866-719-1424

OVM NEWS & RESOURCES

What Professionals Are Involved in the Home Buying Process?

The home buying process involves many layers of parties to get the job done. The number of real estate professionals depends on the property and/or borrower complexity. Most home purchases include the first 9 professionals listed below. Although, some transactions require additional help to clarify information, provide supporting documentation, or make repairs. 12 Real Estate Professionals in the Home...

March 21, 2019 Read More

Swimming Pool Financing: How To Finance Installation or Repair

Let’s face it, buyers and homeowners either love or hate pools. There’s usually no in between. Pool lovers often find out that mortgage loan programs have guidelines and opinions on pool financing as well. Within these mortgage guidelines, there are pitfalls as well as great opportunity for homeowners desiring a pool. Fortunately, you have come to the right...

March 20, 2019 Read More

2019 FHA Guideline Changes

Effective March 18, 2019, FHA guidelines have changed. The Federal Housing Administration (FHA) has announced new stricter underwriting guidelines for borrowers with lower credit scores combined with higher debt to income ratios. Basically, FHA has been worried about certain loan risk factors and how they affect their portfolio statistics. So, buyers, sellers, real estate agents, lenders, and others...

March 19, 2019 Read More

What To Do After Having a Mortgage Loan Denied at Closing

Having a mortgage loan denied at closing is the worst and is much worse than a denial at the pre-approval stage. Although both denials hurt, each one requires a different game plan. Whether in the beginning or end, reasons for a mortgage loan denial may include credit score drop, property issues, fraud, job loss or change, undisclosed debt,...

March 18, 2019 Read More

How To Finance Home Renovations With An FHA 203K Loan

While driving through established neighborhoods, it is easy to notice that homes are getting older. Often, these homes sell at a discount or not at all. Older homes offer an opportunity for buyers with the right tools, especially in hot markets. While homes in excellent condition have multiple offers, there is not as much competition among the diamonds...

March 13, 2019 Read More

Mortgage Shopping Tip: How To Select The Right Lender

The decision to buy a home is an exciting time. Yet, it brings about questions, concerns, and doubts. While speaking with a mortgage lender, thoughts pop up like: “Is this the right lender?” “Am I getting the right loan?” “Does my loan officer have the experience and the support needed to help me close on time?” What To Consider When...

March 13, 2019 Read More

FHA Identity of Interest Can Burn Buyers, Sellers, and Realtors

FHA loans give buyers the option to finance with a down payment as low as 3.5%. There’s even a $100 down payment FHA program, but did you know there are FHA purchases which require a 15% down payment? Too often this surprises buyers. It’s tough when these situations are not caught early by a lender and the rules first...

March 12, 2019 Read More

Mortgage Process Steps – From Application to Closing

Our goal is to ensure that each buyer understands the mortgage process from application through closing. If you are considering a home purchase (especially as a first time home buyer), learning these eight steps will simplify everything. Mortgage Process Steps Completing an Application Pulling Credit Pre-Approval Mortgage Documentation Inspections Process Underwriting Process Closing Process Get the Keys & Move...

March 11, 2019 Read More

Understanding Debt to Income Ratio

Qualifying for a mortgage involves several calculations. One of the most important numbers in the mortgage process is a borrower’s debt to income ratio (DTI). What Does Debt to Income Ratio Mean? Debt to income ratio is a borrower’s monthly debt payments divided by their gross monthly income. A very common question is, “What is a good debt...

March 5, 2019 Read More

How to Gross Up Nontaxable Income for a Mortgage Approval

Income. We all want it, and it comes in many forms: salary, hourly, self-employed, child support, alimony, rental income, retirement, and more. Additionally, each of these breaks down into subcategories. Check the IRS website, and you will see what seems like an endless list of income types. There’s one income group received by many that creates advantages and...

February 27, 2019 Read More

VA Funding Fee Exemption Lowers Veteran Closing Costs

Whether buying or refinancing a home, it’s important to understand closing costs and how to lower them. This is no different when it comes to VA loans. Individually, the financed VA funding fee is usually the largest VA loan closing cost paid by a Veteran. Fortunately, the Veterans Administration allows VA borrowers to include this fee in the...

February 21, 2019 Read More

Budget-Friendly Home Loan Options For Teachers

Being a teacher is a rewarding job in that it offers the chance to help young minds grow. Often teachers spend more day time with children compared to anyone else in their lives. Their role in society is essential, but in many states, the salaries place teachers in a low to moderate income range. Therefore, buying a home...

