A lender’s rejection letter feels final until you realize it usually just means the wrong loan program, not the wrong buyer.
That is the message running through my latest conversation on The Falls Home Front with Gaby Lockhart of Barrett Financial Group, a senior residential mortgage loan originator and branch manager who has spent years turning frustrating no’s into approved loans for Wichita Falls buyers.
We talked through VA loans, DSCR financing, self-employed mortgage loans, and the questions every buyer should ask before signing anything.
Curious about this conversation? Here is a quick preview before you dive in:
The Closing Table Mistake That Shaped How Gaby Lends Today
I wanted Gaby on the show because I get to watch her solve mortgage puzzles every day, and I thought it was time to bring that experience to you directly. Gaby is a senior residential mortgage loan originator and branch manager with Barrett Financial Group here in Wichita Falls, and she has built her entire approach around one bad experience from years ago.
When we bought our first house, the loan officer barely communicated with us. Gaby found out at the actual closing table that she could not sign any documents and would not be on the loan. Nobody had warned her. She still remembers sitting there, stunned, while I tried to reassure her that we would fix it.
That moment became the reason she got licensed in the first place. She promised herself that no client of hers would ever feel blindsided at a closing table, and she has built her entire process around communicating every detail ahead of time, from closing costs to timelines.
If you want a broader look at how financing decisions play into buying in this market, my guide to buying a home in Wichita Falls is a good place to start before you dive into the loan side of things.
Watch the full episode here:
What Military Families Should Know Before Buying at Sheppard AFB
Wichita Falls is home to Sheppard Air Force Base, so mortgage financing for military families comes up constantly on this show. One myth Gaby hears all the time is that using a VA loan once means you cannot use it again.
That is not true.
Veterans can use VA financing multiple times, and if you sold a prior VA-financed home, you can typically restore your full eligibility and start fresh. The current loan limit for Texas sits at 832,000 dollars, and Gaby’s team can pull your certificate of eligibility and calculate everything before you make an offer.
You can confirm the current rules directly on the official VA home loan eligibility page, which walks through certificate requests and entitlement restoration in detail.
Gaby also knows this firsthand. When I deployed to Saudi Arabia during our second home purchase, she had to sign every document herself using power of attorney, and she has said it took her a long time to fully understand what she was signing.
That experience shapes how she now walks military clients through every form before they ever touch a pen. Beyond the paperwork, she has pointed out that Wichita Falls makes the adjustment easier for families with no prior connection to the area. It is a small enough city that you can call someone directly and get a problem solved, and local touchpoints like the butterfly gardens or the Hotter’N Hell Hundred help newly arrived families feel oriented instead of lost.
If a broader military relocation mortgage Wichita Falls checklist would help before your move, Military OneSource’s PCS and moving resources cover everything from scheduling your shipment to finding support at your next base.
Why No From One Lender Just Means Next Opportunity
The heart of Gaby’s philosophy is simple. She refuses to accept a single lender’s decision as the final word, and she treats every rejection as a prompt to look harder, not to give up.
“I specialize in making unique situations into a beautiful loan into a house that the buyer can buy. I just really enjoy doing that. And if one person says to me no, that means for me next opportunity, not no; it’s next opportunity. And so I’m going to call the next lender and say, okay, I’ve got this scenario, what can you do for me? And I have a personal relationship with my account executives; I actually fly to Phoenix just to meet more account executives, just to get a good feeling on it, because if you can trust your account executive, then you know that you’re in good hands, and that’s really important too. Because every lender we call they have a different appetite. Some of the lenders may like a lower credit score, or give better interest rates or opportunities for the buyer with certain credit and interest scenarios. And then you have some who don’t mind if it’s not a perfect loan; they have no problem with it either, and we may just need one or two conditions on it.”
