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OVM NEWS & RESOURCES

$8,000 Down Payment Assistance Available for North Carolina Buyers

OVM Financial is happy to announce a new product for NC first time buyers or qualifying military veterans. It is called the NC 1st Home Advantage Program, and it provides an $8,000 down payment assistance tool to help buyers achieve homeownership. Although we have offered other NC down payment assistance programs, this DPA provides advantages in certain cases. Let’s...

March 9, 2018 Read More

10 Signs You’re Ready To Ditch Apartment Life

Let’s face it, taking the first few steps into adulthood can be rough and even thinking of how your going to embark on buying your first home can induce a minor panic attack. Buying a home will be one of the most difficult decisions of your life, and it’s easy to delay the process so long as your...

November 1, 2016 Read More

2018 – 2019 USDA Income Limits Increase Helps More Buy With No Money Down

First of all, let’s get a few common misconceptions out of the way. USDA loans are NOT just for low-income buyers and small priced homes that are only way out in the country on a farm. These shared beliefs make USDA loans probably the most misunderstood and underutilized home loans around. On the contrary, perhaps a majority of...

June 15, 2018 Read More

2018 FHA Loan Limits Increase Offering More Homeownership Opportunities for Buyers

Whether a first-time buyer, moving up or down in price or even retiring, FHA loans offer affordability and flexibility. On top of that, FHA just increased their loan limits which will allow more buyers to enjoy homeownership. Just like the conforming loan limits’ recent increase, FHA loan limits 2018 have gone up a significant amount. Home price increases...

December 11, 2017 Read More

3 Ways to Improve Your Credit Score That Won’t Break the Bank

Buying a home is a huge step forward in life for so many. Did you know that as little as one credit score point could mean a better interest rate or even the difference between approval and denial? It’s true! In today’s lending world, a credit score is probably the first thing that every lender reviews. When buying a home,...

June 28, 2018 Read More

30 Quick and Simple Lifestyle Changes to Save Up a Down Payment on a House

Although buyers have several low to no down payment options these days, it is still smart to save before making a home purchase. Whether saving for down payment, asset reserves for loan approval, or pay off debts for qualification, there are so many reasons to save. Often, it may be as easy as making a few lifestyle changes....

May 14, 2018 Read More

5 Ways to Pay Off a Mortgage Early and Save Money

There are several ways to pay down a mortgage faster than the agreed upon terms. Below are several ideas to consider when trying to pay off a mortgage: 1) Refinance to a shorter term mortgage: 10 and 15-year terms offer lower rates than 20 or longer terms and will help save a lot of interest over the life...

May 31, 2015 Read More

8 Key Reasons Why Owning A Home Often Outweighs The Decision To Rent

The time has come. You are on the brink of establishing a place to call home. One of the first steps in the decision process is to decide whether you will want to rent or buy. There are advantages and disadvantages of each, but there are a few key reasons why buying a home often outweighs the decision...

March 9, 2017 Read More

8 Self Employed Mortgage Loan Solutions to Help You Buy Your Next Home

When it comes to getting a mortgage, business owners feel like an ant. Then, the mortgage lender uses the sun and a magnifying glass on that self employed ant. Basically, business owners feel picked on. A common complaint is, “A lender said I don’t report enough income. I make plenty of money, but it just doesn’t show on...

August 13, 2018 Read More

9 tips for creating passwords that send hackers away, PLUS 5 points when selling a home

How to be safe online & tips to sell your home To keep hackers out of your systems, never click on suspicious links or attachments, even from friends.  But it’s even more important to manage your passwords.  Here’s what internet security experts say we should do: 1. Use nothing from the dictionary. If your password is in the...

November 11, 2014 Read More

9 Tips To Help You Prepare For Moving Day

October 27, 2016 Read More

Approving FHA Loans With Only One Credit Score

Accept it or not, the financing world looks at everyone as a number called credit scores. Sure, there are other factors to loan or credit card approvals, but it all starts with credit scoring. Very few fully understand the inner workings of these important numbers. Therefore, many either struggle to build a solid score, understand how it works,...

October 10, 2014 Read More

Are Biweekly Mortgage Calculator Programs Worth It? Buyer Beware!

Buying a home typically involves finding the right financing to fit within a budget. Typically, the choice is a 30 year term. The main benefit of the 30 year term is that it creates a lower monthly mortgage payment. In contrast, it means the homeowner pays more interest compared to a 15 or 20 year loan. So, when...

August 24, 2018 Read More

Buy a Luxury Home Using the Advantages of a VA Jumbo Loan

VA loans are most known for no money down purchase loans, but many do not realize the full power of VA when it comes to luxury home purchases. Do you know the maximum VA loan size? Is it $250,000, $300,000, and maybe you heard $417,000? How about $1,000,000?! That’s right, a VA jumbo loan allows active military/reservists, Veterans,...

August 31, 2018 Read More

Buyers, Keep Your Comments to Yourself During Home Tours: You May Be Recorded

If you have decided to begin viewing homes on the market, it’s important to remember to keep private thoughts, hopes, and ideas from the seller. Let’s say you’ve hired a reputable buyer’s agent who you can trust with your opinions and comments of the home. As your agent, the private conversations should not make their way back to...

