We Make the Loan Process Simple
We have built a solid reputation of being able to close mortgage loans in an efficient and timely manner.
Our unique process makes your closing experience with us a great one — from application to move in.
1Consultation & Submit Online Application
Verify credit. Receive Pre-Approval Letter & Signed Contract.
2Gather & Provide Needed Documents
Processing orders appraisal and needed documents for verification.
3Submit Loan for Underwriting Approval
Docs will be sent to the closing / title attorney.
4Loan Closing
Move In!
Final HUD is prepared. Docs are signed. Deed is recorded.
Find a Licensed Loan Officer
We only hire licensed Loan Officers with a proven track record of excellent customer service!
Find an MLO (Mortgage Loan Originator) or Loan Officer by searching below.
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- April 7, 2014
I’m a proud graduate of Virginia Wesleyan University, and I’ve been fortunate to be in the mortgage business for nearly ten years. Whether helping first-time homebuyers realize their dream, or assisting seasoned homeowners downsize to pursue the pleasure of their retirement […]- Date
- March 13, 2017
Bill Fisher offers a long history of helping buyers and homeowners finance their dream homes. Bill is a mortgage industry veteran with more than 25 years of experience under his belt. During this tenure, he has assisted thousands of home […]- Date
- September 7, 2017
My first home buying experience is still fresh in mind. I recall the weight of the experience and the multitude of forms and endless questions I had. I learned then that if I didn’t ask, I wouldn’t understand everything I […]- Date
- May 9, 2014
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- April 1, 2014
As a Mortgage Loan Originator and Managing Partner of OVM Financial with over 13 years of mortgage experience, I have seen all the changes in the Mortgage and Real Estate Market. I recognize the unique challenges that a mortgage originator […]- Date
- October 7, 2015
Your dream of homeownership awaits you in Hampton Roads and Troy Kight is here to help you move in with ease! As a leading Mortgage Loan Officer in the Virginia Beach area, Troy is an expert when it comes to […]- Date
- February 20, 2018
Having been in the Mortgage Industry for over 30 years, I have a great understanding and appreciation of just home important a decision it is. Put my years of knowledge to work for you; someone that you know is on […]- Date
- January 29, 2018
After earning a Bachelor’s degree in Industrial Engineering Technology from Tarleton State University, Jacob McCay began working as a mortgage processor in the spring of 2016. What started as an entry level position in the mortgage business, transformed into a […]- Date
- July 2, 2014
Michele brings 16 years plus experience with her in the Mortgage Industry plus a stint in the legal world working in a law firm. Making her home in Fayetteville, Michele has a degree from Fayetteville State University. She has worked […]- Date
- January 3, 2018
A native of Virginia Beach, I attended Green Run High School before graduating from Old Dominion University with a bachelor’s degree in Business Administration and Information Systems. With over 15 years experience in customer service and management, I’ve learned that […]- Date
- January 18, 2018
I am currently Branch Manager/Mortgage Loan Originator with OVM Financial in our Roanoke, VA office. Before entering the mortgage industry, I served as Account Executive at Cox Communications for 6yrs. I sold Telecom, Internet & Cable TV services. I have […]- Date
- June 8, 2017
Being a native of the Fayetteville area and the daughter of a realtor, I am very familiar with how the real estate process works. I have over 16 years of real estate closing and mortgage experience. I have been on […]- Date
- February 20, 2018
Over the last 20 years, Chris has counseled over a thousand families on how to purchase and refinance their homes. The majority of his business comes from repeat clients, client referrals, and realtor referrals. As you may know, the mortgage […]- Date
- April 7, 2014
Cynthia has been in the financial services industry for over 10 years. She is a born and raised native of Virginia Beach and a graduate of Hampton University with a B.A. in Psychology and a minor in Business Administration. Over the […]- Date
- August 22, 2017
I am a wife, mom and Mimi to a very active 5 year old boy named Derrick. I live in the country on a horse farm and have 6 horses and 5 dogs that I love like my children. I […]- Date
- November 3, 2017
Abby, originally from Minnesota, has resided in Hampton Roads for the last 13 years. After pursuing a career in the Fire Department, helping and serving the community for 6 years she made a unique switch to the finance industry and […]- Date
