ALIANT MORTGAGE CORP

My wife and I were buying a home. We came across what appeared to be a good buy - catch it needed repairs. Seller stated in his ad that repairs would be performed. As a result of the government induced mortgage crisis (Barney Frank and the House adopted policy (Freddie Mac/Fannie Mae, etc) that allowed largely unqualified applicants to borrow money that they did not have the means to repay), FHA, HUD and USDA will not lend money on a home that does not meet their standards. For example - a home with roof and shingle damage needing $250 in repairs does NOT qualify for any (except 1) federally backed loan. The one program that will allow it is not offered by but a very few institutions, has numerous stringent requirements and takes nominally 120-160 day to close. Most private banks - after being bailed out by the Taxpayers - do not write any loan that does not conform to federal standards. There used to be a loan product called a 5/1 construction arm. I knew for the particular home we were looking at - I would need something similar. I researched the loan market and brokers. In speaking with a Mortgage broker in Florida (about a home purchase in Birmingham), he told me to call Aliant Bank and ask for Randy. I called, explained what I was trying to do and asked for Randy. Within 15 minutes I had a return call. Randy indicated that he could do the 5-1 ARM construction package if that was the route I wanted to go. Over the course of time we changed homes, and decided on a new build, took a conventional non-government backed loan with 5% down, prepaid PMI, 30 year term 3.5% rate. At the closing table - the lawyer started out - Before we start, I want everyone here to understand the relationships - I represent the transaction and am duty bound to perform it per Alabama law, I working for that man at the other end of the table - Randy and Aliant Bank. Any disagreement not covered by the law - Randy calls the shot - is everyone clear. There were a few disagreements. The lawyer just motioned to stop - looked down at the end of the table - Randy smiling would not say a word - simply nod up and down or from side to side. Randy is a Top Notch Mortgage Broker. Aliant Bank is a ank to deal with.