Alaska Housing Finance Corporation:: Care for its community

Nancy Hudson Square

Nancy Hudson, Senior Loan Officer at Cornerstone Home Lending, offers Alaska homebuyers the same insights and accessible advice she gives to her own family.

Nancy is the oldest loan officer in Juneau and has more than 42 years of experience in the changing lending landscape. She has seen and can handle many unique lending scenarios over the decades draw on a wealth of experiences when advise its customers.

“Most of the time I can honestly say: ‘I’ve seen that before,” Nancy said.

Working together for Alaskans

Nancy has turned to AHFC as a resource over the decades, working with help make homeownership possible for customers with unique financial scenarios or unique Alaska types of real estate. In particular, Nancy said she has turned to AHFC when underwriters scale back a loan because they don’t understand a borrower’s income.

“The industries in Alaska are just different. Fishermen, miners, travel nurses, people who work in tourism – the way they get paid may look different, but that doesn’t mean they can’t afford a house. If I think what the borrower is requesting is reasonable, but I get pushback, I call AHFC. Their attitude is ‘we’re here to support Alaskans’ and they understand Alaska in a way that foreign investors don’t.”

-Nancy Hudson, Senior Loan Officer, Cornerstone Home Lending Inc.

Putting the Golden Rule into practice

Regardless of each home buyer’s specific situation, Nancy’s premise remains consistent: treating every customer as they would like to be treated. For Nancy, this means taking into account each borrower’s financial situation and helping them avoid surprises – a lesson she learned as a young woman when completing the purchase of your own home.

Nancy bought her first home at the age of 19 and said she found the process extremely challenging. A lack of clarity and communication meant that by the time she sat down to close, she was shocked to see her costs had tripled.

“I was almost in tears at the closing table,” she said. “That experience made a lasting impression on me – from the start I knew I never wanted this to happen to any of my clients.”

Nancy learns from her own history and is upfront with borrowers about all possible financial scenarios that could arise before the loan closes takes the time to make sure they understand all the nuances of the closing process.

“Fortunately, I’ve never had to apologize to a home buyer for being blindsided,” she said.

Realistic advice

According to Nancy, demonstrating this type of care for the client’s well-being is something be a responsible loan officer it’s all about.

“You get people into debt. It’s a good thing to have debt, but it’s still debt. As a loan officer, you need to be caring. Sometimes I say to clients, “I don’t want you to think I’m your mother, but I would like to talk to you the way I would talk to my sons.” They appreciate it.”

-Nancy Hudson, Senior Loan Officer, Cornerstone Home Lending Inc.

From the beginning, Nancy advises all its clients to think about what their lives will be like later and to create a comprehensive, brutally honest budget before you even think about houses – something she says AHFC’s free HomeChoice™ course can help with.

Are same advice and same exercise she gave it to her son before agreeing to help him buy his own house.

“The customer might still be able to buy that more expensive house,” she said. “But I know they thought about it and did it a realistic picture of their financial situation. That makes me feel good, knowing that they are doing well.”

Contributing to her community

After For more than forty years, they have been working to help Alaskans achieve their goal of homeownershipNancy said she has befriended many of her clients, watched their children grow up and even made three or four loans to the same homebuyers over the years. Years after helping first-time homebuyers find a home, Nancy still receives Christmas cards from some families.

The reward of contribute to her community and see its customers succeed and take root has kept Nancy in the industry.

“I love what I do. I’ve retired twice and always decide to get back into home loans. You help make a dream come true for someone who helps them provide safety to their children. It makes me feel good.”

Alaska Housing does not endorse lenders or real estate licensees, but we like to emphasize individual relationships. Thank you to Nancy Hudson (NMLS #861429) of Cornerstone Home Lending Inc. (NMLS #2258) for participating in this blog post.