- March 2, 2017
First I’m a husband and father of two beautiful little girls. I consider Virginia Beach, VA to be my hometown even though I was born in Washington State since I have been here the longest as we moved around a […]- Date
- September 14, 2015
As a Licensed Mortgage Loan Officer in the Hampton Roads area, Kaylan Eldridge is ready to help her clients take one of the most important steps in their life! With over three years of valuable experience both as a Loan […]- Date
- April 24, 2017
I love my career because of the impact I have on someone’s life. My clients come to me because they are having major changes in their lives. They don’t need help doing paperwork… they need ME, a strategic resource advocating […]- Date
- November 9, 2017
Bill brings an extensive background with many years of customer service and assisting borrowers with financing their home purchase. He enjoys meeting new people and has a passion for numbers. Being a mortgage loan officer is a perfect blend of the […]- Date
- February 6, 2018
The cornerstone of my business is honesty, professionalism, and transparency. I take a consultative approach to the home loan process and give sound and professional advice to suit my clients’ mortgage needs. I’m committed to making the loan process simple […]- Date
- April 2, 2018
Chris has been in the mortgage business for 3 years. Born in Pensacola, FL, and due to being in a military family, relocated to Virginia Beach at the age of 3 months. He was in the construction trade as a […]- Date
- April 7, 2014
Frank was born and raised in Western Pennsylvania and is a graduate of Slippery Rock University. He was brought to Virginia during his service in the United States Army. In addition to being an Army Veteran, Frank has worked as […]- Date
- April 24, 2015
Sylvia has been a resident of Columbus County, NC, all her life. She graduated from West Columbus High School, as well as received a B.S. degree in Business Management Administration and Organizational Development from Mount Olive University. Sylvia has over […]- Date
- January 19, 2018
Brian is a lifelong resident of Hampton Roads. He entered the Mortgage Banking industry in 1997. He is a graduate of Great Bridge High School and East Carolina University. Brian has supported and built mortgage teams in Virginia and North […]- Date
- April 24, 2018
Abby has a deeply rooted commitment to customer service and helping others within her community. She has over 15 years of customer service experience as well as extensive negotiation, investigation, contract management, case management and leadership skills. She prides herself […]- Date
- April 12, 2018
My passion is helping all my clients reach their dream of homeownership. I understand that each situation is unique, and that is why I work hard for each individual client, despite what situation we may face. I enjoy traveling and […]- Date
- March 23, 2018
Jonathon is a native of Brunswick county. His desire is to assist residents and vacationers to find and finance their dream home. While able to lend throughout NC and SC, the primary areas Jon concentrates on are the coastal areas […]- Date
- January 30, 2018
As a lifelong resident of the Williamsburg/Peninsula area and a mortgage professional for over 20 years, Matt’s clients rely on his valuable knowledge, experience, and expertise. Matt has a background in all phases of the mortgage process to include processing, […]- Date
- June 21, 2017
Diane Stein has lived in the Hampton Roads area for my entire life. She was born in Suffolk, VA and moved to Virginia Beach when she was in elementary school. Diane enjoys spending time with her 2 children and playing […]- Date
- June 28, 2016
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- March 2, 2018
Anastasio is a high-level Mortgage Advisor with an extensive background assisting borrowers with their residential financing. His passion has always been deeply rooted in helping each of his clients achieve their home purchasing needs. He takes pride in knowing that […]- Date
- March 12, 2018
Scott is a United States Marine Corps Veteran and a native of the Hampton Roads area. He has had a successful career in the mortgage industry for the last 14 years. He prides himself on helping military service members obtain […]- Date
- September 21, 2015
Edward joins our team with nearly 12 years experience as a Loan Officer. He welcomes the opportunity to serve his Client’s needs with quick responsiveness and accurate Real Estate Financing advice. In addition, Edward is a Certified Mortgage Planner. This […]- Date
- February 6, 2018
I am currently the Area Sales Manager/Mortgage Loan Originator with OVM Financial in our San Antonio, Texas office. I have over 20 years of mortgage experience as a Loan Officer, Processor and lastly as a certified underwriter. In my spare […]- Date
