NO APPRAISAL REFINANCE – CAN YOU QUALIFY?
Many customers can qualify for a refinance loan with no appraisal required. This is a great benefit because it saves a consumer more than $350 in out of pocket expense, takes the risk away of getting a bad appraisal, and allows a lender to close your loan very quickly.
The easiest way to qualify for an appraisal free loan is if you are currently in a FANNIE MAE, FREDDIE MAC or FHA loan.
Let’s start with FANNIE MAE and FREDDIE MAC. Check to see if your loan is backed by FANNIE MAE of FREDDIE MAC here:
FANNIE MAE: http://www.fanniemae.com/loanlookup/
FREDDIE MAC: https://ww3.freddiemac.com/corporate/
If your current loan is backed by FANNIE MAE or FREDDIE MAC, and you want to do a rate and term refinance, I may be able to refinance your loan with no appraisal or out of pocket costs and close your loan in a week.
This is applicable only for rate and term refinances. In order to find out if you qualify for no appraisal, I must run your credit and approval. We submit your application through Fannie Mae and Freddie Mac’s approval underwriting system and it tells us whether an appraisal will be needed.
Please call me at 480-206-5577 to see if you qualify. Most consumers will qualify with a loan taken out before Mayof 2009.
FHA also allows you to streamline your existing FHA loan to a lower rate without an appraisal.
In order to qualify for a no appraisal loan with FHA, you must be in a current FHA loan. As long as you have been on time with the payment and have decent credit, you should be able to qualify.
FHA requires a net tangible benefit in order to complete a streamline refinance. The new loan must be lowering your payment by at least 5%, or we must be taking you from an ARM to a FIXED FHA loan within 2% of your current rate.
Even though your best bet to qualify for a no appraisal refinance is to be in a current FANNIE MAE, FREDDIE MAC or FHA loan, you can sometimes qualify for a no appraisal loan based upon the strength of your application. Recently, I have been getting through a lot of appraisal free loans for customer with good credit, decent equity, and a loan amount under 417,000.
The only way to tell for sure is to run your credit and approval – the approval will sometimes accept the value and not require an appraisal.
Reggie Green / Branch Manager at Fairway Independent Mortgage Corporation
480-206-5577 / email@example.com
NMLS #229993, AZ – BK 0913980, Fairway NMLS: 2289, Equal Housing Lender.
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No appraisal refinance, can you qualify?