Loan Programs | OVM Financial

We Make the Loan Process Simple

We have built a solid reputation of being able to close mortgage loans in an efficient and timely manner.
Our unique process makes your closing experience with us a great one, a great one — from application to move in.

Consultation & Submit Online Application1

Consultation & Submit Online Application

Verify credit. Receive Pre-Approval Letter & Signed Contract.
Gather & Provide Needed Documents2

Gather & Provide Needed Documents

Processing orders appraisal and needed documents for verification.
Submit Loan for Underwriting Approval3

Submit Loan for Underwriting Approval

Docs will be sent to the closing / title attorney.
Loan Closing <br/> Move In!4

Loan Closing
Move In!

Final HUD is prepared. Docs are signed. Deed is recorded.

We Can Help You Choose the Best Loan Program to Fit Your Needs

I'm 62 or over and don't want a mortgage payment.
Reverse Mortgage Loans
I want to make sure my rate stays the same.
Fixed Rate Loan
I need a loan amount above $424,100.
Jumbo Loans
I want the lowest interest rate available.
Adjustable Rate Loans
I want to purchase my first home.
State Bond Program
I'm looking for a house in a rural area.
USDA Loans
I am a Military Veteran or am actively serving.
VA Loans
I don't have a lot of money for a down payment.
FHA Loans
Reverse Mortgage Loans

Reverse Mortgage Loan Summary:

If you are house rich but cash deprived, a reverse mortgage may be the answer. The Home Equity Conversion Mortgage (HECM) loan offered by OVM Financial is for homeowners 62 or older and can help borrowers be more financially secure and maintain quality of life through retirement.

HECM uses the value of your home’s equity to provide monthly or lump sum money while allowing the homeowner to stay in the home without making mortgage payments. The loan eliminates the existing mortgage and proceeds are tax-free.

How It Works:

Homeowners older than 62 can tap into accumulated home equity to eliminate current mortgage payments and release cash flow.

Who It's For:

  • Homeowners at least 62 or older with built-up home equity.
  • Senior homeowners in need of cash flow to cover other expenses.
  • Senior homeowners who want to eliminate mortgage payments.
  • Borrowers who want to have improved quality of life.

More info on Reverse Mortgage Loans >>

Fixed Rate Loan

Fixed Rate Loan Summary:

OVM Financial conventional loans come in a variety of options and with excellent advantages for borrowers who have a strong down payment. Under a conventional loan, a borrower with a 20% down payment or 20% equity can eliminate mortgage insurance.

While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. If you can’t afford the 20% down payment, you can still get a conventional loan with as little as a 3% down payment.

How It Works:

OVM Financial offers a variety of home loans with fewer restrictions than government loans and the possibility of eliminating mortgage insurance.

Who It's For:

  • Homebuyers who don’t want to add mortgage insurance to their payments.
  • Homebuyers with a 20% down payment.
  • Homebuyers shopping for properties commonly restricted by government loans.
  • Refinancers who want to drop mortgage insurance.

More info on Fixed Rate Loans >>

Jumbo Loans
Jumbo Loans Summary:

If you're in the market for a home that requires a loan exceeding the standard limit of $424,100, don't despair. Thanks to our investor relationships, OVM Financial has the backing to offer jumbo loan programs for borrowers who want an amount above $424,100 with in-house underwriting.

OVM Financial jumbo loans offer up to 90% loan to value (LTV) with no mortgage insurance. Asset depletion income is allowed and loans can be fixed-rate or adjustable rate.

How It Works:

OVM Financial offers a variety of jumbo loans above $424,100 with low down payment, lower than average interest rates and a minimum credit score of 650.

Who It's For:
  • Borrowers in the market for a home loan above $424,100.
  • High income borrowers with at least 650 credit.
  • Borrowers who want a high loan amount with waived mortgage insurance.
  • Borrowers with a 10% down payment.

More Info on Jumbo Loans >>
Adjustable Rate Loans

Adjustable Rate Loans Summary:

OVM Financial offers sophisticated mortgages to borrowers who may not expect to be in the home for a long period of time. The adjustable rate mortgage is fixed for a period of time and can adjust thereafter. Since the interest rate may rise over time, it is not recommended for every borrower. Interest rates can be fixed for three, five, seven and ten years. Your OVM Financial Loan Officer will be happy to assist you in determining which mortgage program will best fit your needs.

More info on Adjustable Rate Mortgages >>

State Bond Program

State Bond Program Summary:

OVM Financial is a proud supporter of the state mortgage programs that assist first time homebuyers with possible down payment and closing cost assistance.

  • Up to 100% financing available.
  • First time homebuyer restrictions do apply.
  • State specific program. See your OVM Financial Loan Officer for details.

More info on State Bond Programs >>

USDA Loans

USDA Loans Summary:

OVM Financial assists borrowers in rural areas with the USDA guaranteed loan. The USDA loan provides low and moderate income borrowers with better affordable housing finance options with little or no down payment or out of pocket costs. The property must be located within a designated USDA area.

  • 100% financing available to qualified borrowers.
  • Seller can contribute up to 6% of the borrower's closing costs.
  • Flexible mortgage guidelines.
  • Income and property restrictions do apply.

More info on USDA Loans >>

VA Loans Summary:

Veterans Affairs (VA) loans are making the dream of homeownership a reality for millions of veterans and military personnel. VA loans guarantee a maximum of 25% of a home loan amount up to $104,250 for qualifying borrowers.

One of the primary benefits of a VA loan is that it offers 100% financing for purchases and refinances without requiring mortgage insurance. Funding gifts are allowed and the seller can pay off veteran debt if necessary to qualify for the loan.

How It Works:

VA loans are equal opportunity loans for all qualified veterans and military personnel who meet service requirements.

