Information
About lender
OVM Financial, Inc. is a retail mortgage lender which operates in 14 states. OVM Financial was established in 2001. Nowadays, the team's branches and office locations are situated in Virginia Beach, VA.
The company is a BBB-accredited business. It offers to its clientele various financial solutions, including conventional loans, jumbo loans, non-owner occupied, FHA loans, FHA 203(k), VA loans, USDA loans, reverse mortgages, construction loans, FHA EEM mortgages, and some mortgage refinance options.
Pros and cons
Pros
The company has a wide range of loan options and provides a swift and easy-to-do pre-approval process.
OVM Financial is a clear Technology, All-Star, and Mortgage Program Leader.
The company has an A+ Better Business Bureau (BBB) rating.
Has up-to-date Quickstartapp for the fast approval process.
If the clientele does not know which option is the most appropriate for them, they can contact a licensed mortgage loan officer who will pick up the best loan service for them.
Customers can use a mortgage calculator to see their estimated monthly payments with different mortgage amounts, interest rates, and down payment amounts.
Cons
OVM Financial is licensed in only 14 states. So, customers may not be able to meet with a loan officer face to face.
OVM Financial has credit score requirements for some loan options, which can be difficult to comply with.
The company has high closing costs, which include an appraisal, escrow, HOA, loan origination, lender fees, and some other additional costs.
For most of the services, OVM Financial has a down payment requirement which can be up to 20%.
Weighting all pros and cons, OVM Financial is an appropriate option for customers who are looking for untraditional ways of financing and a great variety of financial solutions.
Terms and conditions
OVM offers conventional loans which can be used for buying primary, secondary, and investment homes. The down payment is 3% for home purchases and refinances transactions. For this type of loan, customers need to have insurance, but once they have 20% home equity, it can be canceled. A conventional mortgage requires a credit score above 620 and a debt-to-income ratio below 45%. Down payment varies from 3% to 20%.
First-time home buyers can apply for FHA home loans. To qualify for this service, they must have a credit score of 580 with 3, 5% down payment or a score as low as 500 with a 10% down payment minimum.
Veteran or U.S. military service members are eligible to apply for VA loans that allow them to purchase a house with no down payment and 100% financing. The significant benefit of this service is the ability to pay customary closing costs for up to 4% of the home sales price in concessions. Furthermore, VA loans do not charge a monthly mortgage insurance premium and offer fixed and variable mortgage rates.
Also, OVM Financial offers additional options such as down payment assistance that helps home buyers to fund their down payment without repaying. It assists customers in financing the cost of their down payment with a second mortgage loan and covers closing costs for home buyers.
If the clientele is looking for move-in-ready options, they can apply for new construction loans that offer low and no down payment. OVM Financial company assists in identifying new builds in their area that are available for financing.
Home buyers can also apply for USDA loans that provide no down payment at all. In addition to that, USDA allows to pay up to 6% of the purchase price in closing costs and prepaid for the buyers. Additionally, with sufficient credit scores, it is possible to receive a USDA no money down approval.
If customers are looking for renovating home options, they can combine purchase and renovation costs into one loan. It allows the buyer to use funds and choose from 4 various types of renovation loans, such as FHA 203K Limited and Standard, FNMA Homestyle, and VA Renovation loans.
Jumbo loans provide financing for high-income borrowers looking to leverage the property and keep more funds within current investment accounts. This type of loan offers fixed and adjustable rates and includes a low down payment percentage, no monthly mortgage insurance, and great rates. The sufficient competitive advantage of Jumbo loans is providing financing for luxury properties, including beach homes. It has up to 90% financing for a primary residence. Starting from $647,200. VA jumbo loan offers up to $1,000,000 loan amount.
If looking for refinancing options, clientele may apply for refinance mortgages and use the home equity to consolidate bills and student loans, or combine the first mortgage, a home equity line, or a loan into one payment. For this program, OVM Financial offers a fixed rate.
Another type of loan is a commercial loan which offers up to $1,000,000 and more amounts of money for multi-family, retail space, industrial, mobile home parks, and hotels.
Also, clientele may apply for manufactured home loans that require a minimum credit score of 640 for VA and FHA or 700 for the FNMA option. The maximum debt-to-income ratio is 45%. This type of loan offers living accommodation for home buyers, as they can finance a manufactured home with the benefits of a VA, FHA, or conventional loan.
Funding a loan
The money gets transferred to a borrower directly via OVM Financial to their bank accounts. Clientele can get their money within a few business days. The operational time of the lender is less than a week.