- April 23, 2018
A Virginia Beach, Virginia native. I attended The University Of Central Florida and fell in love! I was fortunate in 2016 to return to Florida and bring my passion and 10 plus years of knowledge for mortgages along with it. […]- Date
- November 11, 2016
I am a lifelong resident of Hampton Roads, having grown up in Poquoson. I have been in the mortgage industry since 1994 and have closed over 180,000,000 in loans in my career. I am an avid scuba diver, baseball fanatic […]- Date
- October 2, 2017
Sam Watson has been in the mortgage industry for more than 20 years. He is a proud resident of North Carolina and attended East Carolina University. As a son of a career military man, Sam has the utmost respect for […]- Date
- June 28, 2016
Bill Lowden is a native of Indiana where he grew up on a farm, learning the value of a hard day’s work from a young age. Bill went on to play baseball in college and later joined the Navy. His […]- Date
- February 6, 2018
I have been in the financial industry for 20 years, beginning with banking. My experience has been in sales, operations, management and finally mortgage. What I love most about my experience is meeting and helping people. I love helping people […]- Date
- April 2, 2018
I was born on Prince Edward Island, Canada and moved to Texas in 1994. I have been married for 17 years and blessed with three beautiful daughters. I’ve been in Mortgage Banking and Brokerage for over ten years and have […]- Date
- July 1, 2014
John Teeuwen has nearly ten years of mortgage experience, coupled with over 20 years of business experience working at an executive level for several multi-national companies. This experience has allowed him to recognize financing options that make sense for his […]- Date
- June 23, 2014
Marylee is a Virginia Tech graduate who entered the mortgage banking industry in 2005 at a major international bank. She was recognized as a top performer and was quickly promoted to Branch Manager. Before joining OVM Financial, Marylee learned a […]- Date
- April 1, 2014
Aaron has been a lifelong resident of Hampton Roads and is also a graduate of Hampden-Sydney College. He entered the mortgage banking industry in 1999. Aaron’s specialty is residential lending with extensive experience dealing with Conventional, FHA, VA, and first-time […]- Date
- March 9, 2018
With 23 years of experience in the mortgage industry, I have the drive and knowledge to guide my clients through the loan process with an unparalleled level of expertise. After all this time, I still feel immense pride in helping […]- Date
- June 19, 2015
Kimberly Markham is from a military family and grew up traveling the world. Hampton Roads became home when her father retired from the military and her family settled down in the area. She attended Old Dominion University in Norfolk, VA […]- Date
- February 13, 2018
I was born in Ukraine and came to the US when I was a teenager. I experienced firsthand the stability of having a place called home, a piece of American Dream. Raising three children, I understand the importance of owning […]- Date
- November 21, 2017
I am a licensed Mortgage Loan Originator with OVM Financial serving Virginia and North Carolina. With more than 10 years of lending experience under my belt, I have thoroughly enjoyed helping my clients navigate the home financing process. I anticipate […]- Date
- February 12, 2018
My name is Mike Boucher and I serve first time home buyers and veterans who want to purchase a home so that they can reap the financial benefits of homeownership and provide a more stable home for their families.- Date
- January 13, 2017
Renea has lived in the Hampton Roads area her entire life. She grew up in Yorktown, VA where she attended York High School and received her associate’s degree from Thomas Nelson. She has been in the mortgage industry for 6 […]- Date
- January 29, 2018
For the past 13 years, I have been helping people in the Tidewater area achieve the dream of homeownership. I find this to be very rewarding and fulfilling. I am a prior Navy veteran and have been in the area […]- Date
- April 4, 2014
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- April 7, 2014
Audley is a nineteen year resident of Hampton Roads, with twenty-eight years in sales and finance. His specialty is residential lending with experience dealing with Conventional, FHA, VA and first-time homebuyer programs. He enjoys working with his clients and finding […]- Date
- April 10, 2018
Andrew and wife/Market Manager Desaree LaMacchia are both local San Antonians graduating from Winston Churchill High School. Desaree is a proud Baylor University Bear and Andrew is a die-hard University of Texas Longhorn. Although they are a house-divided, they come together […]- Date
- June 30, 2014
