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Don’t Let Your Lack of Rations Delay Your Purchase!

July 12th, 2017 in Blog / Local Resources
 

There’re “Five C’s” every mortgage loan officer (LO) looks for when qualifying a borrower. They are Credit, Capital, Capacity, Collateral and Character. My last Blog covered Credit and the importance of preplanning for your home purchase. This time around, I’ll focus on the importance of Capital or in my best Military lingo, your “Rations”.

When applying for a home loan one of the first qualifying questions a Loan Officer will ask relates to your available funds, i.e. capital for your home purchase. One of the major benefits of your VA status is that no down is required for the purchase of a home with a VA loan. I’d be remised if I didn’t offer a general warning: some lenders mislead the true costs of their VA Loans in their advertising. Generally speaking, most VA Loans have a cost associated with origination. It’s very important to ask the right questions of your LO to ensure you know the benefits and the costs of your VA Loan.

Back to our second C of the “Five C’s” – capital! There are 3 buckets of funds, or capital that are needed to purchase a home:

1 – down payment,

2 – prepaid items

3 – closing costs.

Together these three buckets of capital generally make up the total amount of cash needed to close. As mentioned previously, with a VA purchase loan most Vets qualify for a no down payment loan option – I’ll repeat that just so it sinks in – no down payment if one stays within the maximum loan amount for your county (more on that in a later post!). So, generally with a VA loan all one would need for capital are their pre-paids and closing costs. The good news being, there’re several ways to accomplish this! One can have the seller, the person they’re purchasing the home from, credit the costs; the lender can pay the costs by adjusting the interest rate to accommodate the credit; and lastly, in addition to the VA benefits there’re Down Payment Assistance programs that can cover the pre-paids and closing costs as well.

If you are interested in owning your own home, don’t assume you’re not able to qualify because you don’t have the capital or the “rations”. I’m here to be of service to all the loyal Veterans in El Dorado County and beyond. My goal is to help those with the dream of homeownership make it a reality. If you are thinking of buying in the next 12 months, don’t hesitate to call me for a free mortgage planning session so we can get your “Rations” plan in place.

*Please note – each borrower’s situation is different. The above is meant for illustrative purposes and is subject to a complete loan file.

Christina Margo is a Certified Mortgage Planning Specialist and has been in the real estate industry serving future and existing homeowners along with investors since 1989. She is a proud resident in El Dorado County, wife, step mother, daughter of a Korean War Veteran, coach and ready to be of service.

Contact:

Christina Margo, CMPS

Direct: 916-990-2887

Email: Christina.Margo@lhfs.com

Website: www.ChristinaMargo.com

NMLS/CA-DBO #1032783

Land Home Financial Services, Inc. is an Equal Housing Opportunity Lender.

Corp NMLS #1796

 

Vet’s – Don’t Let Your Credit Hide in Camo!

 

By MFSG Volunteer Christina Margo, CMPS May 2017

Veterans! YOU deserve your VA Homeownership Benefits! Hi, my name is Christina Margo, and I am a certified mortgage planning specialist (CMPS). I work for Land Home Financial and live in El Dorado County. As a professional Mortgage Advisor, I see the need to inform and educate Veterans about homeownership. It’s very common to receive a veteran referral from a Realtor partner who has been miss-informed, improperly educated, and mislead – in some circumstances the poor guidance has even led to lost ownership opportunities.

In this month’s blog I will address credit and why starting the mortgage planning process 6-12 months in advance of purchasing a home can potentially save you the heartache of losing out on your dream of homeownership.

Credit and the Cost of Ignorance~

FICO, we have all heard that acronym, some of us know what it means but how many of us really know how it effects our lives? FICO stands for Fair Isacc Corporation, the largest and best known of several companies that provide software for calculating a person’s credit score. Whether you are trying to apply for a job, a mortgage, getting a promotion at work, purchasing a new TV; your FICO score can have a BIG effect on the outcome. And, when getting a mortgage today, your FICO score is not the only factor in making the credit decision. Your trending credit profile plays a huge role and can be the determining factor on whether or not you are approved.

Let’s look at a hypothetical example to outline how evaluating credit has changed recently in the mortgage industry.

Let’s say there is a Veteran wanting to purchase a home for $450,000. They have a FICO score of 673 (620 minimum required). From the outside, this looks like a qualified borrower… Not in 2017! As of June 2016, the software that analyzes credit for most mortgage companies, Desktop Underwriting software (DU), now looks in a borrower’s credit profile to see if they can withstand extreme or emergency financial situations. In our example above, while Mrs. Veteran qualified on paper, her credit score didn’t clear the new DU standards. This will result in a delay in loan approval potentially costing Mrs. Veteran her chance at her dream home.