March 29, 2018 Read More

Buying A Home With A Housing Allowance for Pastors

Pastors, priests, and ministers have a gratifying career filled with love, but when it comes to buying a home or refinancing, the clergy is not feeling the love. This comes from a beneficial, nontaxable form of income called pastoral housing allowance. The problem results from many lenders and banks not counting this often misunderstood income source. Usually, the...

August 3, 2014 Read More

Buying a Home With a VA Loan Using VA Survivor Benefits

Behind each married military service member or Veteran is a spouse who should also have well-deserved military benefits. Just like being in the service, a military spouse’s life can be tough and important as well. Among one of the VA survivor benefits is to potentially allow an unmarried surviving spouse of a Veteran to use a VA home...

September 6, 2018 Read More

Buying a Home With Cash Is Not Always the Best Choice!

Many buyers want to pay cash if they could and sellers would love to have a cash buyer as well. But, even though a buyer may be able to pay cash for a home, it could be a financial trap or missed opportunity to not explore options. First of all, a buyer should feel accomplished to have the...

December 2, 2016 Read More

Buying a Second Home is Easier Than You Think

Maybe you work very hard throughout the week and need a relaxation spot. Possibly you have completed a career, want to keep living where you are, but want an oasis to visit often. What if retirement is a few years off, but you want to go ahead and buy your final home to start enjoying it? Either way,...

June 11, 2018 Read More

Buying and Selling a Home During Hurricane Season

Living in a coastal southern or eastern state means paying attention to the Weather Channel from June 1 through November 30. Everyone knows that is hurricane season, and it has proven to be devastating from Texas, Florida, North Carolina, Virginia, to New York. On top of that, it is also peak home buying season! The 2017 season included Hurricanes...

May 29, 2018 Read More

Capital Gains Home Exclusion Rules Help Sellers Profit

The House and Senate income tax reform bills offer a lot of changes for taxpayers. Many are debating the pros versus cons of tax reform. The main goal of the reform appears to be to help the American taxpayers and further stimulate the economy. One potential area of concern in both tax reform proposals is the capital gains tax on the...

December 18, 2017 Read More

Condo vs Townhouse, Which is Right for You?

Maybe you are sure about being a homeowner, yet not too sure about the maintenance part. The time and cost involved in replacing a roof, weekly mowing a large yard, and painting a house makes you want to keep renting. Does this sound like you? If you’re a Realtor, you know the deal and have seen many of...

August 9, 2014 Read More

Conventional Loan Options Provide the Most Ways to Buy a Home

Looking to buy a home? Let me count the ways! Primary residence, second home, rental property, condo, town home, low down payment, self employed, commission income, and the list goes on. A conventional loan offers solutions to each of these and more. Basically, conventional loans are loans which conform to Fannie Mae and Freddie Mac guidelines. Plus, they...

February 11, 2014 Read More

Creative Purchase Options To Help Finance Your Vacation Home

Toes in the sand, mountain air in the lungs, whatever your slice of paradise may offer, it can become a part of your daily routine. One of the most frequently asked questions from past clients’ of ours is,  “Do you have any decent programs for second home buyers?” The quick answer: “Yes, there are a lot of creative...

November 20, 2017 Read More

Credit Repair Consequences – How to Remove Disputes From Credit

It’s important to understand how to remove disputes from credit reports when navigating the home buying process. With so many people either disputing accounts directly with the credit bureaus or by using a credit repair company, a little know after effect is that mortgage lenders may not be able to use the credit report or credit score for...

June 13, 2015 Read More

Did you know that a borrower that is 100 years old can get any term loan offered?

Lenders cannot discriminate based on a borrowers age. A retired even at an advanced age can get a 30 year term We are surprised when we occasionally hear someone say something like “Well I am 65 years old, so I can only get a 10 or 15 year mortgage, right?”  Our answer is always that any age borrower may get any...

December 14, 2014 Read More

Disabled Veterans May Qualify for Free Property Taxes

Military veterans have sacrificed so much for our country. Because of this sacrifice, some Veterans have military-related disabilities. The state and federal government provide special discounts or assistance to our deserving disabled warriors. One such benefit involves a property tax exemption for 100% disabled veterans. Thus, it is possible to own a home with potentially no property tax...

May 7, 2018 Read More

Do These 6 Things to Buy a Home With Limited Credit

Many people want to become homeowners but shortchange themselves when it comes to qualifying. This is especially true with prospective first time home buyers who have not been through the process before. Often visions of being the perfect buyer, scare someone into renting versus owning a home. Misunderstandings, such as having a very high credit score and large...

September 27, 2018 Read More

Does FHA Require Collections To Be Paid Off?

A collection results from a borrower’s nonpayment of debt and that debt is submitted by the creditor to a collection agency. It is not uncommon for buyers to have collections reporting on their credit report.  Collections can not only vary in size, but also in type. For instance, collections may result from medical bills, car repossessions, foreclosures, student...

July 12, 2018 Read More

Everything You Want to Know About FHA Flipping Rules and Exceptions

Ignoring a little known FHA flipping rule can stop a purchase in its tracks. A property flip involves an investor purchasing a home, probably making improvements, and then selling for a profit. If you watch HGTV at all, it is easy to see that people make a great living doing this. Plus, they deliver amazing work, but there...

July 24, 2018 Read More

February 2015 Jobs Report Much Better Than Expected – What does that mean?

