A mortgage broker helps a family of 10



A Wilmington-based mortgage broker helped ring the last bell on the New York Stock Exchange on July 21 as part of an industry holiday.

Patrick Stoy, Founder and President of MC Mortgage Group in Wilmington, was one of numerous independent brokers honored on United Wholesale Mortgage Day, a renowned wholesale and purchasing lender. He was recognized by UWM, a lender to the MC Mortgage Group, for his success in helping a family of 10 obtain USDA mortgages during the pandemic.

According to Stoy, the family was struggling with the high cost of housing in California. When the COVID-19 pandemic first allowed the father to work remotely, they decided to move to the Wilmington area because they have relatives here.

“They took a van and drove it across the country: a father, a mother and eight children, two of whom have special needs, and a cat,” Stoy said. “Their mobile home broke down in Colorado and they had to replace the broken water pipes.”

When they got to Wilmington, the family settled in their mobile home at a local campsite in search of a home they could afford. They found one on several acres in Burgau, and according to Stoya, the family’s income allowed them to get a 100% USDA mortgage. But there were difficulties in explaining to the lender how this income is calculated.

“There was also a problem finding an appraiser who wanted to travel to Burgau in the midst of COVID,” Stoy said, adding that time was of the essence so that the family did not have to pay another month’s rent at the campsite.

The USDA received aid and the family has now moved into their new home.

“It was one of the nicest deals I have ever been involved in, and I have been doing this for 21 years,” Stoy said.


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