I hope that the next time you are thinking of buying a home you contact a qualified Mortgage Advisor sooner than later, because the health of your credit profile may take months, not days to be repaired.

Christina Margo is a Certified Mortgage Planning Specialist and has been in the real estate industry serving future and existing homeowners along with investors since 1989. She is a proud resident in El Dorado County, wife, step mother, coach and ready to be of service.

Contact:

Christina Margo, CMPS

Direct: 916-990-2887 Email: Christina.Margo@lhfs.com Website: www.ChristinaMargo.com

NMLS/CA-DBO #1032783

Land Home Financial Services, Inc. is an Equal Housing Opportunity Lender.

Corp NMLS #1796

 

Annual Community PTSD Awareness Event Sept. 2015

February 21st, 2017 in Blog / Local Resources
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To acknowledge National PTSD Awareness month each June, Military Family Support Group is proud to host an annual Community PTSD Awareness Event. This event features guest speakers 2016PTSDflyer-1who bring personal or professional experience to share as well as personnel from the Sacramento Vet Center to connect with veterans on site. A great way to learn more about something that so many of our beloved veterans struggle with each and every day! The more we understand, the more we can help them heal because healing comes with understanding and, as a community, we are Stronger Together!

Click on the flyer to the right to enlarge & see current information.

Check calendar for current year’s event date in June (Click here for MFSG calendar)

 

Honor Our Troops Gift

February 21st, 2017 in Blog / Local Resources
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By MFSG Volunteer Wendi-Mae Davis                February 2017

Your Local Association of Realtors has a gift for you, that you can earn as soon as you have an Accepted offer-all you need to do is provide a couple of items to them.

In El Dorado County and through the El Dorado County Association of Realtors’ and their “Honor Our Troops Committee”-All New Military & Veteran Home Buyers can apply for a Token/gift, for as long as funds are available. If funds do run out, the applicant will still receive a thank you letter along with a list of Veteran Services available to them in El Dorado County.

With just providing the DD214 and the application with their contact information, they will qualify-they do not have to use VA Financing. To apply, go to: HTTP://www.EDCAR.org and Click on the New H.O.T. Program, third button down under the “What’s New” section in the middle column of the page-and download the application there.

-Who knows, You may be able to help someone else, We may be able to help You.

Buying a home can be a daunting experience though Wendi-Mae has the “Know-How” to make it a very Rewarding one…She has 30 Years of experience in Residential Real Estate Sales-of which 16 of those years have been right here in EDC.

If you would like to Contact Wendi-Mae, you may do so at: Office-530-676-4447 or Cell 916-616-0874 or email WendiMae@WendiMae.com and be sure to check out her personal website at: HTTP://www.WendiMae.com

 

How to Get Your Offer Accepted

February 21st, 2017 in Blog / Local Resources
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By MFSG Volunteer – Wendi-Mae Davis                 February 2017

“How to Get your offer Accepted and receive gifts for doing so! Tips for the Military Veteran in Need”

Wendi-Mae, A Broker Associate of Future Homes & Real Estate, shares a tidbit of what she always suggests to her Home buying clients and what she does for them, when writing an offer to purchase a home.

Wendi-Mae says it is of paramount importance to include a Letter to the Seller, especially when competing with other offers-simply sharing a few reasons why you chose their home, and include a Photo of Self, Family & or Pets too, can be the main reason a Home Seller chooses Your offer. In her experience, and several times, her clients did not write the highest priced offer-though it was with these added extras, that their offer was accepted. She has several other suggestions, shortening Contingencies time frames to name just another.

Any Military & Veteran Home Buyer will get a “Thank you for your service” Gift of $250. 00 by way of either a Gift card to Lowe’s or the Home Depot-their choice, or a credit towards the cost of either their Inspections or Home Warranty upon close of escrow of their home purchase. This, a gift of Realtor Wendi-Mae Davis, who is also a Real Estate Counselor-when you close escrow with her team.
 

Buying a home can be a daunting experience though Wendi-Mae has the “Know-How” to make it a very Rewarding one…She has 30 Years of experience in Residential Real Estate Sales-of which 16 of those years have been right here in EDC.

If you would like to Contact Wendi-Mae, you may do so at: Office-530-676-4447 or Cell 916-616-0874 or email WendiMae@WendiMae.com and be sure to check out her personal website at: HTTP://www.WendiMae.com