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OVM NEWS & RESOURCES

When Can I Rent Out My Owner Occupied Home?

Buying a home to live in is the goal for most of us. The mortgage world has a term called owner occupied which means the borrower will live in (occupy) the home. Owner occupancy comes with several benefits compared to rental property loans such as better interest rates, less down payment, and more loan options. Although, just because...

July 17, 2019 Read More

Walking Through the HUD Inspection Process for Renovation Loans

Deciding to renovate a home can be very exciting for many reasons. Renovated homes solve repair issues, can build equity, and helps homeowners turn a house into their HOME. Although, inexperienced borrowers may fear the HUD inspection process required for some renovation loans. We are going to explain and simplify it with our informative HUD inspection description. Keep...

July 16, 2019 Read More

Do Not Miss These Reasons to Refinance an FHA Loan to Conventional Financing

Do you remember when you purchased your home? Did an FHA loan help make it happen? The low down payment and flexible guidelines provided were what was needed to buy a home. Maybe now things have changed a little. Interest rates drop, appraised value increases, more home equity, and better credit scores could all be reasons where a...

June 27, 2019 Read More

Can USDA Loan Closing Costs Be Included in My Purchase?

Buying a home is a big decision, but it’s often one that makes financial sense. Owning a home typically allows more freedom compared to that you’d have as a renter and allow the homeowner to build equity. But isn’t it hard to get a home loan? Not when it comes to a USDA home loan. USDA loans offer...

June 27, 2019 Read More

Is Your VA Home Loan Credit Score All It Can Be? Don’t Worry…

The lower the down payment required for a buyer, the more risk a lender takes. It would seem like a VA home loan requiring no down payment would have really strict guidelines, probably even requiring perfect credit scores, too. Right? Actually, a VA home loan credit score requirement can be pretty lenient. Now, it does not mean approving...

June 25, 2019 Read More

Buying a Home with an FHA Loan After Bankruptcy is Possible

Sometimes things happen in life that cause financial hardship, resulting in the need to file for bankruptcy protection. Whether filing a Chapter 7 or 13, it is considered a major derogatory mark on a credit report. Therefore, people often give up on the possibility of ever buying a home after bankruptcy. But you don’t have to give up...

June 25, 2019 Read More

Are VA Interest Rates Higher Because of No Down Payment?

Buying a home with no money down creates a dream situation so that many can experience home ownership. You have probably heard that VA loans offer the ability for first time home buyers to purchase with no money down. Yet, did you know that using a VA loan a second, third, or even more times could be 100%...

June 24, 2019 Read More

How to Use a VA Loan for a Second Home Purchase

For those lucky ones that have VA eligibility, the first thing that should come to mind when buying a home is using a VA loan. No matter if you are a first time home buyer, buying another primary home, or even buying a second home, buyers want to maximize their VA loan benefits whenever possible. A very popular...

June 21, 2019 Read More

So How Much Down Payment Percentage is Required to Buy a House?

Buying a new home is an exciting time. Most people begin their search by surfing online real estate sites, dreaming about the kind of home they’d like to find and trying to determine what kind of home they’ll be able to afford. As they get further into the process, questions will undoubtedly start to arise. How much will...

June 21, 2019 Read More

FHA Mortgage Insurance Most Popular Questions Answered for Buyers

Sufficient down payment is one of the largest hurdles when buying a home, especially for first time home buyers. Fortunately, first time and repeat buyers have an FHA loan to the rescue. An FHA loan feature which allows the low 3.5% down payment is called FHA mortgage insurance. It is also called FHA MIP (mortgage insurance premium). Primarily,...

June 13, 2019 Read More

How to Use VA Restoration of Entitlement to Buy or Refinance a Home

VA loans are a great option for those who are eligible (read more about VA eligibility here) but they can be confusing. Often, veterans believe that once they have used their VA entitlement, it is gone forever. This is not always the case. In fact, you can use VA restoration of entitlement to buy another home, refinance with...

June 28, 2019 Read More

Use a VA Jumbo Loan Rate as Your “Weapon of Mass Consumption”!

If you are currently serving in the military or National Guard, are in the reserves, are a military Veteran, or are a qualified surviving spouse looking to purchase a home above the VA loan limit, you need to get familiar with the benefits of a VA jumbo loan rate and its guidelines. Traditional jumbo loans require 20% or...

June 27, 2019 Read More

Rental Income from a Departing Residence Can Make or Break a Purchase

Not every repeat buyer decides to sell their current home prior to buying the next. Some homeowners make the choice to become a real estate investor and others choose to rent out their current home because it did not sell. Either way, counting rental income on a departing residence can be tricky. Many assume that full rental income...

June 21, 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

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

Home Buyer Resources

When Can I Rent Out My Owner Occupied Home?

Buying a home to live in is the goal for most of us. The mortgage world has a term called owner occupied which means the...

July 17, 2019 Read More

Walking Through the HUD Inspection Process for Renovation Loans

Deciding to renovate a home can be very exciting for many reasons. Renovated homes solve repair issues, can build equity, and helps homeowners turn a...

July 16, 2019 Read More

How to Use VA Restoration of Entitlement to Buy or...

VA loans are a great option for those who are eligible (read more about VA eligibility here) but they can be confusing. Often, veterans believe...

June 28, 2019 Read More

all Home Buyer Resources

Mortgage Industry News

VA Loan Benefits Law Passes Allowing Higher No Money Down...

Vietnam Veterans just received a huge win through the Blue Water Navy Vietnam Veterans Act. Originally, non-disabled Veteran home buyers would pay for new VA...

June 28, 2019 Read More

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

all Mortgage Industry News

OVM News

Teall Haycock and Team Join OVM Financial!

Please join OVM Financial in welcoming another fantastic addition to the OVM family! They will be working out of our Newport News location. Teall Haycock...

May 30, 2019 Read More

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

all OVM News

Real Estate Agent Hub

Walking Through the HUD Inspection Process for Renovation Loans

Deciding to renovate a home can be very exciting for many reasons. Renovated homes solve repair issues, can build equity, and helps homeowners turn a...

July 16, 2019 Read More

FHA Lead Based Paint Requirements When Buying or Selling a...

Looking for that perfect home for your family? Maybe an older home is more your style? Possibly looking to buy an older, fixer upper project?...

June 11, 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...

March 20, 2019 Read More

all Real Estate Agent Hub