Eugene is a native to the Hampton Roads area and currently resides in Chesapeake. He is a proud graduate of Old Dominion University with a major in Economics and a minor in Business Analytics. With a strong background in finance, […]- Date
- April 7, 2014
You don’t have to be an archer to hit a bull’s eye with your buyers…you just have to know one! Born and raised in Portsmouth, VA, Jim has made his home in Chesapeake for over 35 years. Beginning his banking […]- Date
- December 6, 2017
My journey with OVM Financial began as a client of Chip Simkins. While my husband and I have completed many real estate transactions, we never experienced a more thoughtful and focused approach to client service than by what we received […]- Date
- March 23, 2017
Drew is lifelong Virginia Beach native. Having been in and around the industry for 23 years, Drew’s knowledge and background in construction make him an invaluable asset to builders. When he’s not working, he enjoys spending time with his lovely wife […]- Date
- February 5, 2018
I have been helping clients with their home financing needs for more than 25 years. My expertise, experience, and commitment to excellent customer service has helped thousands of clients select the loan that is right for today, tomorrow and their […]- Date
- November 28, 2016
Chet Meachum originates residential loans in Virginia. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- April 4, 2014
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- November 15, 2017
With over 20 years experience in all aspects of the real estate industry, I understand the details and importance of the transaction plus the stress involved in this important decision. Whether you are purchasing a new home or deciding if […]- Date
- July 29, 2015
OVM Financial, Inc. originates residential loans in Virginia, North Carolina, and South Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- February 27, 2018
Katie Murray was born and raised in Dallas, Texas. She is part of a large family, being the oldest of 4 children and having 18 first cousins. After being a nanny for nearly 15 years, Katie made a career change […]- Date
- May 9, 2014
A graduate of Radford University, with more than 22 years in the mortgage industry, Chip Simkins has built a positive business reputation by putting clients into mortgage programs that are beneficial now and into the future. By securing options that […]- Date
- July 1, 2016
Experience: Josh Benton has worked in the banking industry for 8+years. He then transitioned into the mortgage world as a loan officer with Team Move at OVM financial. Josh is well versed in the banking process and is experienced in working with clients […]- Date
- May 26, 2017
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages.- Date
- July 29, 2015
Mary has 15 years of mortgage lending and commercial finance experience. She studied Business Finance at Old Dominion University and is a lifelong resident of the Hampton Roads area. She is a member of the Seaton Youth Shelters “Powered By […]- Date
- April 19, 2017
I am a Virginia Beach native, born and raised. The product of a military family, I have moved around a few times, but always considered Hampton Roads to be home. I attended Green Run High School and went on to […]- Date
- December 18, 2014
OVM Financial, Inc. originates residential loans in Virginia, North Carolina, and South Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- January 3, 2018
With 12 years of experience in the mortgage industry, David has the knowledge and dedication required to provide the ideal financing options to borrowers. Not only does he enjoy helping his clients achieve the dream of homeownership, but he also […]- Date
- July 6, 2016
When choosing Vanessa L. Borst as your licensed Loan Officer, you are putting over 23 years of mortgage experience to work for you and your family. With an unparalleled dedication to customer service and the awards to prove it, Vanessa […]- Date
- April 16, 2018
Mortgage professional with more than 20 years of Mortgage & Realtor experience in multiple channels including managing retail loan offices, creator & instructor of training materials, producing in wholesale lending, correspondent lending, and consumer direct lending. Specialties: Retail mortgage lending, […]- Date
- April 4, 2014
As a graduate of East Carolina University (GO PIRATES!), I entered the mortgage industry nine years ago. After looking into several other companies, I chose to join OVM Financial, Inc. because, like OVM, I’m “focused on you” – the client – […]- Date
- April 4, 2018
Alex served in the Unites States Marine Corps and served in Desert Storm. He graduated from Radford University with a Bachelor of Science degree in Criminal Justice. For the past 17 years, Alex has owned multiple retail car dealerships and […]- Date
- October 19, 2017