Today’s News = Bad for Mortgage Rates, Good for Economy, in a way, Stock market takes a hit for fears of Fed raising rates soon The Labor Department reported Friday morning that U.S. employers added 295,000 new workers in February, 2015 versus the 240,000 expected, as the sector continues to improve. The Unemployment Rate fell to 5.5%, the lowest...

March 6, 2015 Read More

FHA 100 Mile Rule for Rentals and Having Two FHA Loans at Once

FHA 100 Mile Rule To have multiple FHA loans or use rental income on a departing residence, the FHA 100 mile rule must be followed. Often buyers are relocating to a new area: 1) Need a 2nd FHA loan for one of many reasons 2) Need to count the rent on the departing residence to qualify. FHA loans offer many options...

March 11, 2016 Read More

FHA Non Occupant Co Borrower Helps First Time Home Buyers

For one reason or another, mortgage qualification hurdles may pop up when buying a home. A common issue is a high debt to income ratio. This means the borrower(s) monthly payments compared to the income is too high for mortgage approval. These days, the culprit often causing high debt to income ratios is student loan debt. Especially younger,...

February 22, 2015 Read More

FHA Student Loan Guidelines Help Make Buying a Home Easier

Student loan debt continues to accelerate out of control. Just a few months ago, the national student loan debt crossed $1.5 billion and it is rising fast. It is no wonder that many burdened with student loans are finding it hard to save and budget for buying a home. Although, there are home loans which help buyers qualify...

May 20, 2015 Read More

FHA vs. Conventional Loan Options and Benefits for Home Buyers

There are many decisions to make during the home buying process. For some buyers, the lack of knowing what to do or keeps them renting or living with family. The decisions include the type of home, neighborhood, payment range, and mortgage type. Often, the mortgage decision comes down to the FHA vs. conventional loan comparison. On the surface,...

October 23, 2018 Read More

First Time Home Buyer Loans Bring Affordable Living to North Carolina Residents

Buying a first home is a significant life milestone, and we recognize the importance. It can be very exciting, yet nerve-wracking. Our goal is to share first time home buyer NC mortgage loan options and explain why an up-front mortgage pre approval is key. North Carolina is one of the most unique states for the buyer as it...

August 8, 2018 Read More

Freddie Mac Student Loan Guidelines Make It Easier to Buy a Home

Many times, buyers with student loan debt hear the following mortgage lender response: “Sorry, but when using 1% of your outstanding student loan debt as a payment, your debt to income ratio is too high for a mortgage loan”. Regretfully, even though a buyer may have a low income based repayment student loan payment, FHA requires lenders use...

September 27, 2018 Read More

Free HomeBuying Guide – 2015 version Available for download

January 27, 2015 Read More

Here’s Why You Should Choose A Local Lender For Your Home Purchase

Buying a home is not something to take lightly. It is a huge decision, so why would a buyer or Realtor® use an online, call center lender? This leads the buyer on a goose chase. They may end up talking to a different person each time they call. They will probably feel like a number in a huge stack...

May 21, 2018 Read More

Home Buying Solutions for Buyers With Student Loans

Student loan debt by itself is a significant issue in America. When a borrower with student loans is ready to purchase a home, things get challenging. One challenge: The low income driven payment will not factor into the qualification. Instead, a more significant 1% of the balance may be used causing an insurmountable “calculated” student debt payment. A recent online Money article states, “Of...

March 1, 2018 Read More

Home Possible Loan Helps Home Buyers

Believe it or not, most first time buyers think a large down payment is necessary to buy a home. This is far from true. We offer several options that provide low to no down payment home loans. One low down payment option is the Freddie Mac Home Possible mortgage. Maybe you have heard of another low down payment loan called HomeReady. ...

March 20, 2018 Read More

HomeReady Helps First Time Home Buyers With Low Down Payment

First time home buyers are often faced with home ownership hurdles. These obstacles include down payment, student loan debt, credit scores, debt ratios, and affordability. Our Fannie Mae HomeReady mortgage helps buyers overcome and succeed as a new homeowner. Here is an interesting fact stated by Fannie Mae: “Nearly half (48.9%) of all single-family owner-occupied home purchase loans financed...

September 27, 2018 Read More

HomeStyle Renovation Loans Turning Houses Into Homes

Today’s competitive seller’s market makes buyers fight for a chance at a limited inventory of houses. However, for buyers that can see a “diamond in the rough,” there is an incredible opportunity to create a dream home scenario. We’re talking dream homes with open layouts, modern fixtures, curb appeal, and hidden potential all rolled into one! Plus, it...

August 24, 2018 Read More

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

Buying a home is a special time for so many. As a goal, it ranks near the top with getting married, earning a great job, graduating from college, and more. Furthermore, first time home buyers are looking to move from “throwing away money on rent” to turning a house into a home. Once the decision has been made...

March 21, 2015 Read More

How Does A Renovation Loan Work? Here’s The Answer.

Have you found your home in the perfect neighborhood, the right school district, but it needs work? Maybe the layout is perfect, but it looks like you’ve transported yourself to the 1970’s when entering the front door. Even if it is a recently built home, it may need improvements to meet your taste, or what if you thought...