That mindset matters for anyone I work with as a real estate agent too. When a buyer gets turned down, my first question is always whether they talked to one lender or several. If you are exploring a VA loan Wichita Falls buyers rely on, Gaby’s VA loan program page breaks down eligibility requirements and next steps, and her page on the fourteen advantages of a VA home loan is worth a read if you are still weighing whether VA financing fits your situation.
How Self-Employed Buyers Can Actually Qualify for a Mortgage
Traditional underwriting can be brutal for entrepreneurs, mostly because it leans so heavily on tax returns. Gaby explained that when a business owner writes off expenses to save money, which is exactly what a smart business owner should do, that same write-off can shrink the income a lender sees on paper. She has learned exactly which liabilities can legitimately be removed from a file when they are paid through a business account, and she works directly with underwriters to make that case.
When tax returns alone will not tell the full story, Gaby’s team can pivot to bank statement loans, profit and loss statement programs, or stated income options that other lenders simply do not offer. A bank statement loan typically uses twelve months of deposits to calculate qualifying income, carries a slightly higher rate, but skips mortgage insurance entirely.
For a closer look at how underwriters actually evaluate self-employed income, the Fannie Mae Selling Guide on underwriting self-employed borrowers explains the documentation standards most lenders follow. If you have run into denials before, Gaby’s page on common mortgage mistakes that affect approval is worth reviewing before you apply again.
The DSCR Math Every Wichita Falls Investor Should Run First
For investors building a rental portfolio, Gaby leans on a DSCR loan for real estate investors to qualify a property based on the rent it generates rather than the borrower’s personal income.
Here is how she explained the concept and why timing matters so much with this loan type.
“The rental income coming in for that house, you’re going to do an easy math, and I like easy math. So basically, if you’re receiving rent of 1,250 a month, and your principal, interest, taxes, and insurance are 1,000 dollars, then you have a DSCR ratio of 1.25. That’s an easy way to calculate it. If you want a calculator, you can contact me, and we’ll get you one, and you can see if this is a good deal or not. One big tip I’m going to give you right now, if you’re planning on buying a house and keeping it as a rental, and you want to do a DSCR loan, talk to me ahead of time, because there are certain things we need to pay attention to, the loan amount, the area, because if you want to buy a rural property, we have to find a lender that likes rural neighborhoods. So DSCR is a little bit difficult, not really; you just have to do the job ahead of time and make it easier in the long run.”
Gaby also cautioned against a few common investor mistakes. One is accidentally converting a duplex into a fourplex without realizing it changes financing eligibility. Another is leaning on a no-ratio loan with a rate so high the property never actually cash flows. She always recommends running the numbers, including an insurance estimate, before writing an offer.
You can request a DSCR estimate through her online calculator before you make an offer on a rental. For a deeper technical breakdown of how lenders calculate this ratio, the JPMorgan overview of debt service coverage ratio in real estate is a solid reference.
And if you are weighing whether to keep a current home as a rental instead of selling it during a move, I wrote about whether military families should rent out a property instead of selling it during a move. Worth a look if you’re facing that same decision.
The Question I Now Ask Every Buyer After Talking to Gaby
After this conversation, I walked away with one habit I now recommend to every buyer I work with. Ask more questions than feels comfortable, and never settle for the first answer.
“Ask a lot of questions to the loan officer. Ask them if they can really answer your question, or if they’re just going to say, well, this is the best option, and you go like, why is the other option not better? Ask the question: Do you not have any other options? Because when I started off, I was scared of conventional loans or self-employed, and I just didn’t want to do them. I was scared. Now I’m going like, let’s bring it on, let’s find a solution to it, because I’m confident that I can help you with what I can do. And if I don’t find an answer, I will let you know, or I’ll find out what we can do in a month or two. But yes, ask a lot of questions and don’t hesitate to ask those questions. And if the loan officer says, well, I don’t want to answer your question, or I don’t have any answers, and I cannot get you any, that means you need to find another one. That’s my personal advice. Don’t just go with one scenario; ask for multiple scenarios and challenge it, because you’re making a huge investment that you’re going to pay for a while.”