Mark brings an extensive background of over 18 years in assisting borrowers with financing, but his passions have always been steeped deeply in real estate. Being a mortgage loan officer is a perfect blend of the two things that have […]- Date
- December 15, 2016
When it comes time to purchase a home, it is not uncommon for buyers to have a lot of questions regarding the home buying process. My greatest passion is putting my clients at ease by explaining the process to them […]- Date
- January 31, 2018
Born and raised in Norfolk, VA, Michael has been a lifelong resident of the Tidewater area and is a graduate of Hampden-Sydney College. Michael is licensed in VA, GA, SC, NC, and MD and specializes in helping potential homebuyers with […]- Date
- February 20, 2018
I have made my home in Charlotte, NC for over 30 years after moving from Cincinnati, OH. It has been my privilege to serve the metropolitan community with mortgages and have over 10 years’ experience as a Mortgage Adviser. My […]- Date
- September 6, 2017
Justin Born originates residential loans in Virginia. Justin has worked in the Financial Services industry for 7 years. He graduated from Virginia Tech with a degree in Accounting and Information Systems. Justin has supported clients with a wide range of […]- Date
- August 4, 2015
If you’re searching for an expert Loan Officer in the Charleston area, look no further! Tommy Willcox has the Mortgage know-how to get your home finance or refinance on track! As an experienced Licensed Mortgage Loan Officer with OVM Financial, […]- Date
- May 9, 2014
Wil grew up in the Rocky Mountains of Wyoming, but always dreamed about moving to Virginia. He made his way to the east coast after joining the United States Navy straight out of high school. He bravely served our country […]- Date
- April 4, 2018
With over 25 years of experience in the mortgage banking industry, I have the knowledge and experience to help you with one of the biggest decisions you will ever make. I believe in building lasting relationships by exceeding client expectations […]- Date
- February 16, 2018
I am an outgoing and personable business oriented person. I really enjoy doing my job and am grateful that I found a career path to help me accomplish other people’s goals, as well as my own. I personalize my service […]- Date
- January 20, 2015
When considering real estate or financing, having someone on your side who is both knowledgeable of the local area and an expert in their industry is vital to making the best decisions for your future. With over 15 years in […]- Date
- April 7, 2014
A lifelong Virginia Beach resident, George has been a leader in mortgage banking production for the last ten years. Believing in long lasting business relationships with both customers and partner sources, he has always been in the top two percent […]- Date
- February 7, 2017
Matt Redford is a lifelong resident of Virginia Beach and former graduate of Virginia Tech. After college Matt founded and managed a successful eco-adventure company for many years and learned the value of providing great service for his clients. After […]- Date
- April 4, 2014
Steve is a lifelong resident of the Virginia Beach area and a graduate of James Madison University. He has been involved in the financial industry for more than a decade. During his career, he has worked with some of the […]- Date
- December 14, 2017
Rodney James brings more than 20 years of lending experience to OVM Financial. Before joining OVM Financial, Rodney was a Director of Procurement for Com-Site and EEE for Xerox. In 2015, Rodney received his life and health insurance license to […]- Date
- January 22, 2018
Sandee takes pride in building communities and strengthening families through mortgage lending. He is committed to providing his customers with mortgage services that exceed their expectations. With nearly 20 years in the business, Sandee has the experience to ensure his […]- Date
- June 29, 2016
OVM Financial, Inc. originates residential loans in Virginia and North Carolina. OVM Financial, Inc. offers programs primarily designed for home purchase and home mortgage refinancing with competitive fixed and adjustable rate mortgages. Call me today for more information!- Date
- April 7, 2014
As a lifelong resident of Hampton Roads and having worked in the mortgage industry for over 16 years, Bryan Miles’ clients rely on his valuable knowledge, experience, and exceptional service. Bryan has an understanding of the lending industry, its trends, […]
We Can Help You Choose the Best Loan Program to Fit Your Needs
Reverse Mortgage Loans
Reverse Mortgage Loan Summary:
If you are house rich but cash deprived, a reverse mortgage may be the answer. The Home Equity Conversion Mortgage (HECM) loan offered by OVM Financial is for homeowners 62 or older and can help borrowers be more financially secure and maintain quality of life through retirement.
