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VA Refinancing
The basic requirements of a VA refinance
are:
·
The mortgage to be refinanced
does not have to already be VA insured
·
The mortgage to be refinanced should be current (not delinquent).
·
Veteran must remain on the loan and have
eligibility
·
Cash out up to 90% of appraised value
Olympia Mortgage offers refinances
that 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 with those
costs either be paid in cash or through the
premium rate as described above.
Some of the benefits of this loan program include:
VA Refinance
*
Flexible Credit Requirements
* No Monthly
Mortgage Insurance
* No mortgage
reserves required
* Rate &
Term Refinance to 100% LTV
* 15, 25 & 30 Year
Fixed Terms Available
New VA 3/1 Adjustable Rate Program
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)
Recent Mortgage Statement
Copy of original Survey
Prior Title Insurance Policy (not
required but helpful)
Home owners insurance dec page or
agent information
In most cases we can retrieve your VA
documents electronically, we will advise you
upon application if additional documentation
is needed.
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