866-719-1424

OVM NEWS & RESOURCES

NCHFA Offers Down Payment Assistance & More 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...

April 17, 2019 Read More

What is the HUD Consultant Role in a Renovation Loan?

Are you one of the rising number of buyers or homeowners that have chosen a renovation loan? Many now realize that finding the perfect home is tough. However, renovation loans provide the financing tool which turns a diamond in the rough into a dream home scenario. Yet when it comes to a 203k renovation or a Fannie Mae...

April 17, 2019 Read More

Co Borrower Rules When Buying a Home

There are so many reasons to buy a home. Reasons include building wealth through equity, potential tax deductions, avoiding rent increases, making the home your own, and buying a vacation spot. Even just pride in ownership is high on the chart. Yet with rising home prices and dwindling savings for down payment, many wonder if home ownership is...

April 12, 2019 Read More

What Professionals Are Involved in the Home Buying Process?

The home buying process involves many layers of parties to get the job done. The number of real estate professionals depends on the property and/or borrower complexity. Most home purchases include the first 9 professionals listed below. Although, some transactions require additional help to clarify information, provide supporting documentation, or make repairs. 12 Real Estate Professionals in the Home...

March 21, 2019 Read More

Swimming Pool Financing: How To Finance Installation or Repair

Let’s face it, buyers and homeowners either love or hate pools. There’s usually no in between. Pool lovers often find out that mortgage loan programs have guidelines and opinions on pool financing as well. Within these mortgage guidelines, there are pitfalls as well as great opportunity for homeowners desiring a pool. Fortunately, you have come to the right...

March 20, 2019 Read More

2019 FHA Guideline Changes

Effective March 18, 2019, FHA guidelines have changed. The Federal Housing Administration (FHA) has announced new stricter underwriting guidelines for borrowers with lower credit scores combined with higher debt to income ratios. Basically, FHA has been worried about certain loan risk factors and how they affect their portfolio statistics. So, buyers, sellers, real estate agents, lenders, and others...

March 19, 2019 Read More

What To Do After Having a Mortgage Loan Denied at Closing

Having a mortgage loan denied at closing is the worst and is much worse than a denial at the pre-approval stage. Although both denials hurt, each one requires a different game plan. Whether in the beginning or end, reasons for a mortgage loan denial may include credit score drop, property issues, fraud, job loss or change, undisclosed debt,...

March 18, 2019 Read More

How To Finance Home Renovations With An FHA 203K Loan

While driving through established neighborhoods, it is easy to notice that homes are getting older. Often, these homes sell at a discount or not at all. Older homes offer an opportunity for buyers with the right tools, especially in hot markets. While homes in excellent condition have multiple offers, there is not as much competition among the diamonds...

March 13, 2019 Read More

Mortgage Shopping Tip: How To Select The Right Lender

The decision to buy a home is an exciting time. Yet, it brings about questions, concerns, and doubts. While speaking with a mortgage lender, thoughts pop up like: “Is this the right lender?” “Am I getting the right loan?” “Does my loan officer have the experience and the support needed to help me close on time?” What To Consider When...

March 13, 2019 Read More

FHA Identity of Interest Can Burn Buyers, Sellers, and Realtors

FHA loans give buyers the option to finance with a down payment as low as 3.5%. There’s even a $100 down payment FHA program, but did you know there are FHA purchases which require a 15% down payment? Too often this surprises buyers. It’s tough when these situations are not caught early by a lender and the rules first...

March 12, 2019 Read More

Buying a Home With Under 2 Years of Commission Income

For many employees, commission income provides an opportunity to make a higher income compared to hourly or salary employees. Rather than a set amount, commissioned sales people are paid based on their production. Due to the fluctuation that comes with commission pay, it is more difficult to calculate qualifying income. Since the income is not a set amount,...

May 14, 2019 Read More

Using an Escrow Waiver to Pay Your Own Taxes and Insurance

To escrow or not escrow, that is a question on some borrower’s minds. First of all, lenders prefer that borrowers escrow taxes and insurance. Thus, the lender is in control of making sure property taxes and insurances are paid on-time. Plus, most home loan programs require escrows for taxes and insurance. But, there are borrowers who prefer to...

May 14, 2019 Read More

3 Tax Transcript Solutions for Home Buyers in a Hurry

Buying a home comes with some head scratching processes for home buyers. Although once explained, they usually make sense. One of these include lenders asking for borrowers to sign a “4506T Request for Copy of the Tax Return” form as part of the income verification process. As stated in another OVM Financial article, mortgage fraud is still an...

February 22, 2019 Read More

Home Improvement Loan Solutions For Veterans

With just about every house, there comes a time when home improvements are desired or required. It may be a necessary repair, minor upgrades, or a full remodel of the home. When it comes to homeowners who are active military service members, military Veterans, disabled Veterans, or a surviving spouse of a deceased service member, many wonder if the...