HECM uses the value of your home’s equity to provide monthly or lump sum money while allowing the homeowner to stay in the home without making mortgage payments. The loan eliminates the existing mortgage and proceeds are tax-free.
How It Works:
Homeowners older than 62 can tap into accumulated home equity to eliminate current mortgage payments and release cash flow.
Who It's For:
- Homeowners at least 62 or older with built-up home equity.
- Senior homeowners in need of cash flow to cover other expenses.
- Senior homeowners who want to eliminate mortgage payments.
- Borrowers who want to have improved quality of life.
Fixed Rate Loan
Fixed Rate Loan Summary:
OVM Financial conventional loans come in a variety of options and with excellent advantages for borrowers who have a strong down payment. Under a conventional loan, a borrower with a 20% down payment or 20% equity can eliminate mortgage insurance.
While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. If you can’t afford the 20% down payment, you can still get a conventional loan with as little as a 3% down payment.
How It Works:
OVM Financial offers a variety of home loans with fewer restrictions than government loans and the possibility of eliminating mortgage insurance.
Who It's For:
- Homebuyers who don’t want to add mortgage insurance to their payments.
- Homebuyers with a 20% down payment.
- Homebuyers shopping for properties commonly restricted by government loans.
- Refinancers who want to drop mortgage insurance.
Jumbo Loans
Jumbo Loans Summary:
If you're in the market for a home that requires a loan exceeding the standard limit of $424,100, don't despair. Thanks to our investor relationships, OVM Financial has the backing to offer jumbo loan programs for borrowers who want an amount above $424,100 with in-house underwriting.
OVM Financial jumbo loans offer up to 90% loan to value (LTV) with no mortgage insurance. Asset depletion income is allowed and loans can be fixed-rate or adjustable rate.
How It Works:
OVM Financial offers a variety of jumbo loans above $424,100 with low down payment, lower than average interest rates and a minimum credit score of 650.
Who It's For:
- Borrowers in the market for a home loan above $424,100.
- High income borrowers with at least 650 credit.
- Borrowers who want a high loan amount with waived mortgage insurance.
- Borrowers with a 10% down payment.
Adjustable Rate Loans
Adjustable Rate Loans Summary:
OVM Financial offers sophisticated mortgages to borrowers who may not expect to be in the home for a long period of time. The adjustable rate mortgage is fixed for a period of time and can adjust thereafter. Since the interest rate may rise over time, it is not recommended for every borrower. Interest rates can be fixed for three, five, seven and ten years. Your OVM Financial Loan Officer will be happy to assist you in determining which mortgage program will best fit your needs.
State Bond Program
State Bond Program Summary:
OVM Financial is a proud supporter of the state mortgage programs that assist first time homebuyers with possible down payment and closing cost assistance.
- Up to 100% financing available.
- First time homebuyer restrictions do apply.
- State specific program. See your OVM Financial Loan Officer for details.
USDA Loans
USDA Loans Summary:
OVM Financial assists borrowers in rural areas with the USDA guaranteed loan. The USDA loan provides low and moderate income borrowers with better affordable housing finance options with little or no down payment or out of pocket costs. The property must be located within a designated USDA area.
- 100% financing available to qualified borrowers.
- Seller can contribute up to 6% of the borrower's closing costs.
- Flexible mortgage guidelines.
- Income and property restrictions do apply.
VA Loans
VA Loans Summary:
Veterans Affairs (VA) loans are making the dream of homeownership a reality for millions of veterans and military personnel. VA loans guarantee a maximum of 25% of a home loan amount up to $104,250 for qualifying borrowers.
One of the primary benefits of a VA loan is that it offers 100% financing for purchases and refinances without requiring mortgage insurance. Funding gifts are allowed and the seller can pay off veteran debt if necessary to qualify for the loan.
How It Works:
VA loans are equal opportunity loans for all qualified veterans and military personnel who meet service requirements.