May 29, 2018 Read More

How Holiday Shopping Affects Credit Scores & Home Buyer Dreams

The season of giving brings cheer for many, but before the holidays arrive, we need to discuss how holiday shopping can severely damage a credit score. More importantly, buyers, especially a first time home buyer with limited credit could receive a credit denial for a home purchase. Talk about “Bah Humbug!” Therefore, we want to help everyone understand the effect...

October 9, 2018 Read More

How Military Buyers Can Include VA Closing Costs in Their Purchase

The two most popular questions on a VA loan are: “How much is my monthly payment?” and “How much do I need to bring to closing?” VA home loans are 100% financed (provided you’ve taken into account VA closing costs). In this article, we explain closing costs and buyer strategies and solutions allowed by the Veterans Administration. These solutions may...

January 29, 2018 Read More

How Much House Can I Afford? Buyers Need to Know This Answer!

Whether a client is a first-time buyer, moving for retirement, purchasing a second home, or selling to buy another home, most will ask this question: “How much house can I afford?” Actually, the answer is based on several factors: House payment, down payment, home prices, debt level, credit history, income, and possibly even location. Understanding these factors will...

July 31, 2018 Read More

How To Buy A Home With Student Loans In Income Based Repayment

It is no secret that student loans cause debt ratio issues when qualifying for a home loan. Per a recent Federal Reserve report**, student loan debt is rising at an alarming rate of $2,701 per second! As of January 2017, student loan debt is approximately $1.4 trillion. Obviously this is a wide-spread problem for many borrowers. While we don’t have a solution for...

January 23, 2017 Read More

How to Get a Mortgage -Avoid These Traps at ALL Costs!

Buying a home and understanding how to get a mortgage involves key steps. Some are nonnegotiable, while others depend on the borrower, property, and loan program. Then, part of the process results from correcting mistakes during the home buying process. That’s right. Normal parts of life include activities such as depositing cash, buying a car, and changing jobs. Yet, not understanding the significantly...

August 9, 2014 Read More

How to Get a Mortgage Before, During, or After a Divorce

December 15, 2016 Read More

How To Get A Perfect Credit Score and Qualify For Better Rates

Tips for getting that elusive perfect credit score: If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their credit looks like or know what makes credit good other than paying bills on time (which is only 35% of...

October 14, 2014 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

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

If the topic of mortgages comes up in conversation or researching online, eventually the term PMI is mentioned. PMI stands for private mortgage insurance and most want to avoid it at all costs if possible. But once the benefits of mortgage insurance are explained correctly, the potential borrower warms up to the idea of it allowing low to...

May 22, 2015 Read More

How to Get Your VA Certificate of Eligibility for Buying a Home

VA home loans are one of the best options available for buyers. They provide potentially 100% financing, affordable housing payments, and flexible guidelines for those that qualify. But, in order to use this valuable home buying tool, one of the borrowers must have sufficient VA entitlement. The amount of entitlement available is a key factor in determining the...

May 23, 2015 Read More

How to Prepare to Buy a Home With a Self Employed Mortgage Loan

Owning a business certainly has it’s ups and downs. Most enjoy being their own boss and making the key decisions that make an affect on your clients, employees, and the owners’ lives. Although, there is one pain of the self employed business owner – the mortgage loan process. Business owners often get upset with the easy mortgage loan...

May 22, 2015 Read More

How to Search the FHA Approved Condo List

Whether a first time home buyer or repeat buyer, FHA loans provide so many advantages to buy a home. FHA even helps buyers purchasing a condo as a primary residence with the same benefits as a regular home. The only caveat is that the condo must report as approved on the FHA approved condo list. Thus, combining FHA benefits with...

August 3, 2014 Read More

How To Use A Gift of Equity When Purchasing A Home From A Family Member

Are you buying a home from a family member? Family transactions may have advantages for both the buyer and seller. A major benefit to buyers is a gift of equity. So, what is a gift of equity? It is a little known rule which allows equity in a family member’s house to be used as the buyer’s down payment. Basically,...

March 7, 2017 Read More

HUD Loans Offer as Little as $100 Down To Help First-Time Home Buyers

Buyers using HUD loans are typically looking for a low down payment option with excellent terms. In addition to ensuring a low down payment and great terms, HUD loans offer flexible guidelines. Therefore, loan approval chances are higher compared to other loan types. Are HUD Loans and FHA the Same? Lenders like to throw around a lot of...

July 31, 2018 Read More

I Have Signed Closing Papers. When Do I Get The Keys?

An important thing to remember for a purchase closing is that just because the buyer has signed the closing documents, the property is not owned by the buyer right away. Generally, the following items need to happen on the day of closing in order for the buyer to get the keys to the home: Buyers bring their certified...

May 19, 2015 Read More

Interested In Refinancing Your Mortgage? Learn More About The Options.

You own a house, and maybe you have a mortgage on it. You probably have a fixed interest rate and payment for 30 years, but, that doesn’t mean it should be ignored for 30 years. One of the most common misconceptions about refinancing is that the new interest rate must be 2% lower than the current loan rate?...

December 15, 2017 Read More

Is Flood Insurance Required and How Do I Tell?

Since it is hurricane season half of the year in the Southeast, let’s talk about flood insurance. Flood insurance covers a property in the case of damage or loss from flood waters. Most homeowners insurance policies exclude coverage for flood damage. For the most part, flood insurance covers rising water. Conversely, homeowners insurance would typically cover damage from falling...

