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Author Archives: OVM Financial

  • Conforming Loan Limits Will Increase in 2021

    Another sign that real estate continues to grow is that the Federal Housing Finance Agency increased the 2021 conforming loan limits by over $37,000. Actually, this makes the 5th straight annual increase. Conforming loan limits apply to conventional mortgages underwritten by Fannie Mae or Freddie Mac guidelines. Each year FHFA considers adjusting limits to reflect [...] More  →
  • Holiday Shopping and Credit Scores

    Your Guide To Holiday Shopping During The Home Buying Process

    The season of giving brings cheer for many, but before the holidays arrive, we need to discuss how holiday shopping can severely damage a credit score. More importantly, buyers with limited credit could receive a credit denial for a home purchase. Talk about "Bah Humbug!" To prepare you for the holiday shopping season, we've compiled a [...] More  →
  • VA Funding Fee Chart

    What You Need To Know About The VA Funding Fee

    Buying a home with a VA home loan is a privilege earned by our military service members, but sometimes there's confusion about the VA Funding Fee and how it works. For instance: What is the VA funding fee? How much is it? Who can cover the cost of the VA Funding Fee? Are there options to [...] More  →
  • 2020 FHA Loan Limit Announcement Helps More Buyers Afford a Home

    The new 2020 FHA loan limits have been announced. Once again, the limits have increased for 1 - 4 unit residences. The FHA loan limits are determined by taking 65% of the conforming loan limit which is $510,400 for 2020. Therefore, the new one unit loan limit is $331,760. FHA loans provide buyers and home [...] More  →
  • Buying a Second Home to Rent Out Makes it Easier to Own a Vacation Home

    Do you dream of buying a vacation home but it feels too far off? Maybe you feel comfortable making the payments, but some rental income makes it easier. Fortunately, a Fannie Mae loan allows for buying a second home to rent out. That's right, a buyer can purchase a second home with a low down [...] More  →
  • How an Overdraft and NSF Can Affect Your Mortgage Approval

    When it comes to buying or refinancing a home, most realize that the credit report is key. Paying debts on-time is key and that may get a mortgage preapproval. Although when bank statements are provided later, there could be a big issue lurking in the there. One area mortgage underwriters look for is when bank [...] More  →
  • FHA Debt to Income Ratio Solutions That Can Help You Buy a Home

    When it comes to qualifying for a home loan, there are a lot of guidelines and a ton of math. One such mortgage calculation includes dividing the amount of monthly debt payments by the gross monthly income. However, not all home loans treat this area equally. Plus, many lenders even treat the same loan program [...] More  →
  • VA Student Loans Guidelines Make it Easier to Buy a Home

    Student loan debt has been increasing at an alarming rate in the U.S. and the military is no different. Although the military have great VA education benefits, they are not immune to student loan debt. The debt could be for the service member, a spouse, or child. Student loan payments can vary widely and a [...] More  →
  • How to Deal With a Short Appraisal

    Everything is going well on your purchase, but then the appraisal comes in short of the sales price. The first reaction to a short appraisal may be to rip into the appraiser. Believe it or not, many argue with the lender. Not only does the lender not complete the appraisal, but they also cannot choose [...] More  →
  • Simultaneous Closing – Tips for Buying and Selling Homes on the Same Day

    In a perfect world, a seller finds a buyer for their house and immediately goes under contract for their new home. Not only getting under contract though, the tougher part is pulling off a simultaneous closing. That means closing on the sale and purchase of homes on the same day. But pulling off a double [...] More  →