is permanent.
Is a down payment assistance program always the best option?
Not necessarily. Some down payment assistance programs can cost more long-term depending on forgiveness terms, so it's worth weighing short-term relief against long-term cost before choosing one.
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Real estate is evolving. Financing is getting more creative, and the buyers walking through the door today don't look like the buyers of ten years ago. If you're actively working in the industry, whether in lending, brokerage, construction, or development, and you have insights that could genuinely help someone get closer to homeownership, I'd love to hear from you!
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