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.


Christina Margo, CMPS

Direct: 916-990-2887 Email: Website:

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

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