May 29, 2018 Read More

Little Known Exceptions to the VA Loan Occupancy Requirement

Whether buying as a first time home buyer or purchasing the 5th home, it is a big financial decision. Yet, lives are not always cut and dry. For instance, moving into a new home using a VA home loan. VA is a purchase money loan used for buying a primary residence, but, what if life gets in the...

October 1, 2018 Read More

Looking for a No Money Down Purchase? USDA Changes Eligibility Maps

One of the least known, most misunderstood, yet beneficial mortgages is a USDA Guaranteed home loan. Many think of USDA Rural Development Guaranteed Loans for very low income, small purchase prices, and only for properties way out in the country. Not today’s USDA! Conversely, most U.S. properties are eligible, and middle-income families often meet income limit requirements. Additionally, USDA loans are...

March 22, 2018 Read More

Manufactured Home Foundation Inspection Requirements

As home prices continue to rise across the country, buyers are looking for affordable housing. In many markets, this can be quite the task. Especially, first time home buyers struggle in this area. One affordable solution that many buyers turn to is manufactured homes with land. Typically, manufactured homes offer prices lower than the market average along with...

February 28, 2015 Read More

Military Buyers – Use Our Streamlined VA Home Loan Process

Military buyers have access to the best home loan in America – a VA Loan. In addition to providing a way for military members to buy with no money down, VA loans also have very flexible guidelines and affordable terms. Therefore, this option is quite the weapon to have when it comes to buying a home. Once the decision has...

February 21, 2018 Read More

Mortgage Calculator – What Will My House Payment Be?

While this is a simple question, so many factors determine the answer. Buyers need accurate information up-front in order to make a well-informed decision. Before experimenting with an online mortgage calculator, dive into the information below to ensure that you understand all factors that can determine how your payment will be calculated. Mortgage Calculator Issues Online mortgage payment...

July 26, 2018 Read More

Mortgage Loan Approvals With Deferred Student Loan Payments

Student loans play a big role in people’s finances nowadays and that is certainly true with mortgage loan approvals as well. Forbes reported in an article in June of 2018 that the average student loan debt for the class of 2016 is $37,172. Read the article here. Student loan payments are usually included in calculating a borrower’s debt...

May 23, 2015 Read More

Mortgage Terms To Know Before Purchasing A Home

Do you ever feel like when you talk to a real estate agent or a lender that they are speaking a foreign language? Every industry has its own set of terms and jargon. Mortgage terms can sometimes be ordinary words, used in a different context. Let me, Mortgage Loan Originator, Ronda Tucker Hammang, share some of the secret...

August 21, 2018 Read More

Myth Buster: A VA Appraisal is NOT a Home Inspection

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 VA does not even require a home inspection. Foremost,...

May 14, 2018 Read More

No Rent History? Living With Parents or Family? We Can Help.

It is common for young adults to move back home while saving to purchase a home. However, there’s one potential hiccup. They will not have the rent history needed to prove experience in paying a housing payment. A blog post shared by the National Association of Home Builders stated, “More than half of young Millennials move back in with...

February 16, 2015 Read More

OVM Financial’s Comprehensive Checklist For Items Needed To Apply For A Mortgage

Although it’s not the sexiest part of purchasing a new home, gathering all of the documentation needed to make the home buying process run as smooth as possible will give your mortgage loan originator the tools they need to make the transaction seamless. While the work load may seem a bit daunting up front, this checklist may save...

March 27, 2017 Read More

OVM VA Renovation Loans Allow Up to $75,000 of Improvements

We are pleased to announce that OVM Financial’s VA renovation loans now allow up to $75,000 in renovation costs. This is breaking news to an already fantastic product to help military Veterans buy a fixer-upper home and potentially finance all improvements! Did You Say VA Renovation Loans? If you haven’t heard of our VA renovation loans, you’re not...

September 10, 2018 Read More

Private Road Maintenance Agreement Explained for Buyers & Sellers

There are many ticking time bombs lying low in the home buying process that can explode at the last hour. The chances increase when certain items are overlooked. One such dreaded, last second request sounds something like, “Please send us the private road maintenance agreement for this street.”. Too often, there isn’t a road maintenance agreement. Then, fear...

February 9, 2015 Read More

Protect Your Home This Hurricane Season

With hurricane season in full swing, our home owners are top of mind. From preparation to cleanup, we want to help you protect your best assets. Prepare Your Home Keep the trees around your home trimmed in advance of the storm to prevent damage from broken branches. Bring loose outdoor items and furniture inside to keep them secure....

September 5, 2017 Read More

Providing Complete Documentation for a Quick and Smooth Purchase & Mortgage Process

The biggest delay in the mortgage process is when borrowers do not provide the requested documentation. Below are 7 examples of mortgage process issues and SOLUTIONS: Providing documentation very late in the process which can cause a delay in the closing, rate lock expirations, or even a late denial notice because we received important information that could have been...

May 22, 2015 Read More

Ready To Invest In Real Estate? Here’s What You Need To Know Before Getting Started.

If hours of binge watching HGTV makes you wish that you could dive into real estate investing, you aren’t alone, but there are a few things you should know before you decide to make your first investment. Be sure to explore all options, consult with experts, and build a business plan. This article explores the route of buying...

