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FHA Cash Out and
Basic Refinancing
The basic requirements of a FHA refinance
are:
·
The mortgage to be refinanced
does not need to already be FHA insured
·
The mortgage to be refinanced should be current (not delinquent).
·
Cash may be taken out up to 85% of
appraised value.
Olympia Mortgage also can offer
refinances and include the closing costs
into the new mortgage amount. This can only
be done if there is sufficient equity in the
property, as determined by an appraisal.
Refinances can also be done without
appraisals, but the new loan amount cannot
exceed what is currently owed, i.e., closing
costs may not be added to the new mortgage.
Investment properties (properties in which
the borrower does not reside in as his or
her principal residence) may only be
refinanced without an appraisal and, thus,
closing costs may not be included in the new
mortgage amount.
Some of the benefits of this loan program include:
FHA Refinance
*
Flexible Credit Requirements
* Bankruptcy
discharged 2 years okay
* No Mortgage
Reserves required
* Rate &
Term Refinance to 97.75% LTV
* 15, 25 & 30 Year
Fixed or Adjustable Terms Available
New..FHA 3/1 Adjustable Rate
Mortgages
Required Documentation:
Drivers License and Social Security
Card
Appraisal
Closing Statement (from Purchase or Last Refinance)
Copy of Mortgage & Note (From Purchase or Last Refinance)
Last Mortgage Statement
Copy of original Survey
Prior Title Insurance Policy (not
required but helpful)
Home Owners Insurance Dec page or
Agent Info
If applicable: Divorce/child
support decree, Green Card, SS or VA
Retirement Awards Letter
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