That advice applies just as much to timing as it does to loan programs. Rates and inventory shift constantly, and waiting for a perfect moment can cost more than it saves. I explored that idea further in my conversation with Stephen Barton of Core Community Mortgage on why waiting costs you more than failing, which pairs well with everything Gaby shared here.
If you want to reach Gaby directly, her website and LinkedIn profile are the fastest ways to start a conversation about your own financing scenario. You can also follow me on Instagram or connect with me on LinkedIn for more conversations like this one.
Curious about the rest of my conversation with Gaby Lockhart of Barrett Financial Group? Listen to the full episode and hear her break down VA loans, DSCR financing, and how to get from “no” to “yes.”
Listen Here
FAQ Section
Can veterans use a VA loan more than once?
Yes. Veterans can use VA financing multiple times, restore eligibility after selling a previous VA-financed property, and even keep an existing VA loan home as a rental while buying again, up to the Texas VA loan limit of 832,000 dollars.
What is the difference between a bank statement loan and a conventional mortgage?
A bank statement loan uses twelve months of bank statements instead of tax returns to calculate qualifying income, which typically helps self-employed borrowers. Rates run slightly higher, but there is no mortgage insurance required.
How does a DSCR loan work for real estate investors?
DSCR loans qualify a property based on its rental income relative to its mortgage payment, including principal, interest, taxes, and insurance, rather than the borrower’s personal income. This makes it a useful tool for investors scaling a rental portfolio.
Can self-employed buyers still qualify for a mortgage?
Yes. Programs like bank statement loans, profit and loss statement loans, and stated income loans exist specifically because traditional tax return underwriting often undercounts what a business owner can actually afford.
Who is Tim Lockhart, and what makes him qualified to help?
I am a retired U.S. Air Force Major and Certified Military Relocation Professional, and I closed out my Air Force career as Director of Operations for the 366th Training Squadron at Sheppard AFB. Since 2012, I have helped more than 300 families buy and sell homes throughout Wichita Falls, including many service members PCSing in or out of Sheppard AFB, using VA loans, BAH aware budgeting, and remote friendly tools built for tight relocation timelines. See how I help military families relocate to Wichita Falls.
Apply as a Guest on The Falls Home Front Podcast
Wichita Falls is full of people building real businesses and real lives here, and I want to hear their stories. If you are a real estate professional, lender, builder, or investor solving real problems for buyers and sellers in North Texas, I would love to have you on the show.
Disclaimer: This podcast is for informational and entertainment purposes only. Tim Lockhart is a licensed REALTOR® in Texas, and the mortgage and financing insights shared by his guest do not constitute financial or lending advice. Listeners should consult a licensed mortgage professional or financial advisor about their specific situation.
- How Gaby Lockhart of Barrett Financial Group Turns a Lender’s No Into a Yes for Wichita Falls Buyers - September 3, 2026
- Should Military Families Hold Real Estate as an Investment Instead of Selling It? - August 27, 2026
- What Ian McMurtrie and Rita Beemen of Raconteur Press Taught Me About Owning Your Own Story - August 26, 2026
- Is a VA Loan Really Weaker Than a Conventional Offer for Wichita Falls Sellers? - August 24, 2026
- What Do July 2026’s Wichita Falls Housing Numbers Mean for Home Sellers Near Sheppard AFB? - August 20, 2026
- Stephen Barton of Core Community Mortgage on Why Waiting Costs You More Than Failing - August 19, 2026
- What Happens If You Price Your Home Too High Before a PCS Move From Sheppard AFB? - August 17, 2026
- John Culbertson Reveals What Every Texas Homeowner Facing Foreclosure Should Know - August 10, 2026
- Selling an Inherited Home in Wichita Falls? Here’s What You Need to Know - August 7, 2026
- Can I Sell My Wichita Falls Home Remotely After I Leave for PCS? - August 4, 2026