Patience pays for Veterans after short-selling townhouse
Florida-based veterans acquire a VA Loan for a new home with the help of Lake Oswego-based mortgage lender Dick Maurer.
“After short-selling a home, it can be difficult for buyers to qualify for another mortgage, as lenders often require them to wait from one to five years before they can qualify. Veterans from the Vietnam era and more recent wars, National Guardsmen and Reservists can qualify without lengthy waiting periods with help from Dick Maurer of ENG Lending.”
By Phil Favorite, Contributing Writer
Having nearly completed her service as a staff sergeant in the U.S. Air Force, 32-year-old Laura Stevens has had her patience tested plenty of times along the way.
But Stevens’ patience proved priceless when she went shopping for a home mortgage after she and her husband, Robert Stevens, were forced to short-sell the Florida townhouse where they lived with their two small children.
Upon returning from active duty in the Middle East, Robert Stevens — a former bomb technician in the U.S. Army — was suffering from post-traumatic stress disorder, which made it difficult for him to hold a steady job and impossible for the couple to make the monthly payments on their townhouse.
“When my husband got out of the service, he wasn’t able to adapt well to civilian life,” Laura Stevens said. “He had to have therapy and couldn’t work, and after about a year we ate through our savings.”
Still, the Stevens’ had a few good things going for them. Their credit rating remained strong despite the short sale, and with their military service they earned benefits through U.S. Department of Veterans Affairs, which made them eligible to receive a VA Loan for their next home purchase.
But in talking to different mortgage companies about acquiring a new loan, Laura Stevens found it almost impossible to find someone willing to work with her. Repeatedly, she was told she would have to wait one to five years after the short sale to acquire a VA loan.
Undeterred, she scoured the Internet for answers and came across the name of Dick Maurer, a Lake Oswego-based mortgage lender who specializes in VA Loans.
“I was Googling a discussion thread on the topic and just came across his name,” Laura Stevens said. “I was a little bit leery at first, but I called to check it out.”
Maurer explained to Stevens that, despite what she had been told by other brokers, his company has no waiting period after a short sale for a loan through the VA. But Maurer emphasized the importance of patience while going through the approval process.
“He was very thorough,” Stevens said. “He told me it was going to be a long process, and he was very meticulous. He didn’t want to give us false hope at the start.”
“I always prefer a slow yes to a fast no,” Maurer said. “I told them they really needed to understand what caused the short sale, and that it be adequately explained and well documented.”
Maurer’s thorough know-ledge of the VA Loan handbook proved priceless as he carefully guided the couple through the approval process.
“VA Loans get a bad rap, but they are no more difficult than any other loan,” he said. “But they are different. And if you don’t speak VA, it’s easy to get lost in the weeds. It’s always easier to stay on track than to have to find your way back.”
With Maurer leading the way, the couple was approved for a home loan through the VA and bought a new two-level, four-bedroom, three-bath home just five months after short-selling their townhouse. The quarter-acre property even has a pool, and, according to Laura Stevens, was priced lower than the couple’s townhouse.
“She is really a top-notch person,” Maurer said. “She was always responsive, very open, very honest, understanding and not demanding. Patient but persistent, and that’s what it takes.”
CONTACT DICK MAURER, ENG LENDING
ADDRESS: 5000 Meadows Rd., Suite 410, Lake Oswego, OR 97035
PHONE: 503-439-1922; 503-267-7669 (cell)
ENG Lending is a division of Bank of England, NMLS #418481. Member FDIC. Equal Housing Lender.
By Phil Favorite, Contributing Writer