February 22, 2019 Read More

VA Funding Fee Exemption Lowers Veteran Closing Costs

Whether buying or refinancing a home, it’s important to understand closing costs and how to lower them. This is no different when it comes to VA loans. Individually, the financed VA funding fee is usually the largest VA loan closing cost paid by a Veteran. Fortunately, the Veterans Administration allows VA borrowers to include this fee in the...

February 21, 2019 Read More

Budget-Friendly Home Loan Options For Teachers

Being a teacher is a rewarding job in that it offers the chance to help young minds grow. Often teachers spend more day time with children compared to anyone else in their lives. Their role in society is essential, but in many states, the salaries place teachers in a low to moderate income range. Therefore, buying a home...

February 14, 2019 Read More

Can I Use Unemployment Compensation as Income to Buy a Home?

Most are at least familiar with the term unemployment income which assists those out of work. It is offered to out of work employees through either a federal or state insurance fund. Additionally, it is not a long term form of income. Instead, it is temporary and may last up to 26 weeks to provide a tax paying employee an...

February 12, 2019 Read More

Home Financing Solutions For Longshoremen

Coastal Virginia, North Carolina, and South Carolina are home to large shipping ports which, like the military, are a cornerstone to the local economy. As ships enter and leave the local ports, there are many people needed to support this industry. A longshoreman is one of the primary careers in ports like Wilmington NC, Norfolk VA, and Charleston...

February 12, 2019 Read More

Is It Possible to Get a Mortgage If I Work From Home?

The norm used to include holding a job for 40 years until retirement. Furthermore, it was customary going to work at the same local plant, factory, or bank, but today employment often looks different. Work from home jobs are abundant for various reasons, and employees usually prefer the flexibility offered. Working from home can sometimes cause mortgage qualification...

February 4, 2019 Read More

5 Myths About Buying A Home With Retirement Income

Retirement comes in many forms and looks different for each person. For one person, retirement means extra income while working another job. While another looks at retiring as a time to relax, enjoy the grandchildren, and travel. Additionally, retirement age may come at ages 38, 59 1/2, 62, 65, or higher. Not only can retirement come at different...

February 1, 2019 Read More

Home Buyer Resources

Buying a Home With Under 2 Years of Commission Income

For many employees, commission income provides an opportunity to make a higher income compared to hourly or salary employees. Rather than a set amount, commissioned...

May 14, 2019 Read More

Using an Escrow Waiver to Pay Your Own Taxes and...

To escrow or not escrow, that is a question on some borrower’s minds. First of all, lenders prefer that borrowers escrow taxes and insurance. Thus,...

May 14, 2019 Read More

NCHFA Offers Down Payment Assistance & More For NC Home...

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...

April 17, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

Mortgage Interest Rates Drop Surprises Experts & Gives Buyers a...

Every homeowner or prospective buyer has heard the experts on TV, mortgage lenders, and Realtors say for a while, “You better act now because interest...

April 12, 2019 Read More

2019 FHA Guideline Changes

Effective March 18, 2019, FHA guidelines have changed. The Federal Housing Administration (FHA) has announced new stricter underwriting guidelines for borrowers with lower credit scores...

March 19, 2019 Read More

3 Tax Transcript Solutions for Home Buyers in a Hurry

Buying a home comes with some head scratching processes for home buyers. Although once explained, they usually make sense. One of these include lenders asking...

February 22, 2019 Read More

all Mortgage Industry News

OVM News

OVM Leaders Featured On the 2018 Scotsman Guide Top Originators...

Each year, we anticipate the release of Scotsman Guide’s Top Originators list. The 10th annual list features three OVM Financial Mortgage Loan Originators. Congratulations to...

April 4, 2019 Read More

Remembering Aaron Legum

The OVM Financial family will forever celebrate the life of Aaron Legum, his contribution in shaping our company, and the impact he had on our...

March 8, 2019 Read More

OVM Financial Matches $17,125 Raised From The 5th Annual Charity...

The 5th Annual Charity Bash hosted by OVM Financial raised more than $17,000 for charities across Hampton Roads. The event, held on September 20th at The Shack...

November 26, 2018 Read More

all OVM News

Real Estate Agent Hub

Swimming Pool Financing: How To Finance Installation or Repair

Let’s face it, buyers and homeowners either love or hate pools. There’s usually no in between. Pool lovers often find out that mortgage loan programs...

March 20, 2019 Read More

How To Finance Home Renovations With An FHA 203K Loan

While driving through established neighborhoods, it is easy to notice that homes are getting older. Often, these homes sell at a discount or not at...

March 13, 2019 Read More

FHA Identity of Interest Can Burn Buyers, Sellers, and Realtors

FHA loans give buyers the option to finance with a down payment as low as 3.5%. There’s even a $100 down payment FHA program, but did...

March 12, 2019 Read More

all Real Estate Agent Hub