Who It's For:
- Veterans and Military Personnel.
- Qualifying borrowers who want 100% financing.
- Qualifying homeowners who want to refinance for 100% financing.
- Veterans who want a loan without mortgage insurance.
FHA Loans
FHA Loans Summary:
OVM Financial offers the Federal Housing Administration Loan (FHA) to assist borrowers who may need a low down payment and flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance or become homeowners.
- 3.5% down payment required - Can be a gift; see your OVM financial Loan Officer for details.
- Under the FHA streamline program, current FHA loan borrowers can refinance with no appraisal.
- Seller can contribute up to 6% of the borrower's closing costs.
Renovation Loans
Renovation Loans Summary:
Turn a place with potential into the home of your dreams with a renovation loan. We offer several products for minor or major upgrades on a home. Our renovation programs make it convenient for you to improve a property by including the extra financing in a purchase or refinance loan.
FHA 203(k) Standard or Limited Renovation Loans:
The FHA 203(k) Standard gives buyers with limited disposable cash the ability to afford both a home purchase and the repairs needed. Additional benefits are a low down payment and option for the seller to pay part of the closing costs. The FHA 203(k) Limited is one loan offering a maximum of $35,000 toward minor updates.
More info on Renovation Loans >>
Turn a place with potential into the home of your dreams with a renovation loan. We offer several products for minor or major upgrades on a home. Our renovation programs make it convenient for you to improve a property by including the extra financing in a purchase or refinance loan.
FHA 203(k) Standard or Limited Renovation Loans:
The FHA 203(k) Standard gives buyers with limited disposable cash the ability to afford both a home purchase and the repairs needed. Additional benefits are a low down payment and option for the seller to pay part of the closing costs. The FHA 203(k) Limited is one loan offering a maximum of $35,000 toward minor updates.
More info on Renovation Loans >>
VA Loans
VA Refinance Summary:
OVM Financial is proud to offer those who have served and are currently serving the Veteran's Affairs (VA) loan. The VA loan is an excellent loan that can assist our veterans who may want to refinance to take advantage of a lower interest rate via an interest rate reduction refinance loan (IRRRL) or cash out.
Additional Information:
- Up to 100% of the home's value for cash out.
- VA interest rate reduction refinance loan (IRRRL) simplifies the refinance process. Cash out not allowed.
- Second home and investment properties allowed with the VA Interest Rate Reduction Refinance Loan (IRRRL). See your OVM Financial Loan Officer for details.
Fixed Rate Loans
Fixed Rate Loans Summary:
At OVM financial, our Fixed Rate Conventional Mortgages offer the confidence of knowing your rate and payment will not change for the term of your loan. This is a great program for anyone planning on being in their home for a longer period of time.
Additional Information:
- Cash out available to 85%
- As low as 620 fico available
- Maximum loan amount of $417,000
- Unlimited cash out
FHA Loans
FHA Loans Summary:
OVM Financial offers the Federal Housing Administration (FHA) Loan, to assist borrowers who may need flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance.
Additional Information:
- Under the FHA streamline program, current FHA loan borrowers can refinance with no appraisal.
- Up to 97.75% loan to value for a rate and term refinances.
- Up to 85% loan to value for cash out refinances.
Rent vs. Own Comparison
Rent vs. Own Comparison Summary:
Buy a home and begin building your own equity. Rates are at an all time low, and we are confident there is a program that is perfect for you. The benefits are endless!
Buy a home and begin building your own equity. Rates are at an all time low, and we are confident there is a program that is perfect for you. The benefits are endless!
- You can’t build equity in an apartment or rental property, but by owning your home you can!
- Your rent payment is not tax deductible. By being a home owner the interest portion of your mortgage payment could be tax deductible. *Please consult your tax advisor.
- Your rent almost always increases when your lease is renewed, but with a fixed-rate mortgage, the principle & interest payments never go up.
- In addition to deducting mortgage interest, you may also be eligible to deduct costs paid at closing. As part of owning a home versus renting, you may be eligible for tax credits for improvements and other tax incentives.
Loan Application Checklist
Use this checklist to make sure you have everything you need before you begin your loan application.
