MY BEST DEAL
First & Last: Helping A Barber Get Into & Stay In His Home |
Name: Jeff VanNote
Job Title: Loan officer
How much was your best deal for? $450,000 for a two-family house in The Bronx, New York, near Fordham University. That’s where I played college football before getting cut my senior year as a redshirt! It made me refocus on my career seeing as the NFL was no longer an option.
What made it your best deal? It was one of the first deals I ever did at the age 21 back in 2008. I spent three months trying to get the borrower, his wife and his brother to qualify. I still remember the brothers’ names: Juan and Gumercindo Cabral.
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Business: Deposit That
Another nice part of this deal is they contacted me again in 2010 because there was a foreclosure on their mortgage. It was one of the first loans I had with missed mortgage payments but I was able to help them avoid foreclosure.
What else? It was the last deal to fund with the down payment assistance program in New York State in 2008 before the program ended for some time. It was literally the last day at the last hour.
This was back when everybody was getting pre-approved for mortgages. But when they went to the bank they were turned down, in spite of being pre-approved, for various reasons. They spoke broken English and Juan was a barber. I got to the closing and the borrower had $15,000 in cash in a brown paper bag for his down payment and closing costs aka funds to close.
WIN a $100 Amazon gift card
Have a great story about your best deal? We’re not talking about your biggest deal. We want to hear about your best deal – the one that resonates with you personally, the one that became the story you’ve told again and again about why you’re in this business. Head over to bit.ly/MyBestDeal and tell us the details. You can win a $100 Amazon gift card if your story is selected for publication.
NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |
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