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OVM NEWS & RESOURCES

FHA Condo Approval Update Makes Owning a Condo Much Easier!

In recent years, condos and FHA have not mixed well. If you mentioned getting a condominium complex FHA approved, everyone cringed. Honestly, the FHA condo approval process can be difficult and time consuming for all involved. Especially the fact that the whole complex had to meet FHA lending requirements and that means a ton of paperwork and restrictions....

September 16, 2019 Read More

Do I Have to Pay VA Loan PMI When Buying or Refinancing a Home?

Whether looking to buy, build, or refinance a home, a VA loan is tough to beat. A hugely popular feature is the ability to buy a home with no money down. Additionally, refinancing a construction loan or other mortgage up to the VA appraised value is supremely helpful. Another amazing VA loan advantage includes the subject of VA...

July 25, 2019 Read More

What is a VA IRRRL and Why Do Veterans Need to Know About It?

Talking to a VA lender on a refinance, you will hear the term VA IRRRL (pronounced Earl) a lot. A homeowners response might be, who is Earl and how is he going to help my VA loan? IRRRL is not a person, but it is a streamline refinance program for existing VA borrowers. IRRRL stands for interest rate...

July 24, 2019 Read More

When Can I Rent Out My Owner Occupied Home?

Buying a home to live in is the goal for most of us. The mortgage world has a term called owner occupied which means the borrower will live in (occupy) the home. Owner occupancy comes with several benefits compared to rental property loans such as better interest rates, less down payment, and more loan options. Although, just because...

July 17, 2019 Read More

Walking Through the HUD Inspection Process for Renovation Loans

Deciding to renovate a home can be very exciting for many reasons. Renovated homes solve repair issues, can build equity, and helps homeowners turn a house into their HOME. Although, inexperienced borrowers may fear the HUD inspection process required for some renovation loans. We are going to explain and simplify it with our informative HUD inspection description. Keep...

July 16, 2019 Read More

Can USDA Loan Closing Costs Be Included in My Purchase?

Buying a home is a big decision, but it’s often one that makes financial sense. Owning a home typically allows more freedom compared to that you’d have as a renter and allow the homeowner to build equity. But isn’t it hard to get a home loan? Not when it comes to a USDA home loan. USDA loans offer...

June 27, 2019 Read More

Is Your VA Home Loan Credit Score All It Can Be? Don’t Worry…

The lower the down payment required for a buyer, the more risk a lender takes. It would seem like a VA home loan requiring no down payment would have really strict guidelines, probably even requiring perfect credit scores, too. Right? Actually, a VA home loan credit score requirement can be pretty lenient. Now, it does not mean approving...

June 25, 2019 Read More

Buying a Home with an FHA Loan After Bankruptcy is Possible

Sometimes things happen in life that cause financial hardship, resulting in the need to file for bankruptcy protection. Whether filing a Chapter 7 or 13, it is considered a major derogatory mark on a credit report. Therefore, people often give up on the possibility of ever buying a home after bankruptcy. But you don’t have to give up...

June 25, 2019 Read More

Are VA Interest Rates Higher Because of No Down Payment?

Buying a home with no money down creates a dream situation so that many can experience home ownership. You have probably heard that VA loans offer the ability for first time home buyers to purchase with no money down. Yet, did you know that using a VA loan a second, third, or even more times could be 100%...

June 24, 2019 Read More

How to Use a VA Loan for a Second Home Purchase

For those lucky ones that have VA eligibility, the first thing that should come to mind when buying a home is using a VA loan. No matter if you are a first time home buyer, buying another primary home, or even buying a second home, buyers want to maximize their VA loan benefits whenever possible. A very popular...

June 21, 2019 Read More

VA Refinance Benefits and How Soon You Can Refinance a VA Loan

VA loans offer service members, Veterans, and surviving spouses a tremendous amount of benefits when it comes to buying a home. But, it doesn’t stop there! Once a homeowner, a VA refinance allows for lowering a VA interest rate, monthly payment, and/or loan term. Additionally, a VA regular refinance (sometimes called a VA cash out refinance) provides other...

September 4, 2019 Read More

Looking to Purchase or Refinance Using an FHA Loan? Check Out These 30 FHA FAQ Answers

FHA loans provide excellent benefits to buyers, homeowners, and even sellers. There are so many FHA frequently asked questions that if left unanswered could cause problems during a home purchase or refinance. Therefore, it is key to understand and follow the FHA rules. We have compiled a list of 30 popular FHA FAQ topics. Not only do we...

August 19, 2019 Read More

FHA Well and Septic Distance Requirements for New Construction and Existing Homes

Buying a home outside the city limits often means the home has a well and septic system. Although, the home may only have one as public water or sewer may be available. When using the very popular FHA loan to purchase a home with these features, there are some rules to follow. These are known as FHA distance...

July 25, 2019 Read More

How to Use VA Restoration of Entitlement to Buy or Refinance a Home

VA loans are a great option for those who are eligible (read more about VA eligibility here) but they can be confusing. Often, veterans believe that once they have used their VA entitlement, it is gone forever. This is not always the case. In fact, you can use VA restoration of entitlement to buy another home, refinance with...