Having all necessary documentation up front saves time so your loan can close smoothly and quickly.
- 2 years of tax returns.
- 2 years of W-2s.
- If self employed, 1099s and copy of business license.
- Most recent bank statements (all accounts and all pages).
- Explanation (signed and dated) of any deposits over $1,000 other than normal pay into accounts.
- Most recent pay stubs (minimum of 30 days).
- Copy of driver’s license.
- Explanation (signed and dated) of any inquiries on credit report.
- Mortgage Statement, Insurance Declaration Page, and most recent tax statement for all other properties owned.
- Divorce Decree and Separation Agreement (if applicable).
- Copy of Earnest Money Check & Purchase Contract.
10 MTG Do’s and Don'ts
- Don’t apply for new credit of any kind.
- Do keep all existing credit card accounts open.
- Don’t MAX OUT or overcharge existing credit cards.
- Do maintain your employment at your current job.
- Don’t consolidate debt to one or two cards.
- Do pay off collections, judgements, or tax liens reported within one year.
- Don’t make any large purchases.
- Do stay current on your existing accounts.
- Don’t make any large deposits into any of your accounts.
- Do call us. We are here to help you through this process.
First Time Homebuyer
Step 1: Get Pre-Qualified:
The only way to truly know how much home you can afford is to ask a lender. Getting pre-qualified lets you know how much you can afford before shopping for your home.
What to Know:
Escrow is a third party account used to retain funds including the property owner’s real estate taxes and hazard insurance premiums. Escrow is only applicable in certain loan programs.
Step 3: Understand Bills Associated with Homeownership:
Estimate that it will cost about one percent of the purchase price per year to maintain your home. For a $200,000 home, you should budget approximately $2,000 per year or approximately $170 per month for maintenance. Condominiums and co-ops will have regular maintenance fees. You will also have utilities, gas, electric, water, sewage, cable, telephone, insurance, property tax, etc.
Step 4: Establish Future Priorities and Plan for the Unexpected:
The only way to truly know how much home you can afford is to ask a lender. Getting pre-qualified lets you know how much you can afford before shopping for your home.
What to Know:
- Income: Stable income assures a lender you can make your monthly mortgage payment.
- Debt: Add up auto payments, credit card payments, student loans, alimony, child support, and other debt.
- Cash: Total assets, amount in checking and savings accounts, and other investments.
Escrow is a third party account used to retain funds including the property owner’s real estate taxes and hazard insurance premiums. Escrow is only applicable in certain loan programs.
Step 3: Understand Bills Associated with Homeownership:
Estimate that it will cost about one percent of the purchase price per year to maintain your home. For a $200,000 home, you should budget approximately $2,000 per year or approximately $170 per month for maintenance. Condominiums and co-ops will have regular maintenance fees. You will also have utilities, gas, electric, water, sewage, cable, telephone, insurance, property tax, etc.
Step 4: Establish Future Priorities and Plan for the Unexpected:
- What are your needs for the new home — furniture, lawn equipment, barbecue grill?
- Is a new car in your near future?
- Do you plan to have children?
- How long can you survive if you lost your job?
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At OVM Financial, we don’t just describe our company culture with fuzzy corporate buzzwords; we live it. Just take a walk through the halls of our offices, and you’ll see what it means to redefine “company culture.”
We are not like any other mortgage company. We have modeled OVM Financial to have a corporate culture that embraces entrepreneurship. By carefully scaling our operations and support staff, we manage to provide the same excellent service offered by larger banks and lenders without the "Red Tape."
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"I have been working with OVM Financial for over 8 years. Their team has impeccable service. Their attention to detail and making clients feel at home is service that is unattainable in the Real Estate World."
About OVM Financial
Leading by example in the mortgage industry and the community.
Redefining the mortgage industry since 2001.
Local ownership, local processing & underwriting, industry-leading service.
At OVM Financial Inc. we are committed to providing the highest level of support and service to our clients and partners. Our core values of honesty, accountability, and integrity define who we are. Our success is not solely determined by profit and loss, but rather by the friends and families that benefit from our hard work.