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The Federal Savings Bank Helps Once Homeless Veteran Buy a Home in North Chicago

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The Federal Savings Bank Helps Once Homeless Veteran Buy a Home in North Chicago

Original homeowner’s family wished to make Army veteran’s dream come true this holiday

LAKE FOREST, IL (December 23, 2016) – Just more than eight years ago Harold was living in his car, and then was completely without shelter for nearly a year. He often walked by a home on West Jackson Street in North Chicago where he hoped to live someday. His luck changed, and he became a tenant at the building on West Jackson, but still only dreamed of someday owning the home. Last week his dream came true when he purchased the home, with the help of a Veterans Affairs loan from The Federal Savings Bank, which operates a Lake Forest branch.

Harold, 59, an Army veteran and lifelong Chicago resident who works as a janitor at the Goodwill on the Great Lakes Naval Station, rented the lower unit of the home from a family for nearly eight years. The family lived in the home ever since it was built in the 1920s. As the owner’s health began to fail, Harold decided to help his landlord by mowing the lawn, shoveling -- and even driving him to doctor appointments. The owner’s family grew to know Harold, and said they felt very comforted knowing that he was living there to keep a close eye on their father.

When the owner passed away in October 2015, his family wanted Harold to own the building. In order to give Harold time to get his financial affairs in order, the owner’s family waited nine months before putting the home on the market.

Harold worked with David Aumuller, a senior vice president at The Federal Savings Bank, retired Marine Colonel, and Libertyville resident, to secure a VA loan for the home, which included no down payment and 100% financing. Harold purchased the home for $8K less than the VA appraised value.

At the real estate closing when Harold officially became a homeowner, his first comment was disbelief, when he said, "So this house is really mine?"

“Harold didn’t know that he was eligible for a VA loan,” said Aumuller. “It was an honor to do all I could to guide him on his path to home ownership. At The Federal Savings Bank, which is veteran-owned and operated, we go that extra mile to help veterans make their home ownership dreams come true.”

“I never owned a home before and didn’t know all that was involved,” said Harold. “The Federal Savings Bank helped me get an affordable mortgage through the VA, as well as home insurance, a land survey -- and really did everything they could to help me buy my home.”

Harold could not afford an attorney or real estate agent. Julie Bowman, a realtor at

@properties who represented the seller at closing, helped him transfer utilities, secure his tax stamps, etc.

In addition to his work at Goodwill, now Harold is caring for his brother, who is suffering from health issues, in his new home. “Buying this home is the biggest Christmas gift I’ve ever got,” said Harold.

About The Federal Savings Bank

The Federal Savings Bank, one of the largest privately held and most successful veteran-owned banks in America, is an industry leader providing tens of thousands of Americans a path to home ownership through residential home lending. As a federally chartered bank, its highly experienced bankers are experts in lending in all 50 states and have the ability to help those customers achieve the American Dream. In recent years, the Bank’s exceptional work has earned accolades from Ellie Mae, Wells Fargo, The ABA Banking Journal and Bauer Financial. For more information, visit www.thefederalsavingsbank.com.

MEDIA CONTACT:            

Kellie Kennedy, kelliek@theharbingergroup.com, 312/933-4903

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