Need help fixing words to a song

Need help fixing some words to a song:
   Several months ago when we sang this song, our elders requested that we fix the words to v.1 of The Gospel is True. Can you help me out here? Comment on why we should keep the words as they are, or suggest an improvement. I'm drawing a blank....

UPDATE: Mark Redfern suggests:
"We have a God who's forgiven us, and paid for all our sin"

   The words below in bold do seem ambiguous. On the cross we were not actually forgiven. (It's the same kind of mistake made in some old gospel songs.) Forgiveness is a part of our own personal salvation experience -- God's sovereign grace to bring us to faith (the ordo salutis). Better to say, on the cross our forgiveness was secured (i.e., particular atonement). To borrow from John Murray, on the cross all that was needed to secure our forgiveness was accomplished. In our own personal history, then, the Holy Spirit applies the merits of Christ's atonement to us -- i.e. justification (both forgiveness from our sins and the application (imputation) of Christ's righteousness).

   So what does it mean (below) that God forgave us "while we were yet in sin"?

Verse 1:
We have a hope that is living / and love that never will end
We have a God who's forgiven us / while we were yet in sin
Chorus 1:
Thank you Jesus / O how we worship you
Thank you Jesus / Hallelujah the gospel is true

The Gospel Is True / David Hampton | Scott Wesley Brown / Copyright:
©1997 SongWard Music / CCLI: 2119795