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OVM NEWS & RESOURCES

Conforming Loan Limits Increase for 2022 Home Buyers

Want to find out what this change means for your conventional loan purchase? Follow the link below to chat with a loan officer. Talk to a Loan OfficerGet a personalized plan or ask any questions to our dedicated loan officers. 757-296-2964 The Federal Housing Finance Agency has increased conventional loan limits by $98,950 for the year ahead. The new...

December 2, 2021 Read More

Answers to Your Most Pressing VA Appraisal Questions

Military Service Members and Veterans are in a unique position to take advantage of the many benefits of VA loans. But to secure your VA loan, you need to meet the VA appraisal requirements. Here are the answers to your most pressing VA appraisal questions. 1. How does the VA define an appraisal? The VA defines an appraisal...

November 29, 2021 Read More

The Ultimate Holiday Gift Guide For Homeowners 2021

Are you looking for the perfect gift for the new homeowner on your holiday shopping list? This holiday gift guide is full of unique gift ideas to delight your homeowners and make their lives easier. Whether you have a budget of $25 or $250, you’re sure to find something perfect on this list. Here are 20+ homeowner-friendly holiday...

November 22, 2021 Read More

How to Use Rental Income to Qualify for a Mortgage

Using rental income to qualify for a mortgage is a bit more complicated than using wages from employment, but it is possible in many cases. And it’s worth the effort to understand the process of claiming rental income for a mortgage when you want to invest in rental properties. You need to learn how a loan officer views...

October 27, 2021 Read More

FHA Rental Income Guidelines

Federal Housing Administration (FHA) loans make it easier for prospective homebuyers to get the financing they need to buy a home. With a minimum down payment requirement of just 3.5% and a credit score requirement of above 500, they are a lifeline for anyone struggling to buy a home with a conventional mortgage. However, while it’s easier to...

October 26, 2021 Read More

FHA DTI Ratio Requirements For Home Buyers

For many aspiring home buyers, a Federal Housing Administration (FHA) loan might be a good option. FHA loans appeal to home buyers, especially first-time buyers because they offer lower down payment rates and have more flexibility with credit scores and debt than some other loans. The FHA has specific requirements for qualification. A key one is your debt...

September 27, 2021 Read More

How Will Short-Term Rental Regulations Impact Rental Property Investors?

The rise of Airbnb-type properties in popular tourist spots has been a tricky situation over the past few years. Residents are often poorly affected in multiple ways. Virginia Beach Legislation for Short-Term Rentals Cities such as Virginia Beach have taken steps to limit short-term rentals’ disturbances on the local community and residents. In fact, a recent vote at the Virginia...

September 22, 2021 Read More

How Can I Use FHA Gift Funds to Buy a Home?

Buying a home is a special milestone for many, but it’s not one that’s easy to achieve for most. First-time buyers trying to get on the ladder come up against one major hurdle – getting the down payment together. Saving for a down payment whilst also paying rent and other living expenses is a long and tough process...

September 21, 2021 Read More

2021 FHA Student Loan Guidelines Help More Qualify for a Mortgage

2021 FHA Student Loan Guideline Update As of June 2021, FHA updated its student loan guidelines for loans in deferment or income-based repayment (IBR). The change will give more borrowers with student loan debt the opportunity to qualify for an FHA loan.  Before the change: We were required to use 1% of the loan balance to determine a...

September 21, 2021 Read More

Single-Family Homes Are Increasing in Popularity – Why?

If you’ve watched the news over the past year, you’ve probably seen how the market for single-family homes is scorching. According to the U.S.  Census Bureau, nearly 840,000 single-family homes sold in June 2020, at the height of the boom.  While the numbers are slowly ticking down, June 2021 still saw over 675,000 single-family homes sold. The number of...

August 16, 2021 Read More

Everything You Need to Know About FHA Loan Closing Costs

It’s easy to overlook FHA loan closing costs, especially if they pale in comparison to your down payment (one of the many benefits of a FHA loan). But these costs can add up. So it’s important to know what to expect in terms of expense and be aware of your options for covering these costs. Here’s everything you need...

January 20, 2022 Read More

Exploring Fannie Mae Manufactured Home Loan Financing Options

Manufactured housing is a low-cost alternative to site-built homes that many Americans are opting to purchase. These types of homes are built primarily off-site in multiple sections and are then assembled like building blocks on the site that the property will sit on. In the past, manufactured or mobile homes may not have been an option many would...

December 1, 2021 Read More

Everything You Need to Know About VA Closing Costs

VA loans are a handy way for military members to get onto the housing ladder without the need for a down payment. However, there are still costs you’ll need to pay, called VA closing costs. This can potentially be a roadblock if you’re unaware of what they are and how they work. Fortunately, there are ways to eliminate...

December 1, 2021 Read More

VA Appraisal vs. Home Inspection: What’s the Difference?

The VA appraisal process and the report itself get a bad rap, and they are often misunderstood. A topic we want to clarify is the misunderstanding that the Veterans Administration requested appraisal is a VA home inspection when it is not. First, there’s no such thing as a VA home inspection, and the VA does not even require...

