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OVM NEWS & RESOURCES

Closing Day Expectations Explained From Beginning to End

Buying a home is a process, and the reward is finalized by closing on a house. Better yet, buyers want to get the keys to their new home, but many do not know what to expect or do on the closing day. The purchase closing process includes the closing disclosure, signing closing papers, funding, and recording. To have...

January 22, 2019 Read More

What Is Earnest Money and How Much Should a Buyer Pay?

Buying a home is a big step, and that is especially true for first time home buyers. Therefore, it is essential to understand the purchase process, costs, and money involved. So, what is the first actual cost the buyer incurs? The earnest money deposit is typically the buyer’s first check written. Other terms for it include earnest money...

January 22, 2019 Read More

Per Diem Interest Explained for Home Buyers

Have you ever wondered why mortgage lenders always have their mortgage payments due on the first of each month? Maybe you are buying a home and notice a cost on your loan estimate or closing disclosure called per diem interest. Questions come up like: What is that for, where did the figure come from, and do I have to pay...

January 16, 2019 Read More

Home Appraisal Questions Answered for Home Buyers

Buying a home can be one of the most exciting times in life, but one step in the home buying process strikes fear or uncertainty in the minds of buyers. It may scare sellers and real estate agents just as much. That is the home appraisal. More than likely the reason for the fear is that the appraisal report...

January 9, 2019 Read More

USDA Eligibility Map Instructions for a No Money Down Purchase

The USDA eligibility map is used to check property eligibility, which is one of the two main USDA loan qualification requirements. Therefore, to access USDA loan benefits (including no down payment) property eligibility is mandatory. Fortunately, a very high percentage of the United States is USDA eligible. Very often, whole counties are USDA eligible. Buying in or around...

January 8, 2019 Read More

The Most Comprehensive USDA vs. FHA Loan Comparison for Buyers

Whether a first time or repeat home buyer, many seek mortgages offering low down payments, flexible guidelines, and affordable payments. Often, two very popular options come down to a comparison of USDA vs. FHA loans. Certainly, the most popular choice is the Federal Housing Administration (FHA) loan. The lesser-known USDA Rural Development loan compares very favorably with FHA....

January 3, 2019 Read More

The 2019 VA Loan Limit Increase Will Help Veteran Buyers

Just like conforming loan limits, 2019 VA loan limits have increased for loans closed between January 1 – December 31, 2019. Each year, FHFA considers increasing conforming loan limits based on home prices. For the third year in a row, these loan limits have increased dramatically. Each year, VA loans follow the conforming loan limits. Therefore, the new...

December 5, 2018 Read More

Remember These 6 Packing Tips for Moving Day

Whether it is a long or short distance move, transitioning from a renter to a homeowner, a military PCS, or downsizing to a smaller home, these packing tips for moving can save a lot of headaches and money. Most consider a move to be a stressful scenario and honestly it can be. It may also be the most...

October 27, 2016 Read More

Mortgage Lending Guidelines Have Caught Onto Credit Repair Dispute Strategies

In the credit world, everyone has a number. Certainly, most know this number is called a credit score. Good or bad, it determines the outcome for many areas such as insurance rates, employment, and of course, buying a home. Since high credit scores are so important in today’s world, many turn to credit repair as a way to...

June 13, 2015 Read More

How to Get Rid of PMI on FHA, USDA, & Conventional Loans

If “mortgage” comes up as a topic, eventually the term PMI is mentioned. PMI stands for private mortgage insurance and most want to avoid it at all costs if possible. However, once the benefits of mortgage insurance are explained correctly, the potential borrower warms up to the idea of it allowing low to no down payment. Although at some...

May 22, 2015 Read More

Select The Right Real Estate Agent With Online Reviews

When choosing a real estate agent, buyers and sellers have many choices. Every local market has its fair share of options. Real estate agents may be young, old, experienced, brand new, life-long residents, high producers, or new to the area. But, how do you choose the right one? Some are fortunate enough to have an agent who has...

January 9, 2019 Read More

How To Use Gifted Funds For A Mortgage Down Payment

Buying a home with little to no money down has become much easier these days. First of all, there are great no money down home loan programs. These include VA home loans, USDA loans, and down payment assistance programs, but even if a down payment is required, an allowed source may provide the down payment in the form...

January 8, 2019 Read More

Military Housing Allowance Helps Service Members Buy a Home

Military Housing Allowance, otherwise known as BAH, is that beautiful, nontaxable line of the military’s LES that makes housing more affordable. This form of income goes a long way toward helping military buyers qualify for a VA loan. As every service member knows, the amount varies based on the area, rank, and dependents, but what many military buyers may...

January 7, 2019 Read More

New 2019 FHA Loan Limits Will Help Home Buyers

Rising home prices continue to put stress on housing affordability (higher home prices mean higher loan payments). As home prices rise, it puts stress on affordable home loan products. As a result, the 2019 FHA loan limits have increased to keep up with the county median prices. When comparing 2018 & 2019, single-family residence FHA loan limits had an increase...

