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OVM NEWS & RESOURCES

4 Questions to Ask Before Closing

You’ve found it. Your new home. Maybe it’s “the one”—your dream home. Perhaps it’s an investment property. No matter what purpose your new home serves, the process has been an investment in and of itself. You have one step left: closing. It’s common for first-time homeowners to go blindly into closing. A Virginia resident and business owner who...

February 14, 2020 Read More

Why Choose “Local”

Are you looking to buy a home or refinance an existing loan? When starting to go through the process of purchasing a home and finding mortgage lenders to use, we often ask ourselves, “Should I use a local mortgage lender or a bank?” Here are six advantages of using a local lender.        1. Speed: Most...

January 30, 2020 Read More

VA Loans: Can I Still Buy a Home While on Deployment?

Whether you have an expanding family or you are just ready to put down roots in an area you’ve come to love, you don’t have to put off your dream of owning a house until returning from overseas as a military service member. While it’s not the most common scenario, it’s completely possible to use your VA loan...

January 16, 2020 Read More

2020 FHA Loan Limit Announcement Helps More Buyers Afford a Home

The new 2020 FHA loan limits have been announced. Once again, the limits have increased for 1 – 4 unit residences. The FHA loan limits are determined by taking 65% of the conforming loan limit which is $510,400 for 2020. Therefore, the new one unit loan limit is $331,760. FHA loans provide buyers and home owners excellent financing...

December 9, 2019 Read More

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

A Deep Look into the 2020 Real Estate Market

The housing market has been notoriously fickle when it comes to predicting what will happen next. However, industry experts have more tools and analytical data to work with than ever before, allowing them to predict recent trends with surprising accuracy. We’ve seen 2019 pass as a year of low interest rates, rising home values, and high demand for...

February 19, 2020 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

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

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

Home Buyer Resources

A Deep Look into the 2020 Real Estate Market

The housing market has been notoriously fickle when it comes to predicting what will happen next. However, industry experts have more tools and analytical data...

February 19, 2020 Read More

4 Questions to Ask Before Closing

You’ve found it. Your new home. Maybe it’s “the one”—your dream home. Perhaps it’s an investment property. No matter what purpose your new home serves,...

February 14, 2020 Read More

Why Choose “Local”

Are you looking to buy a home or refinance an existing loan? When starting to go through the process of purchasing a home and finding...

January 30, 2020 Read More

all Home Buyer Resources

Mortgage Industry News

A Deep Look into the 2020 Real Estate Market

The housing market has been notoriously fickle when it comes to predicting what will happen next. However, industry experts have more tools and analytical data...

February 19, 2020 Read More

2020 FHA Loan Limit Announcement Helps More Buyers Afford a...

The new 2020 FHA loan limits have been announced. Once again, the limits have increased for 1 – 4 unit residences. The FHA loan limits...

December 9, 2019 Read More

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

all Mortgage Industry News

OVM News

Connor McNulty and Team Join OVM Financial!

Please join OVM Financial in welcoming another fantastic addition to the OVM Family! Connor McNulty and his team set the gold standard for excellent service ...

February 12, 2020 Read More

OVM’s Legum Legacy Inaugural Golf Tournament Sponsorship Opportunities!

The first-ever OVM’s Legum Legacy Golf Tournament will be benefiting Children’s Hospital of the King’s Daughter, a charity that had such a positive and personal...

January 13, 2020 Read More

OVM’s Legum Legacy Inaugural Golf Tournament Benefiting CHKD

We are proud to introduce the first-ever OVM’s Legum Legacy Golf Tournament. This tournament serves as part of the annual fundraising efforts for OVM’s Legum...

January 10, 2020 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