November 29, 2021 Read More

FHA 100 Mile Rule: FHA Guidelines to Know

In most cases, the general FHA guideline is that borrowers may only have one FHA loan at a time. However, there are exceptions to this guideline thanks to FHA’s 100-Mile Rule. The two exceptions: Relocation for a new job Using rental income from a departing residence to finance a home with an FHA loan Job Relocation and FHA...

November 17, 2021 Read More

Top 5 FHA PMI (Private Mortgage Insurance) Questions Answered

First-time home buyers often assume that they will not be able to purchase a home without a large down payment. Fortunately, FHA loans offer a low (3.5%) down payment solution made possible by FHA PMI (private mortgage insurance). It’s also referred to as FHA MIP (mortgage insurance premium). Primarily, mortgage insurance is in the form of monthly or...

November 3, 2021 Read More

Can You Get an FHA Loan on a Manufactured Home?

With the cost of buying a home increasing, some homebuyers turn to manufactured homes as a more affordable alternative. However, getting a mortgage to cover this type of home can be a bit tricky. Lenders tend to view manufactured and mobile homes with a different level of risk than traditional properties. What is a Manufactured Home? Manufactured homes...

October 27, 2021 Read More

How to Qualify for a VA Loan Using Rental Income

Military Service Members, Veterans, and their families have access to a unique real estate investment opportunity; you can use a low-interest, 0% down payment VA loan to purchase multi-family properties. As long as you live in one of the units as your primary residence, you can buy a property with up to four units. And, as a property owner, you...

October 27, 2021 Read More

FHA Flipping Rule 2021 Guide

Out with the old and in with the new! There’s no doubt that home buyers love a good house flip and a flexible loan program (FHA) that can help them finance it. However, if you plan to finance a flipped home with an FHA loan, it’s essential that you know about the FHA Flipping Rule. The FHA flipping...

October 1, 2021 Read More

What Does FHA Identity of Interest Mean?

FHA identity of interest is a complicated term for a relatively simple idea. Identity of interest means that there is an existing relationship between a home buyer and the seller. Maybe you’re planning to buy your parents’ home. Maybe you want to buy a new home built by your uncle’s construction company. Or maybe you fell in love...

September 27, 2021 Read More

Home Buyer Resources

Everything You Need to Know About FHA Loan Closing Costs

It’s easy to overlook FHA loan closing costs, especially if they pale in comparison to your down payment (one of the many benefits of a FHA...

January 20, 2022 Read More

Conforming Loan Limits Increase for 2022 Home Buyers

Want to find out what this change means for your conventional loan purchase? Follow the link below to chat with a loan officer. Talk to...

December 2, 2021 Read More

Exploring Fannie Mae Manufactured Home Loan Financing Options

Manufactured housing is a low-cost alternative to site-built homes that many Americans are opting to purchase. These types of homes are built primarily off-site in...

December 1, 2021 Read More

all Home Buyer Resources

Mortgage Industry News

Conforming Loan Limits Increase for 2022 Home Buyers

Want to find out what this change means for your conventional loan purchase? Follow the link below to chat with a loan officer. Talk to...

December 2, 2021 Read More

5 Reasons Why We’re Not at Risk For Another Housing...

After watching a historic climb in home sales prices coming out of the COVID-19 pandemic of 2020, many pundits have expressed concerns we’re headed for...

August 31, 2021 Read More

Single-Family Homes Are Increasing in Popularity – Why?

If you’ve watched the news over the past year, you’ve probably seen how the market for single-family homes is scorching. According to the U.S.  Census Bureau,...

August 16, 2021 Read More

all Mortgage Industry News

OVM News

Top Producing Loan Originators Join the OVM Financial Team

OVM Financial is proud to announce that Sherry Reid and Brad Schloss have joined the OVM family as Branch Managers along with Mortgage Loan Originator...

December 9, 2021 Read More

OVM Financial Opens New Central Virginia Branch in Richmond

OVM Financial Richmond Grand Opening With much anticipation, we will open the doors to OVM Financial’s Richmond branch (located at 5000 Monument Avenue in The...

September 17, 2021 Read More

OVM Financials’ Rankings Climb to New Heights on 2021 Inc....

Inc. magazine listed OVM Financial as No. 3245 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. This...

August 17, 2021 Read More

all OVM News

Real Estate Agent Hub

Everything You Need to Know About VA Closing Costs

VA loans are a handy way for military members to get onto the housing ladder without the need for a down payment. However, there are...

December 1, 2021 Read More

What Does FHA Identity of Interest Mean?

FHA identity of interest is a complicated term for a relatively simple idea. Identity of interest means that there is an existing relationship between a...

September 27, 2021 Read More

5 Housing Market Predictions For Year 2 Of The Pandemic

When pandemic lockdowns put the U.S. housing market in a freeze last spring, pundits claimed the industry was headed for another crash, not unlike the...

March 11, 2021 Read More

all Real Estate Agent Hub