The Legend of Toby Williams - Featured in the Chicago Sun-TimesOn May 6th, 2010, our intern Toby Williams was featured on the front page of the Chicago Sun-Times. Despite having cerebral palsy, Toby accepted his master’s degree in communications, media and theater from Northeastern Illinois University. He has work alongside Daniel Chookaszian frequently over the past two years aiding him providing Veteran’s Administration (VA) loans. His story is truly inspiring and legendary. May 6, 2010 – Originally Published in the Chicago Sun-Times | Written by: Kara Spak (Staff Writer)
Toby Williams knows what people think when they see him in his wheelchair, hear his slow speech, notice how his eyes don’t move together. “It’s there, it’s always there, it will continue to be there,” he said of assumptions that he is less capable because he has cerebral palsy. “I expect it.” But he doesn’t accept it. “I enjoy proving people wrong,” he said. On Saturday, the 30-year-old Englewood man once again will prove himself when he accepts a master’s degree in communications, media and theater from Northeastern Illinois University. He has been enrolled as a student there for 13 years. “I enjoyed meeting the challenge,” he said. “It might take me a couple of years, but eventually I’ll beat the challenge.” Cerebral palsy is a neurological disorder that manifests in infancy or early childhood. His brain is unable to control his muscles. For his first 20 years, he went to therapy — physical, speech, occupational — for hours after school. He underwent three surgeries. In 1997, as a senior at Spaulding School, a Chicago Public School for students with disabilities, he was recruited to Northeastern as part of a grant program to help disabled students move to college-level classes. He started there weeks after high school graduation. “He liked it, and in the fall he came back for the term,” said Victoria Amey-Flippin, director of Northeastern’s accessibility center. He returned semester after semester. For 13 years, Williams has been a campus legend, eating in the cafeteria, working as a graduate assistant for Amey-Flippin and studying for a bachelor’s degree, which he received in 2004, and now his master’s degree. His typical day starts when a wheelchair-accessible van takes him about 20 miles to campus from his South Side home, dropping him off at 9 a.m. He often stays on campus until 8 p.m. He can’t control his hands enough to take notes, so he records classes on a tape recorder. He types 30-page papers with his index fingers. His other fingers “don’t work right,” he said. He receives extra time for tests, which he takes in the accessibility center where he works. He answers the same questions as the other students, but an employee types the answers for him. Though he gets extra time for the tests, he must complete classes in the same time frame as other students, so he often didn’t take a full course load during a semester. “He has a tremendous memory,” said Cody Sweet, who taught Williams voice and diction courses in 2003 and 2004. “He has to take all the verbiage into his brain and he has to organize it, put it in little pigeonholes in his brain.” Thanks to an outgoing personality and his long tenure at the school, he’s known by students and faculty throughout the Northwest Side campus. While he said he’s ready to move on, those who are used to seeing him day after day are not quite as sure. “I find myself getting a little choked up,” Amey-Flippin said. “It really did seem strange to go through the cafeteria and not see him up in the front.” Williams gradually has been spending less time on campus because of an internship at American Street Mortgage Co., where he works with a former classmate who specializes in mortgage loans for veterans. He is hoping to eventually obtain a state mortgage broker’s license. “It’s time to start working and make some money,” he said. He knows that even with a master’s degree, he is entering the job market in a shaky economy. He remains undeterred. “My mom always told me there will always be people who don’t think you can do it,” he said. “Don’t listen to them. Focus on what you’re trying to do, keep praying to God and focus. Eventually you’ll get there.”
American Street Mortgage Featured on CBS 2 Evening News November 13th, 2009 - American Street Mortgage Company and the Mortgage Planners at American Street were interviewed by Vince Gerasole of CBS2 News. The segment titled "Amid Housing Crisis, 'Refi' Rates are Desirable" was aired on November 13th, 2009 on CBS Evening News and featured Daniel Chookaszian and other mortgage planners at American Street Mortgage Company.
Click Here to Read the Article Click Here to View the Video Segment
Daniel Chookaszian, Referenced in Chicago Sun-Times Article Daniel Chookaszian, Vice President of Veteran Lending, was referenced in an article in the Chicago Sun Times titled "Hope for those trying to buy, keep a house " The article was written by Terry Savage, a registered investment adviser.
Click Here to Read the Article
Winnie Uluocha featured in Chicago Tribune Article
Daniel Chookaszian, Interviewed on Moody Radio Daniel Chookaszian, Vice President of Veteran Lending, was interviewed on Moody Radio on Jan. 29th, 2009 to answer commonly held questions regarding VA Loans. Click Below to hear the entire interview. "It was an honor and a privilege to educate our nation's veterans and their families over the air regarding the wonderful financing opportunities they have available to them in this market. Admittedly, it was a little intimidating facing the microphone knowing so many throughout the nation would be listening, but I thought to myself, "The veterans I am speaking to faced their fears when they joined the service on our behalf, and now it's my turn to face my fears on theirs."
Bernard Ockrim Featured on NBC Our very own, Bernie Ockrim, Vice President of Senior Lending was featured on Channel 5 (WMAQ) NBC on December 9th, 2008 to answer commonly held questions regarding Reverse Mortgages for Senior homeowners.
