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OVM NEWS & RESOURCES

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

How to Avoid a Home Renovation Money Pit

Many homebuyers purchase fixer-uppers as a way to save money. However, when all is said and done, some find out that they weren’t exactly a bargain after all. While many older homes have good bones and only need cosmetic work, others have costly structural problems hidden under the surface that can blow your renovation budget. Want to avoid the...

July 22, 2021 Read More

Is Buying a Home Still a Good Investment in 2021?

With housing inventory still at historic lows and the average median home sales price reaching a record high in May of just over $350,000 for all home types, you may be wondering if buying a home in this over-the-top market is still a good investment. An array of factors has pushed the housing market to this point, including...

July 21, 2021 Read More

Gardening Trends in 2021 and How to Achieve Them

Many popular trends have come out of 2020, from baking bread to arts and crafts; one that stands out is gardening. With many stuck at home and unable to go to their favorite restaurants and stores, people turned to the great outdoors. Backyards got transformed into outdoor living spaces, new gardens emerged, and even urban city dwellers looked to...

July 21, 2021 Read More

27 Useful Items for Homeowners to Have in Their Tool Shed/Garage

Every homeowner knows there are a million little tasks and do-it-yourself projects that pop up over time. Investing in quality tools and supplies will help you keep up with those simple home repairs and renovations on your to-do list, potentially saving a lot of time and money. Storage and organization tools As you build your tool supply, you need a place to store everything....

July 21, 2021 Read More

18 Backyard/Patio Items That Will Make Your Summer Unforgettable

Summer is upon us, which means more time spent outdoors! Whether you’re planning to relax with family outside or throw lots of backyard barbecues, here are all the patio items you need to make this summer unforgettable. 1. Portable Pizza Oven No one wants to spend a nice summer evening in a hot kitchen. Enjoy a fresh stone-baked pizza...

July 20, 2021 Read More

Everything You Need to Know About the FHA Flipping Rule in 2021

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

Must Have Items to Improve Your Work from Home Office Space

The COVID-19 pandemic changed the way we work. Now, instead of suiting up and heading to the office, many of us can start the workday in our PJs thanks to a cultural shift that has made remote work possible for more employees than ever before. But this shift also means you need a home office space that is...

September 21, 2021 Read More

FHA PMI (Private Mortgage Insurance) Questions Answered for Buyers

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...

September 21, 2021 Read More

9 Smart Home Gadgets That You Didn’t Know You Needed

If you were lucky enough to experience the 1980s, you’ll likely recall a well-known cinematic trilogy called “Back to the Future.” You probably chuckled at the idea of hoverboards, personal drones, or video chats. Fast-forward three decades, and what d’ya know? Those predictions came true! In fact, there are plenty of additional gadgets and gizmos Hollywood didn’t see...

September 17, 2021 Read More

How to Buy a Home in Your Early 20s

You may think it overzealous to start planning your first home purchase when you’ve recently graduated high school. However, building your credit score, researching mortgage companies, career planning, and managing your student loans properly can require years of preparation. Whether you purchase your first home after college or after living with your parents, here are some tips to...

August 31, 2021 Read More

How To Use an FHA Loan To Purchase a Second Home

While you may think Federal Housing Administration (FHA) loans are only for first-time homebuyers, think again. While first-time buyers do indeed make up the majority of FHA borrowers (since FHA loans typically allow for low down payments and accommodate lower credit scores), 17 percent of FHA loans actually go to borrowers who have already owned a home. Should...

July 28, 2021 Read More

Still Renting in 2021? 5 Reasons Why You Should Buy a Home, Now.

So you’re thinking about buying a house? Maybe you’ve been renting an apartment since grad school and are ready for a little more space and a yard, or perhaps you’ve moved permanently to a remote work situation and are now dreaming seriously about that house in the country with a vegetable garden and lots of space for your...

March 26, 2021 Read More

The Homeowner’s Guide to Indoor Entertainment

When the global pandemic hit in March 2020 and the world effectively shut down, we all quickly found creative ways to keep ourselves entertained at home. Even mindlessly scrolling social media for hours and bingeing Netflix shows gets old after a while. Whether you’re in the middle of a COVID-style shutdown or you’re just stuck inside due to...

March 19, 2021 Read More

5 Good Luck Charms for Your Household

When you move into a new home, it’s a chance for a fresh start. So how can you make sure you start off on the right foot? With St. Patrick’s day right around the corner, good luck is top of mind. In that spirit, here’s a quick guide to 5 ways you can bring good fortune into your...

March 17, 2021 Read More

Home Buyer Resources

Everything You Need to Know About the FHA Flipping Rule...

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...

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...

September 27, 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...

September 27, 2021 Read More

all Home Buyer Resources

Mortgage Industry News

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

Are Homes The New Toilet Paper? The Housing Inventory Shortage...

If you are in the market for a new home, you are likely well aware of the current housing inventory shortage. The demand for housing...

April 22, 2021 Read More

all Mortgage Industry News

OVM News

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

Breaking Records: OVM Financial Doubles Number of Scotsman Guide-Ranked Originators...

Each year, Scotsman Guide releases their Top Originators list recognizing the top Loan Officers in the industry. This gold-standard, national ranking system is based on...

August 13, 2021 Read More

all OVM News

Real Estate Agent Hub

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

How to Successfully Host a COVID-Friendly Open House

The COVID-19 pandemic has touched nearly every aspect of our daily lives. And for those trying to sell a home, even the long-standing open house...

January 6, 2021 Read More

all Real Estate Agent Hub