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.
RECENT BLOG POSTS
Picture this scenario:  A happy couple or individual has never purchased a home but would love to be homeowners in the future, BUT…*  There is not a lot of credit report experience or there are credit issues*  Has no money in reserves or for down payment*  Doesn’t have a budget in order to afford...
07/25/2015
The USDA National Office just announced on June 16, 2015 that effective with guaranteed loan obligations on or after October 1, 2015 through September 30, 2016, the up-front USDA guarantee fee is increasing from 2.0% to 2.75%.  On a $200,000 purchase, that is an extra $1500 in cost!For buyers, U...
07/21/2015
It is closing day and you are trying to remember when you can pick up the moving truck, do you have enough friends to help with the move, are you ready to put the utilities in your name, and ARE YOU PREPARED FOR CLOSING?Keep in mind that being prepared for closing does not start the day of closin...
07/19/2015
Purchase & Construction Loans  Note:  VA funding fees are financed on top of the VA base loan amount and the amount depends if 1) whether the buyer is regular military or reserves/National Guard and 2) Is the Veteran considered 10% or more disabled by VA.  If a Veteran is 10% or more disabled by ...
07/19/2015
This VA purchase closing had 2 characteristics of a VA loan that most did not know:   Accessing a Veteran’s 2nd Tier VA Entitlement and the seller paying off debt for the Veteran through sales concessions for the buyer.Our buyer that is a Veteran has an existing VA mortgage on another property th...
07/19/2015
When purchasing a home, townhome, or condo in New Hanover County which includes Wilmington, Carolina Beach, Wrightsville Beach, Kure Beach, & Castle Hayne, not only do you need to worry about the mortgage payment, you should make sure that you figure in the actual property taxes for the property....
07/09/2015
The Federal Housing Administration or FHA, announces the loan size limits each year for all areas of each state in the U.S. For 2015, most areas stayed the same but there are some changes so make sure that you check these limits when considering an FHA loan.  Keep in mind that the FHA funding fee...
07/09/2015
What are the guidelines for borrowers with a short sale on a previous principal residence?When a previously owned property was sold for less than what was owed (short sale), borrowers are considered eligible for an FHA insured mortgage if, as of the loan application date, all mortgage and install...
07/09/2015
Whether everyone likes it or not, the TILA RESPA Integrated Disclosure Rule or TRID, is going to happen on October 1, 2015.  TRID which is mandated as part of Dodd-Frank, is meant to help consumers to understand the key features, costs, and risks of the mortgage loan for which they are applying a...
07/09/2015
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 ...
06/07/2015
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Russell Smith

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