The short answer is yes – there are a number of loan programs available that will allow you to refinance your mortgage without requiring an appraisal. But it may be worth asking yourself why you want to avoid an appraisal in the first place. There are a number of reasons why you may think it’s preferable to avoid an appraisal.
To refinance an FHA mortgage without an appraisal, you must apply and be approved for an FHA streamline. You must be current (not delinquent) on your mortgage now and at least 6 months must have.
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If you receive a no appraisal approval on a home that has an illegal additions, or other non-lendable factor, it could mean big problems in the future if you are trying to refinance the home. Getting Your Questions Answered. If you have questions about no appraisal home loans, there are several ways we can help.
Being able to qualify for a mortgage refinance without an appraisal means many more people can refinance and stay in their homes. It also means that they can save substantially on their monthly payments.
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No Appraisal Refinance Mortgage – If you are looking for finance to buy new home or for lower mortgage rate of your existing loan then study our extensive and comprehensive collection of first-class reliable refinance offers from different certified lenders.
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Another reason that some Veterans go for their streamline refinance option with no appraisal is because the home is in need of some kind of repair – either large or small. If you have a home that is in need of repairs and an appraiser comes in to do an appraisal, the lender will require that the repairs be completed before they will allow the refinance to go through.
In a refinance, there is no sale agreement and thus no counter-balance in the transaction to offset an appraiser’s valuation. As a practical matter, the appraiser’s word is final. Ways to optimize your appraisal. You will get a call from the appraiser to set an appointment.
FHA no-appraisal streamline refinance With an FHA-insured mortgage, you may be eligible for a streamline refinance that doesn’t require an appraisal and or extensive credit documentation and.
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