Who It's For:

  • Veterans and Military Personnel.
  • Qualifying borrowers who want 100% financing.
  • Qualifying homeowners who want to refinance for 100% financing.
  • Veterans who want a loan without mortgage insurance.

More info on VA Home Loans >>

FHA Loans Summary:

OVM Financial offers the Federal Housing Administration Loan (FHA) to assist borrowers who may need a low down payment and flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance or become homeowners.

  • 3.5% down payment required - Can be a gift; see your OVM financial Loan Officer for details.
  • Under the FHA streamline program, current FHA loan borrowers can refinance with no appraisal.
  • Seller can contribute up to 6% of the borrower's closing costs.

More info on FHA Loans >>

I am a Veteran.
VA Loans
I want to get cash out of my property.
Fixed Rate Loans
I would like to reduce my monthly payments.
FHA Loans

VA Refinance Summary:

OVM Financial is proud to offer those who have served and are currently serving the Veteran's Affairs (VA) loan. The VA loan is an excellent loan that can assist our veterans who may want to refinance to take advantage of a lower interest rate via an interest rate reduction refinance loan (IRRRL) or cash out.

Additional Information:

  • Up to 100% of the home's value for cash out.
  • VA interest rate reduction refinance loan (IRRRL) simplifies the refinance process. Cash out not allowed.
  • Second home and investment properties allowed with the VA Interest Rate Reduction Refinance Loan (IRRRL). See your OVM Financial Loan Officer for details.

More info on VA Loans >>

Fixed Rate Loans

Fixed Rate Loans Summary:

At OVM financial, our Fixed Rate Conventional Mortgages offer the confidence of knowing your rate and payment will not change for the term of your loan. This is a great program for anyone planning on being in their home for a longer period of time.

Additional Information:

  • Cash out available to 85%
  • As low as 620 fico available
  • Maximum loan amount of $417,000
  • Unlimited cash out

More info on Fixed Rate Loans >>

FHA Loans Summary:

OVM Financial offers the Federal Housing Administration (FHA) Loan, to assist borrowers who may need flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance.

Additional Information:

  • Under the FHA streamline program, current FHA loan borrowers can refinance with no appraisal.
  • Up to 97.75% loan to value for a rate and term refinances.
  • Up to 85% loan to value for cash out refinances.

More info on FHA Loans >>

Rent vs. Own Comparison.
Loan Application Checklist.
10 MTG Do’s and Don'ts.
First Time Homebuyer.
Rent vs. Own Comparison
Rent vs. Own Comparison Summary:

Buy a home and begin building your own equity. Rates are at an all time low, and we are confident there is a program that is perfect for you. The benefits are endless!

  • You can’t build equity in an apartment or rental property, but by owning your home you can!
  • Your rent payment is not tax deductible. By being a home owner the interest portion of your mortgage payment could be tax deductible. *Please consult your tax advisor.
  • Your rent almost always increases when your lease is renewed, but with a fixed-rate mortgage, the principle & interest payments never go up.
  • In addition to deducting mortgage interest, you may also be eligible to deduct costs paid at closing. As part of owning a home versus renting, you may be eligible for tax credits for improvements and other tax incentives.
Loan Application Checklist
Use this checklist to make sure you have everything you need before you begin your loan application. Having all necessary documentation up front saves time so your loan can close smoothly and quickly.

  1. 2 years of tax returns.
  2. 2 years of W-2s.
  3. If self employed, 1099s and copy of business license.
  4. Most recent bank statements (all accounts and all pages).
  5. Explanation (signed and dated) of any deposits over $1,000 other than normal pay into accounts.
  6. Most recent pay stubs (minimum of 30 days).
  7. Copy of driver’s license.
  8. Explanation (signed and dated) of any inquiries on credit report.
  9. Mortgage Statement, Insurance Declaration Page, and most recent tax statement for all other properties owned.
  10. Divorce Decree and Separation Agreement (if applicable).
  11. Copy of Earnest Money Check & Purchase Contract.
10 MTG Do’s and Don'ts
  1. Don’t apply for new credit of any kind.
  2. Do keep all existing credit card accounts open.
  3. Don’t MAX OUT or overcharge existing credit cards.
  4. Do maintain your employment at your current job.
  5. Don’t consolidate debt to one or two cards.
  6. Do pay off collections, judgements, or tax liens reported within one year.
  7. Don’t make any large purchases.
  8. Do stay current on your existing accounts.
  9. Don’t make any large deposits into any of your accounts.
  10. Do call us. We are here to help you through this process.
First Time Homebuyer
Step 1: Get Pre-Qualified:
The only way to truly know how much home you can afford is to ask a lender. Getting pre-qualified lets you know how much you can afford before shopping for your home.

What to Know:
  • Income: Stable income assures a lender you can make your monthly mortgage payment.
  • Debt: Add up auto payments, credit card payments, student loans, alimony, child support, and other debt.
  • Cash: Total assets, amount in checking and savings accounts, and other investments.
  Step 2: Determine Monthly Mortgage Payment Including Escrow:
Escrow is a third party account used to retain funds including the property owner’s real estate taxes and hazard insurance premiums. Escrow is only applicable in certain loan programs.

Step 3: Understand Bills Associated with Homeownership:
Estimate that it will cost about one percent of the purchase price per year to maintain your home. For a $200,000 home, you should budget approximately $2,000 per year or approximately $170 per month for maintenance. Condominiums and co-ops will have regular maintenance fees. You will also have utilities, gas, electric, water, sewage, cable, telephone, insurance, property tax, etc.

Step 4: Establish Future Priorities and Plan for the Unexpected:

  • What are your needs for the new home — furniture, lawn equipment, barbecue grill?
  • Is a new car in your near future?
  • Do you plan to have children?
  • How long can you survive if you lost your job?