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OVM NEWS & RESOURCES

2020 Conforming Loan Limits Surpass Half a Million Dollars

Another sign that real estate continues to grow is that the Federal Housing Finance Agency increased the 2020 conforming loan limits by over $26,000. Actually, this makes the 4th straight annual increase. Conforming loan limits apply to conventional mortgages underwritten by Fannie Mae or Freddie Mac guidelines. Each year FHFA considers adjusting limits to reflect the average home...

December 3, 2019 Read More

Buying a Second Home to Rent Out Makes it Easier to Own a Vacation Home

Do you dream of buying a vacation home but it feels too far off? Maybe you feel comfortable making the payments, but some rental income makes it easier. Fortunately, a Fannie Mae loan allows for buying a second home to rent out. That’s right, a buyer can purchase a second home with a low down payment, could get...

November 25, 2019 Read More

How an Overdraft and NSF Can Affect Your Mortgage Approval

When it comes to buying or refinancing a home, most realize that the credit report is key. Paying debts on-time is key and that may get a mortgage preapproval. Although when bank statements are provided later, there could be a big issue lurking in the there. One area mortgage underwriters look for is when bank accounts go negative....

November 14, 2019 Read More

FHA Debt to Income Ratio Solutions That Can Help You Buy a Home

When it comes to qualifying for a home loan, there are a lot of guidelines and a ton of math. One such mortgage calculation includes dividing the amount of monthly debt payments by the gross monthly income. However, not all home loans treat this area equally. Plus, many lenders even treat the same loan program differently. When it...

November 12, 2019 Read More

VA Student Loans Guidelines Make it Easier to Buy a Home

Student loan debt has been increasing at an alarming rate in the U.S. and the military is no different. Although the military have great VA education benefits, they are not immune to student loan debt. The debt could be for the service member, a spouse, or child. Student loan payments can vary widely and a common question is...

November 5, 2019 Read More

USDA Student Loan Repayment Rules Have Changed for the Better

It is not a secret that over $1.6 trillion in student loan debt keeps many Americans from buying a home. Even when the student loan payment is zero, these buyers learn the 1% rule. That’s where many home loans use 1% of the outstanding student loan balance to use in a debt to income ratio. That all important...

October 28, 2019 Read More

Pre Approval vs. Pre Qualification: Which is better?

Imagine that you’re ready to buy a home, so you reach out to your local mortgage guy (let’s call him Mort the Mortgage Guy) to see how much you can qualify for. After a few questions about your income, monthly debts, and approximate credit score, Mort proudly announces that he can pre qualify you for $200,000! You excitedly...

October 28, 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

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

Flood Insurance 101: What you need to know

Do you have flood insurance?  FEMA (Federal Emergency Management Agency) notes that “floods are the most common natural disaster in the United States… There is a 26 percent chance of experiencing a flood during the life of a 30-year mortgage, compared to a four percent chance of fire.” You don’t have to be directly on the coast or...

November 13, 2019 Read More

Purple Heart Benefits May Include Lower VA Loan Costs & More

All of our military deserve much respect and benefits for servicing our country. But, some deserve even more of both. Those include purple heart recipients, which are service members who have been injured or killed in action. Therefore, this group of men and women deserve every benefit we can give them. Recently, there’s been a new VA loan...

October 28, 2019 Read More

Your Complete Guide to Buying a Second Home

Buying a second home is a dream for many, but it may be much more within reach than you think. At OVM Financial, we receive many questions on this topic. Some of the most common queries we hear include: What’s the difference between 2nd home and investment property? What are my second home mortgage options? What is the...

October 21, 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

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

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

Home Buyer Resources

2020 Conforming Loan Limits Surpass Half a Million Dollars

Another sign that real estate continues to grow is that the Federal Housing Finance Agency increased the 2020 conforming loan limits by over $26,000. Actually,...

December 3, 2019 Read More

Buying a Second Home to Rent Out Makes it Easier...

Do you dream of buying a vacation home but it feels too far off? Maybe you feel comfortable making the payments, but some rental income...

November 25, 2019 Read More

How an Overdraft and NSF Can Affect Your Mortgage Approval

When it comes to buying or refinancing a home, most realize that the credit report is key. Paying debts on-time is key and that may...

November 14, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

Are You Due a VA Funding Fee Refund? You Need...

Except for exempt VA borrowers, every other VA loan borrower is charged a VA funding fee. But, the Department of Veteran Affairs has been working...

October 25, 2019 Read More

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

all Mortgage Industry News

OVM News

2020 Conforming Loan Limits Surpass Half a Million Dollars

Another sign that real estate continues to grow is that the Federal Housing Finance Agency increased the 2020 conforming loan limits by over $26,000. Actually,...

December 3, 2019 Read More

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

all OVM News

Real Estate Agent Hub

How to Deal With a Short Appraisal – Be Careful...

Everything is going well on your purchase, but then the appraisal comes in short of the sales price. First reaction to a short appraisal may...

November 4, 2019 Read More

Simultaneous Closing – Tips for Buying and Selling Homes on...

In a perfect world, a seller finds a buyer for their house and immediately goes under contract for their new home. Not only getting under...

November 1, 2019 Read More

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

all Real Estate Agent Hub