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OVM NEWS & RESOURCES

How to Address an Escrow Account Shortage or Overage

Once you’ve completed the mortgage process, you might assume that your monthly payment is set in stone for your loan term. While this is true for your principal and interest (on a fixed-rate loan), your taxes and insurance might change with time. If this happens, it may result in an escrow account shortage or overage. Let’s clarify how...

June 15, 2022 Read More

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

Down Payment Assistance for Virginia Home Buyers

Purchasing property in the Commonwealth is a little easier thanks to some great programs that offer affordable home payments and down payment assistance options in Virginia. The Virginia Housing Development Authority (VHDA) offers grants in addition to more traditional down payment assistance (DPA). In fact, some options even provide free down payment money for qualifying buyers and properties....

June 15, 2022 Read More

What are the USDA Income Limits in 2022?

Many people believe that USDA mortgage loans are only for farmers or for those who own plots of land in the countryside, but here’s a newsflash—USDA loans are not just for low-income buyers and low-priced homes that are out in the country on a farm. This belief has led many to ignore USDA loan benefits when in reality,...

May 27, 2022 Read More

USDA Loan Benefits

United States Department of Agriculture (USDA) mortgage loans offer several excellent benefits, like many other federal home loan programs. While these benefits are great for almost anyone, they are especially useful in helping first-time home buyers get approval for a mortgage. Due to relaxed down payment requirements and low interest rates, as well as flexible credit standards offered...

May 18, 2022 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

What Happens if Your House Doesn’t Close by the Closing Date?

When a closing date is set, it’s likely that your home will close according to plan. However, there are sometimes issues that can arise that delay a house purchase and prevent it from closing on time. The steps to closing on a home include arranging home inspections, underwriting, approval, appraisal, and all the various contracts that need signing....

May 14, 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

How Long Does It Take to Get a Loan Approved?

Perhaps you’ve just relocated to a new city, are hoping to move into a larger home as you welcome a newborn into the world, or have just put your current home under contract. No matter the circumstances driving your new home purchase, you’re likely eager to get your mortgage loan application moving so you can start life at...

May 6, 2022 Read More

Do All Mortgage Applications Go to Underwriters?

You’ve found your new home, signed a contract, and are about to go through the mortgage loan process. Your mortgage loan will likely take about 20-30 days to process, depending on the complexity of your loan, assets, debts, and employment status. You may be wondering, however, “do all mortgage applications go to underwriters?” And could underwriting slow down...

May 4, 2022 Read More

Do Mortgage Companies Require Inspections?

If you’re thinking about buying a new home or perhaps have already found one you’re interested in purchasing, you may be wondering, “do mortgage companies require inspections” as part of the mortgage process? The answer is typically no, though different types of mortgage loans may have different requirements. Generally, whether or not you schedule a home inspection is...

April 30, 2022 Read More

What Does A Mortgage Lender Look For?

When deciding who is eligible for a home loan, a lender is looking for four basic things; a stable credit history, an ability to repay the loan based on income, how much the down payment will be, and the value of the home versus the amount borrowed. If these four requirements meet the guidelines set forth by FNMA...

April 29, 2022 Read More

Home Buyer Resources

How to Address an Escrow Account Shortage or Overage

Once you’ve completed the mortgage process, you might assume that your monthly payment is set in stone for your loan term. While this is true...

June 15, 2022 Read More

Down Payment Assistance for Virginia Home Buyers

Purchasing property in the Commonwealth is a little easier thanks to some great programs that offer affordable home payments and down payment assistance options in...

June 15, 2022 Read More

What are the USDA Income Limits in 2022?

Many people believe that USDA mortgage loans are only for farmers or for those who own plots of land in the countryside, but here’s a...

May 27, 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

OVM Financial Is Now Powered By AnnieMac Home Mortgage

OVM Financial has joined forces with AnnieMac Home Mortgage! This partnership will allow us to offer more loan options, in more states, while continuing to...

June 29, 2022 Read More

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

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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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