June 28, 2019 Read More

Do Not Miss These Reasons to Refinance an FHA Loan to Conventional Financing

Do you remember when you purchased your home? Did an FHA loan help make it happen? The low down payment and flexible guidelines provided were what was needed to buy a home. Maybe now things have changed a little. Interest rates drop, appraised value increases, more home equity, and better credit scores could all be reasons where a...

June 27, 2019 Read More

Use a VA Jumbo Loan Rate as Your “Weapon of Mass Consumption”!

If you are currently serving in the military or National Guard, are in the reserves, are a military Veteran, or are a qualified surviving spouse looking to purchase a home above the VA loan limit, you need to get familiar with the benefits of a VA jumbo loan rate and its guidelines. Traditional jumbo loans require 20% or...

June 27, 2019 Read More

Rental Income from a Departing Residence Can Make or Break a Purchase

Not every repeat buyer decides to sell their current home prior to buying the next. Some homeowners make the choice to become a real estate investor and others choose to rent out their current home because it did not sell. Either way, counting rental income on a departing residence can be tricky. Many assume that full rental income...

June 21, 2019 Read More

Buying a Home With Under 2 Years of Commission Income

For many employees, commission income provides an opportunity to make a higher income compared to hourly or salary employees. Rather than a set amount, commissioned sales people are paid based on their production. Due to the fluctuation that comes with commission pay, it is more difficult to calculate qualifying income. Since the income is not a set amount,...

May 14, 2019 Read More

Using an Escrow Waiver to Pay Your Own Taxes and Insurance

To escrow or not escrow, that is a question on some borrower’s minds. First of all, lenders prefer that borrowers escrow taxes and insurance. Thus, the lender is in control of making sure property taxes and insurances are paid on-time. Plus, most home loan programs require escrows for taxes and insurance. But, there are borrowers who prefer to...

May 14, 2019 Read More

Co Borrower Rules When Buying a Home

There are so many reasons to buy a home. Reasons include building wealth through equity, potential tax deductions, avoiding rent increases, making the home your own, and buying a vacation spot. Even just pride in ownership is high on the chart. Yet with rising home prices and dwindling savings for down payment, many wonder if home ownership is...

April 12, 2019 Read More

Home Buyer Resources

FHA Condo Approval Update Makes Owning a Condo Much Easier!

In recent years, condos and FHA have not mixed well. If you mentioned getting a condominium complex FHA approved, everyone cringed. Honestly, the FHA condo...

September 16, 2019 Read More

VA Refinance Benefits and How Soon You Can Refinance a...

VA loans offer service members, Veterans, and surviving spouses a tremendous amount of benefits when it comes to buying a home. But, it doesn’t stop...

September 4, 2019 Read More

Looking to Purchase or Refinance Using an FHA Loan? Check...

FHA loans provide excellent benefits to buyers, homeowners, and even sellers. There are so many FHA frequently asked questions that if left unanswered could cause...

August 19, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

FHA Condo Approval Update Makes Owning a Condo Much Easier!

In recent years, condos and FHA have not mixed well. If you mentioned getting a condominium complex FHA approved, everyone cringed. Honestly, the FHA condo...

September 16, 2019 Read More

VA Loan Refinance Rules Change Affects Veteran Homeowners Ability to...

Ginnie Mae announced that effective September 1, 2019, VA loan refinance loans for cash out will have new restrictions. Prior to 9/1/2019, homeowners could use...

September 11, 2019 Read More

FHA Cash Out Refinance Guidelines Are Changing September 1, 2019!

For many years, FHA has been a lending cornerstone for buying, building, or refinancing in America. FHA benefits seem endless, but one guideline is changing!...

August 7, 2019 Read More

all Mortgage Industry News

OVM News

The 6th Annual Charity Bash Sponsorship Opportunities!

This year’s Charity Bash will be hosted by OVM’s Legum Legacy – our new charitable organization formed to honor Aaron Legum and his ideals about...

August 20, 2019 Read More

Looking to Purchase or Refinance Using an FHA Loan? Check...

FHA loans provide excellent benefits to buyers, homeowners, and even sellers. There are so many FHA frequently asked questions that if left unanswered could cause...

August 19, 2019 Read More

Introducing OVM’s Legum Legacy & the 6th Annual Charity Bash!

We’re proud to announce that this year’s Charity Bash will be hosted by OVM’s Legum Legacy – our new charitable organization formed to honor Aaron...

July 31, 2019 Read More

all OVM News

Real Estate Agent Hub

FHA Well and Septic Distance Requirements for New Construction and...

Buying a home outside the city limits often means the home has a well and septic system. Although, the home may only have one as...

July 25, 2019 Read More

Walking Through the HUD Inspection Process for Renovation Loans

Deciding to renovate a home can be very exciting for many reasons. Renovated homes solve repair issues, can build equity, and helps homeowners turn a...

July 16, 2019 Read More

FHA Lead Based Paint Requirements When Buying or Selling a...

Looking for that perfect home for your family? Maybe an older home is more your style? Possibly looking to buy an older, fixer upper project?...

June 11, 2019 Read More

all Real Estate Agent Hub