Scotsman Guide, August 2008, VOL. 15, ISS 8
Branch Out with VA Loans
By Daniel ChookaszianIn a market where qualified borrowers are becoming rare, many mortgage professionals are beginning to realize the potential of loans guaranteed by the U.S. Department of Veterans Affairs(VA).
According to VA data, there are 23.8 million U.S. veterans. Less than 10 percent of them - 2.1 million - have VA loans. With the ongoing military presence in Afghanistan and Iraq, more veterans will return home and will likely want to buy homes.
This presents a great opportunity for mortgage brokers who can offer this product to veterans. Brokers who wish to do so must first understand how these loans work, how veterans qualify and where they can find prospects. To view the article in its entirety, please CLICK HERE.
Chicago Agent Magazine, 6.30.08, VOL. 5, ISS 13
Second Homes By the Numbers
By Steve Bote If homeownership is the pinnacle of the American Dream, then second homeownership is the Mt. Pinatubo of real estate investment. The real beauty of a second-home purchase, aside from the obvious tax write-offs, is in the details of your borrower's financing options. Lower than investment property interest rates, less stringent down payment requirements and stated income availability are the three biggest advantages that a second home has working in its favor over a rental property. To view the article in its entirety, please CLICK HERE.
Chicago Agent Magazine, 6.16.08, VOL. 5, ISS 8
Aging in Place- Reverse Mortgages can help clients stay at home
By Bernie OckrimIn the recent past, when older people had difficulty living on their own it was a signal that it was time to move in with family members or consider entering a nursing home. But today, for many people, this is no longer the case. Now, your more mature clients can continue to live on their own for years to come, even as they grow older and begin to need help with everyday tasks. This is often referred to as “aging in place.” Americans of all ages value their ability to live independently, but without a plan for aging in place, it can be hard for them to control the future. Reverse mortgages offer a sensible option that your senior clients can use to remain at home in a financially secure way. Why is this important? Traditional retirement income sources — IRA, pensions, 401K and social security — often aren’t sufficient to cover everyday living expenses and healthcare needs. You can imagine how many conversations are going on in American homes on how to best provide and care for aging parents or grandparents. The solution to many of these conversations can be found in accessing the equity in their homes, which is the basis of a reverse mortgage. The truth is that many seniors are “house rich but cash poor.” This is serious business. To view the article in its entirety, CLICK HERE
Chicago Agent Magazine, 4.21.08, VOL. 5, ISS 8
Working With First-Time Homebuyers
By Justin Lopatin As the spring and summer housing markets begin to heat up, many first-time homebuyers (FTHB) will enter into this attractive buyers’ market. However, with all of the negativity surrounding the mortgage world, such a buyer can easily lose confidence. Though the media has tried to make being a homeowner seem scary, we all know that this is an excellent time to buy; rates are low and the Illinois housing market has been relatively stable and resilient. With the correct education and tools, a good Realtor/mortgage planner combination has the power to diffuse negative perceptions. How many loan officers have you dealt with during the housing boom that could not distinguish between an LTV (loan to value ratio) and a DVD? As familiar conforming loan products begin to fade away, so will the opportunity to obtain financing for the FTHB, or any other conforming purchase deals for that matter. In order to survive and thrive with your FTHB, it is imperative that your mortgage planner is proficient with Down Payment Assistance (DPA) programs, Federal Housing Administration (FHA) underwriting guidelines and has access to credit improvement software (Credit Xpert). To view the article in its entirety, CLICK HERE
Northeastern Illinois University
INSIGHTS, May 2008, VOL. 10, No. 5
Alumni Spotlight - Dan ChookaszianDan Chookaszian (B.A. ’03 Business Management) has melded a strong spiritual life with the successful pursuit of business. As managing broker of American Street Mortgage Company, Chookaszian spends nearly 60 hours a week working to build his business. Yet despite his demanding work schedule, he still finds time every week to devote to his church services at a local nursing home and providing spiritual counseling for disabled veterans. Chookaszian’s life as an NEIU student followed a similar pattern. At NEIU Chookaszian studied hard and also found time to continue his ministry work. He chose Northeastern because he wanted to attend a university that would offer him a richness of diversity and an opportunity to merge his education with his already busy and fulfilling life of ministry. Chookaszian describes his NEIU experience as invaluable. “The classes I took at Northeastern shaped my thinking,” said Chookaszian. “I also had the good fortune to spend many hours outside of class getting to know my professors. It was very rewarding.” In addition to earning his bachelor’s degree at NEIU, he also completed a master’s of divinity from the Moody Bible Institute. Since then Chookaszian has been dedicated to building his business at American Street Mortgage Company, whose mission is to serve the public through hard work and loyalty, and to give back to the community through charitable contributions. “I’m grateful for all the gifts God has given me,” said Chookaszian. “And I believe that the more successful I become in business, the more time and resources I can devote to the ministry work of the church.” Chookaszian also continues to give back to Northeastern through mentoring opportunities. He has made a difference in one student’s life in particular. Toby Williams (B.A. ’04 Communication, Media and Theatre) met Chookaszian when they were both students at NEIU and has been under his wing ever since. Toby is now in graduate school at Northeastern and is also in training to be a mortgage planner with Chookaszian at American Street Mortgage Company. “I am very thankful for Dan’s friendship and encouragement,” said Williams. “He’s also helped me professionally by giving me the opportunity to intern at his company. It has been a great experience, and I think the world could use more good and caring people like Dan.” To view the entire issue of INSIGHT, CLICK HERE. To view the link on the Northeastern Illinois University website, CLICK HERE
