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OVM NEWS & RESOURCES

How Does a Rapid Rescore Work and Help Me Buy a Home?

You probably know that credit scores are a key component in getting approved for a mortgage. Yes, it’s all about that number! When buying a home, sometimes the credit score is not quite all it can be. So, the common questions basically revolve around how to increase the credit score. That is where a rapid rescore could help....

September 30, 2019 Read More

Refinancing or Buying an On Frame Modular Home

Home prices keep going up and finding an affordable home can be tough. Fortunately, prefab options called modular homes may be the solution. Modular homes come in two main varieties: Off frame modulars and on frame modulars. Over the last few years, there has been some back and forth with lending guidelines regarding on frame modular homes. Recently,...

September 30, 2019 Read More

Why Am I Required to Have a Condo Insurance H06 Policy?

Buying a condo is different from buying a standalone home. Especially when it comes to insurance coverage. Buying a condo means you are becoming a partner with other owners. Plus, the common areas are insured by one or more master insurance policies. Most condo master policies do not cover the interior of the condo. Tiis is why condo...

September 30, 2019 Read More

What are the Advantages of Using a Piggyback Mortgage? Key Strategies of Two Mortgages Explained

Using a new mortgage to purchase or refinance a home usually results in getting one mortgage. Maybe there are options such as choosing FHA vs conventional or possibly others. But, have you considered having two loans instead of one? Wait! Why would you want two payments instead of one? Quick assumptions go through a borrower’s head such as...

September 30, 2019 Read More

What is the Minimum Credit Score for a VA Loan?

As with all mortgage loans, a borrower’s credit score is a key component of the approval. The most popular question is, “What’s the VA loan minimum credit score?” Well, depending on the scenario and the lender, the minimum credit score for a VA loan can vary. The OVM Financial minimum credit score may be as low as 580....

September 24, 2019 Read More

What is a VA Loan and Why is it So Important to Veterans & Service Members?

Most Americans want to buy or build a home. Maybe for some it is as simple as that and those buyers just pay cash to become an owner. Although, this is usually not the case. Luckily for Americans who are VA eligible have probably the best way to finance a home at their disposal. Most have an idea...

September 24, 2019 Read More

How VA Lenders Use the VA Residual Income Chart to Determine VA Eligibility

Most people in the mortgage process hear the term debt to income ratio thrown around a lot and know its importance. However, when it comes to VA loans, many are not familiar with the VA residual income chart guidelines. Actually VA residual income is more important than debt ratio because it shows how much is left for basic...

September 24, 2019 Read More

You Need to Know the VA Funding Fee Chart Changes Starting January 1, 2020

Getting a VA loan may be the best way to purchase, refinance, or build a home. At least in cases where no down payment or equity is involved. Starting with closings after January 1, 2020, the VA funding fee chart changes for the first time in quite a while. Some changes are good and some changes are going...

September 24, 2019 Read More

How to Use a 401k Loan for a Home Purchase

Saving for retirement is important for many Americans and many accomplish this through a 401k. But, another high ranking dream is buying a dream home. Whether it is a primary residence, vacation home, or rental property, a 401k loan may play a key role in buying a home. Not only is it a down payment source, there is...

September 23, 2019 Read More

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

Can I Buy a Home With a Charge Off?

When a debt is not paid, it may go into collections or become a charge off. If an account is in collection status, it means the creditor is still attempting to collect the money. Although, a charged off account means the creditor has written off the debt and is no longer to collect. Just because the creditor is...

October 16, 2019 Read More

What is an Escrow Account? When are Escrows Required Plus Advantages and Disadvantages

When it comes to home ownership, most have at least some type of homeowners insurance and must pay property taxes. Mortgage companies particularly care about borrowers paying their taxes and insurance(s). So much that mortgage lenders and many home loans require an escrow account. Basically, an escrow account is where funds are regularly deposited, held, and then disbursed...

September 30, 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

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

Home Buyer Resources

Can I Buy a Home With a Charge Off?

When a debt is not paid, it may go into collections or become a charge off. If an account is in collection status, it means...

October 16, 2019 Read More

What is an Escrow Account? When are Escrows Required Plus...

When it comes to home ownership, most have at least some type of homeowners insurance and must pay property taxes. Mortgage companies particularly care about...

September 30, 2019 Read More

How Does a Rapid Rescore Work and Help Me Buy...

You probably know that credit scores are a key component in getting approved for a mortgage. Yes, it’s all about that number! When buying a...

September 30, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

You Need to Know the VA Funding Fee Chart Changes...

Getting a VA loan may be the best way to purchase, refinance, or build a home. At least in cases where no down payment or...

September 24, 2019 Read More

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

all Mortgage Industry News

OVM News

The 6th Annual OVM Charity Bash Raises $36,190 for Five...

We’re proud to announce The 6th Annual OVM Charity Bash presented by OVM’s Legum Legacy raised a record-breaking $36,190! The event held on September 19th...

October 10, 2019 Read More

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

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