Author Archives: OVM Financial

  • 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  →
  • USDA Student Loan Repayment Rules Have Changed for the Better

    It is not a secret that over $1.6 trillion in student loan debt keeps many Americans from buying a home. Even when the student loan payment is zero, these buyers learn the 1% rule. That's where many home loans use 1% of the outstanding student loan balance to use in a debt to income ratio. [...] More  →
  • Purple Heart Benefits May Include Lower VA Loan Costs & More

    All of our military deserve much respect and benefits for servicing our country. But, some deserve even more of both. Those include purple heart recipients, which are service members who have been injured or killed in action. Therefore, this group of men and women deserve every benefit we can give them. Recently, there's been a [...] More  →
  • Are You Due a VA Funding Fee Refund? You Need to Check!

    Except for exempt VA borrowers, every other VA loan borrower is charged a VA funding fee. But, the Department of Veteran Affairs has been working overtime to find over $400 million in refunds. For a while, there has been extensive conversations about the term "VA funding fee refund". Basically, VA funding fee refunds are due [...] More  →
  • How Does a Rapid Rescore Work and Help Me Buy a Home?

    You probably know that credit scores are a key component in getting approved for a mortgage. Yes, it's all about that number! When buying a home, sometimes the credit score is not quite all it can be. So, the common questions basically revolve around how to increase the credit score. That is where a rapid [...] More  →
  • Refinancing or Buying an On Frame Modular Home

    Home prices keep going up and finding an affordable home can be tough. Fortunately, prefab options called modular homes may be the solution. Modular homes come in two main varieties: Off frame modulars and on frame modulars. Over the last few years, there has been some back and forth with lending guidelines regarding on frame [...] More  →
  • Why Am I Required to Have a Condo Insurance H06 Policy?

    Buying a condo is different from buying a standalone home. Especially when it comes to insurance coverage. Buying a condo means you are becoming a partner with other owners. Plus, the common areas are insured by one or more master insurance policies. Most condo master policies do not cover the interior of the condo. Tiis [...] More  →
  • What are the Advantages of Using a Piggyback Mortgage? Key Strategies of Two Mortgages Explained

    Using a new mortgage to purchase or refinance a home usually results in getting one mortgage. Maybe there are options such as choosing FHA vs conventional or possibly others. But, have you considered having two loans instead of one? Wait! Why would you want two payments instead of one? Quick assumptions go through a borrower's [...] More  →
  • What is the Minimum Credit Score for a VA Loan?

    As with all mortgage loans, a borrower's credit score is a key component of the approval process. One of the most common questions that we receive is, "What's the minimum credit score required for a VA loan?" Depending on the scenario and the lender, the minimum credit score for a VA loan can vary. We [...] More  →
  • what is a va loan?

    VA Loans 101: What Are VA Loans and How Do They Work?

    What are VA Loans and How Do They Work? A VA loan is a mortgage provided through a private lender, like OVM Financial, but is insured by the United States Department of Veteran Affairs. VA Loans are offered to active military personnel, veterans, and eligible surviving spouses of military members to help their homeownership dreams [...] More  →