THE SAVAGE TRUTH | As down payment and lending standards tighten, a big break is out there for 23 million discharged servicemen and women
August 25, 2008
By Terry SavageIt's tough to get a mortgage today -- but that's not news. Every financial institution is tightening lending standards and requiring a higher down payment and raising interest rates. Well, almost every lender is doing that. But if you're a veteran who has been honorably discharged from the military, you can get a great deal on a home loan. The Veterans Administration has a mortgage guarantee program that is available to the more than 23.8 million U.S. veterans who were honorably discharged from service. But fewer than 2.1 million have taken advantage of VA loans. And they're missing out on a very good deal. No money down With a VA loan, veterans can get 100 percent financing without private mortgage insurance (PMI) and a 30-year fixed rate of 6.5 percent. There is a small origination fee paid to the VA, typically 2.4 percent, which is rolled into the mortgage itself. The mechanics of the loan are relatively simple. Essentially, the federal government guarantees 25 percent of a veteran's loan for a lender. So from the lender's point of view, the borrower is putting up a 25 percent down payment at the time of purchase. Thus, the borrower needs no cash to get the mortgage! Very few mortgage brokers know about this type of loan, or work for companies that are registered to make them. I'm indebted to Daniel Chookaszian, vice president of sales at American Street Mortgage Company (www.americanstreet mortgage.com) for bringing this program to my attention. He specializes in making these VA loans to veterans, as well as FHA loans to other home buyers. Chookaszian, who in addition to being a mortgage broker has a master of divinity degree from Moody Bible Institute and serves as a volunteer chaplain at a VA nursing home, says the program is a true benefit for our veterans. In fact, he teaches other mortgage brokers how to help vets apply. Getting a VA mortgage starts, he explains, with making a call to the VA's Certificate of Eligibility Center at (888) 244-6711 to secure the certificate authorizing the mortgage. The center keeps track of whether the veteran used all or part of his or her eligibility in the past. Previously used eligibility must be deducted from total lifetime eligibility. Those limits might have expanded since a veteran's previous use of the program, which has been in effect since World War II, so that even older vets who previously used the program may be eligible for another loan guarantee. Up to $104,250 guaranteed The government will guarantee as much as $104,250 toward an owner-occupied purchase. That is 25 percent of the government-sponsored enterprises' (GSE) loan limit of $417,000. Under the recently passed Housing Bill, from July 30 to Dec. 31, 2008, some areas qualify for even higher government guarantee limits. Go to www.fha.com/lending_limits.cfm to check for the limits in your state. The VA uses the same limits as FHA loans. There are additional benefits to using a VA loan, if you qualify. Veterans may pay for the following fees: credit report, origination, discount points, the Funding Fee, recording, and title insurance -- all of which are typically rolled into the loan. But veterans cannot pay for the inspection, document preparation, underwriting, processing, attorney, tax service, or escrow. These costs can be paid either by the seller or the lender. This might save the veteran about $1,000 to $1,300 in closing costs! After qualifying a prospective borrower, Chookaszian funds the loan through a bank. And he assures me that most banks are still more than willing to make these loans because of the government guarantee. Plus, VA loans are made with more lenient income and credit standards than banks are currently demanding of conventional borrowers. He points out that these VA loans are not as beneficial for those seeking to refinance because in a refi, the loan-to-value ratio is not 100 percent, but only 90 percent. And there is a slightly larger up-front VA fee than with a purchase. Even if you're not a vet, Chookaszian says there might be an FHA solution to your mortgage problem. He has helped homeowners refinance out of adjustable rate mortgages and into fixed-rate FHA loans, currently fixed for 30 years at 6.5 percent, plus private mortgage insurance (PMI), which is part of the monthly payment. There is also a requirement that property taxes and insurance be escrowed every month as part of the payment. Despite falling home prices, the FHA mortgage might be available to many homeowners, since it requires only a 97 percent loan to value ratio (3 percent equity) to make the loan. Because of the government guarantee on these mortgages, some lenders will make loans to those with credit scores as low as 500. These FHA loans fell out of favor in recent years when banks started offering low-rate, no-money-down subprime loans. But in today's market, a 30-year fixed-rate mortgage at 6.5 percent looks like a real bargain, even with the private mortgage insurance payment. So, while many complain that the government isn't doing "enough" to alleviate the mortgage crisis, the smart money is taking advantage of some relatively good deals that still remain. And that's The Savage Truth! Terry Savage is a registered investment adviser. Distributed by Creators Syndicate. Copyright Terry Savage Productions Ltd.
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