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OVM NEWS & RESOURCES

Conventional Loan Credit Score Requirements

When buying a home, one of the most important things that borrowers need to consider when applying for a conventional mortgage is their credit score. We use credit scores to determine a borrowers’ affordability and debt repayment behavior. When you apply for a mortgage, your loan officer needs to know what type of borrower you’ll be. They need...

April 2, 2022 Read More

What Are The Pros And Cons Of Conventional Loans?

When shopping for a mortgage, you may be presented with several options for your home loan. The main types are government-backed loans such as Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and privately backed conventional loans. If you’re new to the home buying process, you may want to weigh the pros and cons of each loan...

March 31, 2022 Read More

Does the VA loan Cover Closing Costs?

If you’re an active duty service member, veteran, or surviving spouse, you may already know you’re eligible to apply for a VA loan. Guaranteed by the U.S. Department of Veterans Affairs, VA loans offer a host of benefits, including competitive interest rates, no to low down payments, and no monthly mortgage insurance requirements. But does the VA loan...

February 27, 2022 Read More

Are VA Loans Assumable?

So you’re curious about Veterans Affairs (VA) loan assumption? The short answer is, yes, VA loans are assumable, but there are a number of requirements you’ll need to meet in order for it to be applicable to your situation; which we’ll explain in full detail throughout the article. First, let’s answer a couple of questions about mortgage assumption...

February 25, 2022 Read More

FHA Minimum Down Payment

When you’re purchasing a new home, figuring out how to tackle a big down payment might leave you scratching your head, especially if you’re a first-time homebuyer. Even if you have a great credit score and healthy debt-to-income ratio, producing a lump sum for the initial investment on a new home can be a challenge. That’s where the...

February 15, 2022 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

Property Eligibility Requirements for USDA Loans

If you’re making plans to relocate to a rural community or live in one already and are looking to purchase a new home, make sure to consider USDA loan programs as you explore mortgage financing options. Designed for buyers of properties in rural locations, USDA rural home loans, more specifically known as USDA Single-Family Housing Guaranteed Loans, can...

May 17, 2022 Read More

NCHFA Offers Down Payment Assistance For NC Home Buyers

North Carolina residents have a champion which offers affordable housing products through approved mortgage lenders. The NC Housing Finance Agency, also known as NCHFA, helps bridge the gap towards home ownership. Although most believe this agency’s products are solely first time home buyer products, there are repeat buyer programs as well. So, why should North Carolina buyers consider...

May 12, 2022 Read More

What is the Difference Between a VA Home Loan and a Conventional Home Loan?

There are several differences between a VA home loan and a conventional home loan. The most significant difference is that VA loans are only available to eligible military service people, veterans, and surviving spouses. On the other hand, conventional loans are available to civilians and the military community. Conventional loan guidelines are also a bit different from VA home...

April 6, 2022 Read More

Understanding The Difference Between An FHA And Conventional Loan

With so many mortgage options available, it might be hard to narrow down the options for a home loan without learning what makes each financing option unique. In today’s article, we will cover the major differences between conventional financing and FHA financing to help you get familiar with two of the most popular home loan choices. Understanding Conventional...

March 31, 2022 Read More

Conventional Loan vs. USDA Loan

If you live in a rural community and are looking to purchase a home, you might want to consider a USDA loan versus a conventional mortgage loan. Designed for buyers of rural properties, USDA loans can sometimes offer better mortgage terms for low- to moderate-income homebuyers. However, that doesn’t mean you should discount conventional loans as a rural...

March 29, 2022 Read More

Jumbo Loan vs. Conventional Loan

The difference between a jumbo loan and a conventional loan boils down to the loan amount. If you’re above the conventional loan limit set by Fannie Mae or Freddie Mac, a jumbo loan would be the best fit for your purchase. If you’re searching for a home that falls below the limit, a conventional loan is your best...

March 27, 2022 Read More

Getting a VA Loan for a Multifamily Property

If you’re an active duty service member, veteran, or surviving spouse, you probably know you’re eligible to apply for a VA home loan to purchase your primary residence. But what are the VA loan requirements for purchasing an income-producing multifamily property? Does the VA offer multifamily loans? The answer is “yes” but with some conditions. VA loans for...

March 7, 2022 Read More

Can an Unmarried Couple Get a VA Loan?

One of the most common questions VA loan officers hear is, “Can I get a VA loan with my girlfriend (or boyfriend)?” And the unsatisfying answer is “it depends.” VA loans come with lots of benefits, including 0% down payment options and the ability to purchase multi-family residential buildings with up to four units (as long as you...

February 23, 2022 Read More

FHA Occupancy Requirements

When you purchase an FHA-insured home, you may have questions about home occupancy requirements. How soon do you have to move in after closing? What if you travel regularly for work and aren’t home for a significant amount of time throughout the year? Maybe you own another property elsewhere and occupy that residence seasonally—will that impact your eligibility...

February 17, 2022 Read More

What’s the FHA Minimum Credit Score?

Are you looking to purchase your first home but worried you may not have a high enough credit score to qualify for a mortgage? Most conventional mortgage loans, for example, require a minimum credit score of at least 620; however, FHA minimum credit score requirements are more lenient. While it’s true the higher your credit score, the better...

February 11, 2022 Read More

Home Buyer Resources

Property Eligibility Requirements for USDA Loans

If you’re making plans to relocate to a rural community or live in one already and are looking to purchase a new home, make sure...

May 17, 2022 Read More

NCHFA Offers Down Payment Assistance For NC Home Buyers

North Carolina residents have a champion which offers affordable housing products through approved mortgage lenders. The NC Housing Finance Agency, also known as NCHFA, helps...

May 12, 2022 Read More

What is the Difference Between a VA Home Loan and...

There are several differences between a VA home loan and a conventional home loan. The most significant difference is that VA loans are only available...

April 6, 2022 Read More

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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

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OVM News

19 OVM Financial Loan Officers Featured on Scotsman Guide Top...

OVM Financial’s presence on the Scotsman Guide Top Originators list has grown, with 19 Mortgage Loan Originators in the rankings. The 2022 rankings feature six...

April 19, 2022 Read More

OVM Financial Announces 2021 President’s Club Inductees

The numbers are in, and the time has come to announce our 2021 President’s Club roster! This year’s list features eight new members and a...

February 3, 2022 Read More

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

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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

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