December 17, 2018 Read More

2019 Conforming Loan Limit Increase & What It Means For You

For the third year in a row, the Federal Housing Finance Agency (FHFA) has raised the conforming loan limits. Conforming, otherwise known as conventional mortgages, are underwritten to Fannie Mae or Freddie Mac guidelines. Each year FHFA considers adjusting limits to reflect the average home prices across the country. Because of increased home prices in 2018, conforming loan...

November 28, 2018 Read More

USDA Home Loan – How to Buy a Home No Money Down

What if there is a home loan available that could help low to middle income America buy a home with no down payment? Plus, what if it includes closing costs and an affordable mortgage payment? With the right strategy, we are talking a potential purchase with no cash to close and maybe a refund of the earnest money...

November 18, 2018 Read More

How to Buy a House With No Down Payment and a Delayed First Mortgage Payment

The transition from renting to buying a home may seem intimidating. If you are concerned about paying a down payment and covering the closing costs, we have a few solutions that may help move things forward. Are you a rate watcher who notices how interest rates have been ticking up? Maybe you are worried that the opportunity for home ownership...

November 16, 2018 Read More

How to Buy a House with a Payment That Fits Your Budget

Shopping for a home can be far more exciting than obtaining a mortgage. Therefore, it is only natural when a buyer wants to shop first. However, this can lead to a letdown if the buyer’s desired home is not within their budget. We are going to prevent this letdown by explaining how to purchase a home with the mortgage...

November 14, 2018 Read More

How to Get a VA Loan for the First Time

Not all first-time buyers are in their early 20’s, and the same is true for first time VA loan buyers. A first-time buyer could decide to purchase a home at any stage of life. Whether currently in the service, separated from service, in the reserves, disabled Veteran, or a surviving spouse, getting that first time VA loan is...

October 24, 2018 Read More

VA Loan Closing Costs for Buying a New Home

The most common questions from a buyer include: How much is my payment? What are my closing costs? What is the rate? How much do I need to bring to closing? For military service men and women, Veterans, and surviving spouses, the questions are basically the same. As far as VA loan closing costs go, there are some differences...

October 23, 2018 Read More

Home Buyer Resources

Closing Day Expectations Explained From Beginning to End

Buying a home is a process, and the reward is finalized by closing on a house. Better yet, buyers want to get the keys to...

January 22, 2019 Read More

What Is Earnest Money and How Much Should a Buyer...

Buying a home is a big step, and that is especially true for first time home buyers. Therefore, it is essential to understand the purchase...

January 22, 2019 Read More

Per Diem Interest Explained for Home Buyers

Have you ever wondered why mortgage lenders always have their mortgage payments due on the first of each month? Maybe you are buying a home...

January 16, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

Government Shutdown Effect on Buying a Home With a Mortgage

Unfortunately, a full or partial government shutdown impacts federal employees and many more. Additionally, the shutdown creates mortgage process delays for homeowners, buyers, and sellers....

December 28, 2018 Read More

New 2019 FHA Loan Limits Will Help Home Buyers

Rising home prices continue to put stress on housing affordability (higher home prices mean higher loan payments). As home prices rise, it puts stress on affordable...

December 17, 2018 Read More

The 2019 VA Loan Limit Increase Will Help Veteran Buyers

Just like conforming loan limits, 2019 VA loan limits have increased for loans closed between January 1 – December 31, 2019. Each year, FHFA considers...

December 5, 2018 Read More

all Mortgage Industry News

OVM News

OVM Financial Matches $17,125 Raised From The 5th Annual Charity...

The 5th Annual Charity Bash hosted by OVM Financial raised more than $17,000 for charities across Hampton Roads. The event, held on September 20th at The Shack...

November 26, 2018 Read More

Charity Bash Donation Ideas

The 5th Annual Pick-A-Charity Bash is right around the corner, and we are looking forward to making this year’s bash the best in OVM Financial’s...

September 4, 2018 Read More

OVM Financial Makes Inc. 5000 List For The 4th Year...

OVM Financial has made the Inc. 5000 list of America’s Fastest-Growing Private Companies for the 4th year in a row! With a 3-year growth of 120...

August 22, 2018 Read More

all OVM News

Real Estate Agent Hub

Per Diem Interest Explained for Home Buyers

Have you ever wondered why mortgage lenders always have their mortgage payments due on the first of each month? Maybe you are buying a home...

January 16, 2019 Read More

Home Appraisal Questions Answered for Home Buyers

Buying a home can be one of the most exciting times in life, but one step in the home buying process strikes fear or uncertainty in...

January 9, 2019 Read More

USDA Eligibility Map Instructions for a No Money Down Purchase

The USDA eligibility map is used to check property eligibility, which is one of the two main USDA loan qualification requirements. Therefore, to access USDA...

January 8, 2019 Read More

all Real Estate Agent Hub