April 11, 2017 Read More

Realtors: Error-Proof Your Offer to Purchase and Contract

Coordinating buyers, sellers, and realtors together to sign documentation can be a daunting task at the time for the realtor so it is best if the contract is correct the first time. This will save a lot of time and headaches between signing the contract and the purchase closing. The following are the most common issues we see...

May 14, 2015 Read More

Rent to Own Homes: How A Lease With Option Purchase Contract Works

Financing rent to own homes is a popular topic. Are there reasons holding you back from buying a home now? Are you in a lease with option to buy contract and ready to purchase the home now? Before entering a rent to own contract, check into mortgage qualification first. It is possible to qualify to buy now? If not, at least know...

March 8, 2017 Read More

Self Employed and Denied a Mortgage Because of Mortgages Notes Bonds Payable in Less Than 1 Year?

OK, this is quite the unique topic for a mortgage and real estate blog. Chances are that the reason you are reading this article is because you are a CPA, mortgage lender, or just found out that this line of your tax returns is causing a potential mortgage denial. But, this obscure line several pages back in a...

October 8, 2014 Read More

Seller Paid Closing Costs: Limits For Buyers

Limits on seller paid closing costs for a buyer for different loan program types: As a buyer or realtor, before agreeing to a sales price on the purchase contract, it is very important to know if you need or want seller paid costs, how much is needed or most beneficial, and how much is allowed to be paid...

May 23, 2015 Read More

Site Requirements To Know Before Using A USDA Loan

USDA will not allow a property to have income producing buildings or farmland. You would think that The US Department of Agriculture would be okay with this, but they are not for their Rural Development program. Here are the USDA site requirements to consider when planning to apply for a USDA loan. USDA Site Requirements Sites must be...

June 12, 2015 Read More

Social Security Disability Income Tips to Buy a Home

Social security disability income recipients often experience difficulty during the home qualification process. Common issues include previous credit issues, debt to income ratios, and proving sufficient continuance of income. Yet, mortgage lending guidelines exist with disabled buyer solutions. Therefore, some education and a great lender can solve many income problems. Let’s discuss these issues and expand on some remedies. Social Security Disability Income...

December 14, 2014 Read More

Spanish Speaking Lender Serves Hispanic Community | Betty Tharpe OVM Financial

Getting a home loan is, in essence, like a puzzle.  All of the pieces have to fit together.  The main pieces include income, credit, debt ratio, and down payment.  Because the home loan process is typically all English, the puzzle may be tougher for Spanish speaking borrowers to put together.  Betty Tharpe, a fluent Spanish speaking lender in Chesapeake...

October 19, 2018 Read More

Tax Refund Season Is The Perfect Time Of Year To Buy A Home

While peak buying season typically takes place during spring and summer months, tax refund season is the time of year when most first-time home buyers qualify. In most cases, tax refunds leave prospective buyers with additional funds for down payment and cash reserves. Mortgage loan underwriting systems and underwriters love to see assets. Therefore, more loans get approved. There...

January 29, 2018 Read More

The First Step To Buying A Home is A Mortgage Pre Approval

During the home purchase process, there are a lot of firsts for a buyer. Other than real estate investors, most do not go through a home purchase or mortgage very often. Once the decision has been made to purchase a home, each buyer should learn the ins and outs of the home buying process. Even previous buyers need...

August 8, 2018 Read More

Tips for a Lower Flood Insurance Quote

All insurance policies come down to one key factor – RISK! Getting a flood insurance quote is no different. The higher the flood risk, the higher the cost. Conversely, using tips discussed here could dramatically lower a homeowner’s flood insurance premium. Before discussing ideas for lowering insurance premiums and protecting from floods, it is essential to get advice from...

September 28, 2018 Read More

Title Insurance – Why Lenders Require It and Buyers Need It

A home is often a person’s most significant asset, so it makes sense to keep it insured. Right? Hazard insurance, otherwise known as homeowners insurance, is most popular. If in a flood hazard area, then lenders will require flood insurance. Even if the property is on the coast, then wind & hail insurance may be necessary, but did...

September 11, 2018 Read More

Top 5 Pinteresting Boards For Aspiring Homeowners

There’s nothing like a little Pinterest browsing to spark a creative flame for your next project. When it comes to sprucing up your home or planning for your future digs, Pinterest is an excellent go-to for inspiration. However, there are millions of Pinterest boards to follow and no where near enough hours in the day to find a...

May 22, 2017 Read More

Understanding the VA Loan Statement of Service Letter

Service members, military Veterans, and qualified surviving spouses have the benefit of the Veterans Administration home loan. VA home loans offer up to 100% financing, flexible guidelines, affordable payments, and can be used multiple times. One of the most popular process related VA questions we receive from active service members involves the VA statement of service letter. Examples of...

May 14, 2018 Read More

USDA Debt to Income Ratio Requirements and Solutions

A borrower’s ability to repay a loan is determined by the borrower’s monthly debt payments and the new house payment compared to their calculated monthly income. “Monthly Debt Payments” + “New House Payment” vs. “Calculated Monthy Income” = Debt To Income Ratio (DTI). Every mortgage loan requires this debt to income calculation. USDA home loans are no exception....

