Chenoa Fund Guidelines
OVM Financial News
by Rio Herbik
1y ago
Want to purchase a home but need help with the down payment? If so, check out the Chenoa Fund guidelines to see if you qualify. Sponsored by CBC Mortgage Agency, the Chenoa Fund is a national down payment assistance (DPA) program created to extend affordable and sustainable homeownership nationwide to creditworthy, low-to-moderate-income individuals and families. Read on to find out more about Chenoa Fund guidelines as well as the benefits of down payment assistance. What is the Chenoa Fund? The Chenoa Fund is a national DPA program provided by CBC Mortgage Agency, a federally chartered gov ..read more
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How To Purchase a Home with Low Income
OVM Financial News
by Rio Herbik
1y ago
Want to purchase a home but a bit tight on funds? If so, you may be wondering how to purchase a home with low income. Fortunately, there are options such as down payment assistance programs and government-backed loans to help you out. Read on to find out how to purchase a home with low income. Explore government-backed programs Government entities, such as the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA), insure home loans, which protect a lenders’ investment in your property. This protection allows financi ..read more
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Can You Get Down Payment Assistance with a Conventional Loan?
OVM Financial News
by Rio Herbik
1y ago
Planning to purchase a home? You may wonder “Can you get down payment assistance with a conventional loan?” You can. In fact, you can apply for down payment assistance (DPA) through many different programs. Though each option varies by location, some can offer minimal assistance, while others provide much more. For instance, in Seattle, you can receive an interest-free loan of up to $55,000. If you’re a New York City resident, you could qualify for $100,000 if you live in your home for 10 to 15 years. And in Iowa, can apply for a $2,500 down payment and closing cost grant. Read on to find ou ..read more
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Minimum Down Payment for a House
OVM Financial News
by Rio Herbik
1y ago
If you’re ready to purchase your new home, you’re likely curious about the minimum down payment for a house. Ultimately, your down payment requirement will depend on the type of loan you secure. While conventional loans usually range from 3% to 15%, other more specifically targeted loans offer low to no down payments. And if you need help producing that initial lump sum, there is available down payment assistance in your state. Want to secure the minimum down payment for a house? Here are some loan options and requirements for each. Enjoy no down payments with VA loans The U.S. Department o ..read more
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OVM Financial Is Now Powered By AnnieMac Home Mortgage
OVM Financial News
by Rio Herbik
1y ago
OVM Financial has joined forces with AnnieMac Home Mortgage, and as of today, we will begin operating as OVM Financial Team Powered By AnnieMac Home Mortgage! Where We’ve Been OVM Financial’s mission has always been to become our client’s mortgage provider for life. The formula for fulfilling this mission is simple: we must offer industry-leading customer service and a strong lineup of loan options. Throughout our history, OVM has made a handful of significant decisions to pursue this mission. Going back to 2001, when George Temple Jr. and Chip Simkins purchased Old Virginia Mortgage, they ..read more
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Do You Have to Put Down 20 on a House?
OVM Financial News
by Rio Herbik
1y ago
The time has come, and you’re ready to purchase a home, but you may wonder, “Do you have to put down 20% on a house?” The short answer is “No.” However, while some loans have no down payment requirements, there are benefits to investing money up front. Making a larger down payment allows you to save money on fees like closing costs and private mortgage insurance, pay off your loan more quickly, and reduce your monthly expenses. If you can’t make that initial investment, there are available options for down payment assistance for your first home. Read on to discover if you have to put down ..read more
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Down Payment Assistance for an FHA Loan
OVM Financial News
by Rio Herbik
1y ago
If you’re planning to purchase a home, you may be wondering “Is there down payment assistance for an FHA loan?” While the Federal Housing Administration (FHA) doesn’t offer down payment assistance (DPA) loans directly, you can secure DPA through other lenders, such as OVM Financial, which may also offer low closing costs and easy credit qualifying. Read on to find out more about down payment assistance for an FHA loan. How does FHA down payment assistance work? DPA can come in the form of grants, loans, and other products created by a nonprofit organization as well as local, state, or feder ..read more
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How to Buy a Home with Government Assistance
OVM Financial News
by Rio Herbik
1y ago
One of the biggest hurdles to homeownership is the down payment that’s usually necessary to obtain a mortgage loan. But if you’re a first-time homebuyer looking to purchase that starter house, did you know there are a variety of programs that will provide you assistance with your mortgage and down payment? At OVM Financial, our loan officers have access to a wide array of state-based programs that provide down payment assistance (DPA) to first-time and qualified homebuyers, often in the form of grants or forgivable loans you won’t have to pay back. Read on to learn more about how to buy a ho ..read more
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Explore Down Payment Assistance Programs in Maryland
OVM Financial News
by Rio Herbik
1y ago
Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA. So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started. Understanding MMP loans MMP offers 1st Time Advantage Loans for first-time homebuyers as well as Flex products, which offer other down payment assistance optio ..read more
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Explore Down Payment Assistance Options in Texas
OVM Financial News
by Rio Herbik
1y ago
If you’re planning to purchase property in the Lone Star State, you may wonder about mortgage assistance programs in Texas. The Texas Homebuyer Program, offered by the Texas Department of Housing and Community Affairs, offers flexible down payment assistance programs as well as competitive interest rates and the Mortgage Tax Credit Program. These products also provide closing cost assistance through a no-interest, no-monthly-payment, second lien. Additionally, the Texas Homebuyer Program limits fees participating lenders, like OVM Financial, charge to help minimize your closing costs. Ready ..read more
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