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Mortgage Research Center — NMLS #1907
Equal Opportunity Lender
I would be remiss if I failed to thank you for all you did to help me get into my new home here in Utah. Just being able to say 'MY NEW HOME' is quite remarkable, even unbelievable, considering the fact that I had a bankruptcy and a home foreclosure in 2004. I cannot thank you and VA Mortgage Center enough.
As you know, I had been working with a large and reputable mortgage company here in Utah. I was assured time and again, during the pre-qualification process, that I would not have a problem getting a home loan, even with these past credit issues. And, consider this, the 2004 home foreclosure was purchased using my VA loan benefits. I knew my loan process would be arduous, and not run-of-the-mill as one might expect of a person without past credit issues, but I was willing to do whatever it took to get this second chance to buy a home. I knew I would have to be diligent in providing any and all documents and be prepared to provide any information that was asked of me.
I began this process in mid June (2009) and in early August, I was approved for a FHA loan, provided I have $25,000 down and a 6.25 per cent interest rate. And, if I didn't have the $25,000, the broker told me that Utah had a program through the 'Utah Housing Authority' that would loan me the down payment, as a second mortgage, at 6.75 percent. Plus, I would have to have Private Mortgage Insurance with this program. All said and done, my home purchase of $236,000 would cost me nearly $1800 per month, including the 'second mortgage' payment! Needless to say, that approval was not the approval I was looking for. That payment was ridiculous.
With all of that, my wife and I began looking at VA loan programs on the internet that might be available to us. That's where we came across VA Mortgage Center. I remember our first phone call, and after I told you about my hopes of buying a home and explaining the problems I was having finding a loan, even explaining my VA foreclosure, you told me you could help with a VA program called 2d tier funding. It was a program that was available to a veteran who had experienced similar situations like mine, namely the foreclosure. You know the rest of the story from there, Neal. It was not a complicated process, and you helped me every step of the way with my documentations and other information you needed from me. And, in the end, I got the loan through VA Mortgage Center, for the entire purchase price with no down payment and a 5.5 percent rate, and best of all, an all inclusive payment about $400 less than I was quoted by the Utah mortgage company.
Even though we never met in person, I feel as though we knew each other as friends, and I still marvel that we conducted business via internet and long distant phone calls to close a quarter of a million dollar deal; signing all the closing documents at a local title company here in Utah.
In closing, my friend, there is a lot that goes on in the buyer's life, a human side, that is filled with concerns and anxiousness with the hopes and dreams of being given a second chance to buy a home. And, you made that happen, just like you said it would that first day we talked.
Good luck to you my friend, and please pass on my sincere thanks to Steve Meyer, who worked so diligently in helping me with the condition docs and faxes.
Call us at 1-800-405-6682 if you have any questions or would like to speak with a VA mortgage specialist.
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