October 23, 2018 Read More

USDA Refinance Helps Homeowners Save Money

Rural Development loans have provided affordable payments with no down payment for years, but now good just became great. Homeowners with a USDA mortgage have the perfect opportunity to make their home even more affordable. USDA has made two huge enhancements to this wonderful program which will help homeowners. First of all, there is the streamlined USDA refinance loan. This...

October 28, 2016 Read More

Use This VA Appraisal Checklist to Avoid Closing Issues

Oh the VA appraisal! Among all the appraisals, this is probably the one that is most feared and misunderstood, but with some preparation and knowledge, the VA appraisal is not so bad. We have actually written several helpful articles referencing appraisals. One of our most popular articles is “Appraisal requirements to prevent closing delays and extra costs.” Plus,...

December 2, 2016 Read More

Using Multiple VA Loans at Once is Possible – Often With No Money Down

A fairly common occurrence for Veterans is the need for having multiple VA loans at once. This is called accessing a Veteran’s bonus entitlement or 2nd tier entitlement. Many do not realize that this is even a possibility. This financing option available through the Veterans Administration is available to service members, Veterans, and qualified surviving spouses not just...

August 13, 2018 Read More

VA Approved Condos Provide Veterans Low Maintenance Living

Military life can be hectic, so the low maintenance living that condominiums offer can be intriguing. Veterans or qualified surviving spouses can also appreciate simple condo living. One great advantage that VA eligible buyers have is that it is possible to finance VA approved condos with no money down. Just like a regular home, Veterans Administration loans offer 100% financing...

February 20, 2018 Read More

VA Builder ID is Required When Buying New Construction Using a VA Loan

These days, new construction subdivisions are popping up everywhere. With the limited housing inventory in most markets on top of the much-improved economy, there is an obvious desire for more housing.  Military Veterans are no different. Active military, Veterans, and surviving spouses often choose the route of new construction. Whether a custom built home, spec home in a...

May 25, 2018 Read More

VA Construction Permanent Loans Help Veterans Build a Custom Home

Finding a construction loan is very difficult today and almost impossible to find over 75 – 80% of the value, but finding 100% financing for building a new home is really tough. Luckily, there is the option of VA construction permanent loans. This is a combination of a construction loan along with a VA permanent closing. Therefore, Veterans are not...

June 12, 2015 Read More

VA Energy Efficient Mortgage Helps Veterans Lower Utility Bills

Let’s face it, finding the perfect home can be tough at times. It is especially difficult for a buyer to find a home in excellent condition, but maybe the state is acceptable, or the seller will make some repairs.  Possibly there is a need for more significant repairs that a VA renovation loan could remedy. What if a...

June 18, 2018 Read More

VA Funding Fee – What Is It, How Much is It, How Do I Pay It, & Why Is It Charged?

Buying a home with a VA home loan is a privilege earned by America’s service members, but sometimes there is confusion about how it works. For instance, “What is the VA funding fee? How much is it? Are there options to lower or get rid of this cost?” We are going to set the record straight in explaining...

September 6, 2018 Read More

VA Guaranteed Home Loans – What You Need To Know

VA guaranteed home loans are available to current military or qualifying veterans of the US Military to purchase homes with 100% financing at fixed or adjustable mortgage rates. Call us for the first step in buying a home using your VA eligibility – Obtaining a VA pre-approval. Once you are pre-approved for a VA mortgage, you can then view...

May 27, 2015 Read More

VA Home Loans Credit Score Rules Help More Veterans Buy a Home

Current military, Veterans, surviving spouses, and the military family experience areas in life that others cannot imagine. Literally, a service man or woman may routinely have their lives at stake in order to provide our freedom. Being away from home is common. Way too common. It is heart breaking and is why we still get teary eyed whenever...

October 10, 2014 Read More

VA Loan Closing Costs

The most common questions from a buyer include: How much is my payment, what are my closing costs, what is the rate, and 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...

October 19, 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

VA Loan Manufactured Home Purchase Promotes Affordable Housing

Home prices and interest rates continue to climb putting pressure on buyers looking for affordable housing. Due to the rise in cost, buyers may consider purchasing a manufactured home. These prefabricated homes, built in climate controlled factories, usually allow buyers to purchase at a lower price than other site built homes. In addition to keeping cost low, buyers...

October 9, 2018 Read More

VA Renovation Loan Helps Veterans Buy a Fixer Upper

Military veteran buyers have access to possibly one of the best loans in the US. The VA Renovation Loan provides very affordable financing and typically, it is a no money down purchase. Just imagine this: A Veteran finds a home in the perfect neighborhood within their desired school district. The home has good bones, but the roof needs replacing and the kitchen...

April 6, 2018 Read More

VA Termite Inspection Explained – Do Not Let These Little Bugs Kill Your VA Purchase

When buying a home, the inspections, title search, and the VA appraisal are critical reports for a buyer. These reports dig deep to determine the condition, value, and ownership of a property. One key report to a Veteran and the lender is the VA termite inspection. Unless you are looking for these pests, they can silently kill a...

May 12, 2015 Read More

Veterans Can Buy a Home With Land, We Are Talking Acreage!

City life has its benefits with its coffee shops, Walgreen’s, and Red Box on every corner, but wouldn’t it be nice to live away from the bright lights and have some space to spread out? Recently, this has been a common request request by military Veterans. Not just an acre, but a lot of land. A piece of...

