Real World Mortgage Solutions

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Mortgage and Lending - OVM Financial - NMLS # 78989
The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.
As a buyer or realtor, before agreeing to a sales price on the purchase contract, it is very important to know if you need or want seller paid costs, how much is needed or most beneficial, and how much is allowed to be paid by the seller.    The limits for seller paid closing or settlement costs ...
One of the most popular questions we receive is “how do I tell if the property is USDA eligible?” or something similar. Whether you are a buyer, seller, or realtor, you should get familiar with this site as USDA is a great opportunity for a buyer to get affordable financing at 100% of the sales p...
A huge benefit within FHA guidelines in regards to deferred student loan payments will go away on 6/15/2015.  For FHA case files assigned prior to this date, borrowers that have student loan payments which are deferred great than 1 year after the closing date do not have to count any payments in ...
The most common need we see among buyers these days is a great low or no down payment mortgage solution.  There is a little known affordable payment, low to no down payment option available with Team Move and OVM through the NC Housing Finance Agency (NCHFA).  In 2014, NCHFA unveiled the NC Home ...
When using a VA Home Loan for a purchase or refinance in the states of NC, SC, and Virginia, a Pest / Termite Inspection is REQUIRED prior to closing.  The only exception to this requirement is when refinancing with a VA streamline IRRRL loan to lower the rate, term, and/or payment.  Each state a...
Wrightsville Beach, NC which is one of Wilmington’s hot locations to live, surf, and hang out, has received another award! just named Wrightsville Beach on their top 14 Best Small Beach Towns in America.  Check out the list of their top 14 locations by clicking here. ...
A construction to perm loan for stick built and modular homes has a lot moving pieces just as building a house does and a popular question is "How does the construction perm loan process work?".  Construction to Permanent Loan Process Complete loan application and pull credit Send you a detailed ...
USDA has a little known, special refinance product called the USDA Pilot Refinance Program which is for borrowers that currently have a USDA guaranteed loan and are looking to lower their rate and payment through a refinance even with equity not required. This USDA program allows for a borrower t...
FHA has just made financing the purchase or refinancing of a home cheaper by lowering the amount of monthly payment of mortgage insurance premium by over 1/3!  The latest announcement by HUD states that the monthly mortgage insurance premium on mortgage terms over 15 years will be reduced by .50....
Wrightsville Beach - A great surf town is the nearly magical sum of consistent waves, inviting accommodations, friendly locals, fun nightlife, delicious food, and plenty of activities should the ocean go flat.  Wrightsville Beach, NC is a small town tucked away between the salt marshes, sandy bar...

Russell Smith

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