February 14, 2019 Read More

Can I Use Unemployment Compensation as Income to Buy a Home?

Most are at least familiar with the term unemployment income which assists those out of work. It is offered to out of work employees through either a federal or state insurance fund. Additionally, it is not a long term form of income. Instead, it is temporary and may last up to 26 weeks to provide a tax paying employee an...

February 12, 2019 Read More

Home Financing Solutions For Longshoremen

Coastal Virginia, North Carolina, and South Carolina are home to large shipping ports which, like the military, are a cornerstone to the local economy. As ships enter and leave the local ports, there are many people needed to support this industry. A longshoreman is one of the primary careers in ports like Wilmington NC, Norfolk VA, and Charleston...

February 12, 2019 Read More

Is It Possible to Get a Mortgage If I Work From Home?

The norm used to include holding a job for 40 years until retirement. Furthermore, it was customary going to work at the same local plant, factory, or bank, but today employment often looks different. Work from home jobs are abundant for various reasons, and employees usually prefer the flexibility offered. Working from home can sometimes cause mortgage qualification...

February 4, 2019 Read More

5 Myths About Buying A Home With Retirement Income

Retirement comes in many forms and looks different for each person. For one person, retirement means extra income while working another job. While another looks at retiring as a time to relax, enjoy the grandchildren, and travel. Additionally, retirement age may come at ages 38, 59 1/2, 62, 65, or higher. Not only can retirement come at different...

February 1, 2019 Read More

What You Need to Know as a Virginia First Time Home Buyer

Buying a home for the first time should involve up-front research and getting a crash course in real estate, finance, and mortgage lending all at once. Of course, the home buying process is rarely a topic covered in school. The result is that prospective buyer knowledge is usually limited to random articles, coffee cooler talk, and advertisements. A...

January 29, 2019 Read More

401k and IRA Distribution Rules Provide Borrowers Income to Buy a Home

Many retirement aged buyers have worked so hard most of their lives to build a retirement nest egg. A primary goal is to accumulate enough funds for an eventual retirement income. Hopefully, it is an income that continues for life. The most common forms of retirement income include social security income, pension income, federal or state retirement plans,...

January 28, 2019 Read More

Living in North Carolina is Easier With First Time Buyer Loans

Year after year, North Carolina continues to rank high as a great place to live. So, it’s no surprise that more people are choosing to move to North Carolina. Annual studies like the U-Haul Top Growth States and the North American Moving Services Migration Report prove this point. Reasons for such high ranking include jobs, climate, thriving real estate...

January 24, 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

Home Buyer Resources

What Professionals Are Involved in the Home Buying Process?

The home buying process involves many layers of parties to get the job done. The number of real estate professionals depends on the property and/or borrower...

March 21, 2019 Read More

Swimming Pool Financing: How To Finance Installation or Repair

Let’s face it, buyers and homeowners either love or hate pools. There’s usually no in between. Pool lovers often find out that mortgage loan programs...

March 20, 2019 Read More

2019 FHA Guideline Changes

Effective March 18, 2019, FHA guidelines have changed. The Federal Housing Administration (FHA) has announced new stricter underwriting guidelines for borrowers with lower credit scores...

March 19, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

2019 FHA Guideline Changes

Effective March 18, 2019, FHA guidelines have changed. The Federal Housing Administration (FHA) has announced new stricter underwriting guidelines for borrowers with lower credit scores...

March 19, 2019 Read More

3 Tax Transcript Solutions for Home Buyers in a Hurry

Buying a home comes with some head scratching processes for home buyers. Although once explained, they usually make sense. One of these include lenders asking...

February 22, 2019 Read More

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

all Mortgage Industry News

OVM News

Remembering Aaron Legum

The OVM Financial family will forever celebrate the life of Aaron Legum, his contribution in shaping our company, and the impact he had on our...

March 8, 2019 Read More

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

all OVM News

Real Estate Agent Hub

Swimming Pool Financing: How To Finance Installation or Repair

Let’s face it, buyers and homeowners either love or hate pools. There’s usually no in between. Pool lovers often find out that mortgage loan programs...

March 20, 2019 Read More

How To Finance Home Renovations With An FHA 203K Loan

While driving through established neighborhoods, it is easy to notice that homes are getting older. Often, these homes sell at a discount or not at...

March 13, 2019 Read More

FHA Identity of Interest Can Burn Buyers, Sellers, and Realtors

FHA loans give buyers the option to finance with a down payment as low as 3.5%. There’s even a $100 down payment FHA program, but did...

March 12, 2019 Read More

all Real Estate Agent Hub