August 15, 2018 Read More

VHDA Provides Affordable Living for Virginia Home Buyers

Nationwide, home prices continue to rise in most areas putting pressure on first time home buyers. Virginia is no different, but luckily there are some great programs offering affordable home payments and down payment assistance (DPA). One of these organizations is called VHDA, short for Virginia Housing Development Authority. Unlike many other housing finance agencies who offer low...

August 16, 2018 Read More

What Comes Before House Hunting Season? Credit Score Improvement Season!

Are you looking to bag the perfect home during house hunting season? Peak home buying season takes place during the spring and summer months, but a successful hunt takes preparation. One of the most important steps to undergo prior to shopping for your next home is to thoroughly review your credit report and credit score. With so many buyers in...

February 21, 2018 Read More

What Credit Score Is Needed To Buy a House?

The mystical credit score. Even industry experts get confused by credit scoring reasonably often. So, imagine the concern from someone who may buy only a few homes in a lifetime. Plus, it’s even tougher on a first time home buyer. That’s why lenders often receive the question, “What credit score is needed to buy a house?” Other popular...

October 9, 2018 Read More

What Does A Home Warranty Cover?

For many buyers, a home purchase will be the most significant investment of a lifetime, and a lot is riding on the decision. That’s why buyers should have the home checked out by professionals. Between the lender, buyer, and Realtor® requirements, recommendations, or choices, these include home inspection, termite inspection, appraisal, title search, well inspection, and possibly others....

October 23, 2018 Read More

What is the Short Sale Waiting Period to Buy a Home?

At some point in our lives, everyone goes through difficult times. Whether through extenuating circumstances or our own fault, there are consequences. Sometimes, these consequences cause derogatory credit. A short sale is an example of a derogatory housing event. Basically, it means that upon the sale of the property, the lien payoffs against the property exceed the proceeds...

February 11, 2014 Read More

Who Pays Closing Costs?

A popular question before and during negotiations start on the purchase contract is who pays closing costs? Sellers and buyers have their distinct breakdown of closing costs to pay at closing. Yet, often the seller crosses over to pay some or all of the buyer’s costs. Sometimes the buyer needs seller paid costs out of necessity, or it...

October 23, 2018 Read More

Why & How You Should Check Your Credit Report Every Year

Since everyone is a number these days when it comes to credit, it is important to make sure that you have a good one and should review your credit at least once per year at www.annualcreditreport.com.  Several years ago the government required that everyone can obtain 1 FREE CREDIT REPORT per year from all 3 credit bureaus.  Many people don’t...

March 1, 2015 Read More

Will a Credit Inquiry Hurt My Mortgage Loan Approval?

While buying a house, this is not the time to start shopping for a car, loan refinance, or new credit cards. Regretfully, many buyers consistently continue to apply for new types of credit while in the home purchase process. Even after being advised not to do this! This is not the time to have a new credit inquiry. Just...

July 11, 2018 Read More

Will Credit Inquiries Hurt My Credit Score or Mortgage Approval?

Has the lending world scared you into believing your credit score is your whole meaning in life? Obviously, it isn’t, but it does play a very important role in key areas of life, and some may surprise you. Credit scores could determine insurance rates, employment, opening a bank account, and of course, borrowing money. Scores are especially important in mortgage lending....

January 20, 2017 Read More

You may not know it, but you are a number and it could help or hurt you a lot!

If you were a fly on a wall in my office, you would hear me say several times a day, this little known fact that accounts for 30% of a borrower’s credit scores! 30% of a person’s credit score is based on balances reported for revolving accounts like credit cards or lines of credit, compared to the credit limits as...

May 16, 2015 Read More

Home Buyer Resources

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...

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...

October 23, 2018 Read More

Who Pays Closing Costs?

A popular question before and during negotiations start on the purchase contract is who pays closing costs? Sellers and buyers have their distinct breakdown of...

October 23, 2018 Read More

all Home Buyer Resources

Mortgage Industry News

Now Is The Time To Buy: A Mortgage Industry Update

In today’s rapidly evolving real estate market, it’s easy to become a prisoner of the “now.” The mortgage business is no different, as the past...

October 4, 2018 Read More

USDA is Out of Funds? Learn How to Protect Your...

Buying a home using a USDA loan? Lucky you! A USDA home loan is one of the best options for buyers today. Not only is...

September 27, 2018 Read More

Hurricane Florence Recovery Assistance for Homeowners

Homeowners may have a solid home and insurance to protect themselves and their property, but when a natural disaster occurs, there are so many facets...

September 21, 2018 Read More

all Mortgage Industry News

OVM News

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. 5,000 List For The 4th Year...

OVM Financial has made the Inc. 5,000 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

Pilot Media Solutions – Meet Our Media Sponsor For Charity...

From business cards, postcards, lobby signs, and collateral items, Pilot Media Solutions has worked side by side with our Marketing Department for many years, and we are...

August 21, 2018 Read More

all OVM News

Real Estate Agent Hub

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...

October 23, 2018 Read More

Who Pays Closing Costs?

A popular question before and during negotiations start on the purchase contract is who pays closing costs? Sellers and buyers have their distinct breakdown of...

October 23, 2018 Read More

VA Loan Closing Costs

The most common questions from a buyer include: How much is my payment, what are my closing costs, what is the rate, and how much...

October 19, 2018 Read More

all Real Estate Agent Hub