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IRRRL Refinance - California

Hello,

Anyone know of lenders not requiring appraisals for IRRRL refinance?

House Info:
Current Value (Zillow) $204,000
Purchased (2008) $255,000
Mortgage Balance $250,000
APR 6.5%

My wife and I have great credit and a combined income of approx 110k. We just cant seem to get past the appraisal requirement... any advice is greatly appreciated.

-Patriot
  • September 21 2011 - Antioch
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Answers (6)

Not many lenders perform a VA IRRRL or VA Streamline without an appraisal. Many claiming to have the ability end up using an AVM which is not an appraisal, but ultimately ends up causing the same result.

I work with a national bank that does allow for VA IRRRL or VA Streamline that does not require an appraisal or AVM. Obviously certain parameters apply, but I would be more than happy to point you in the right direction.

  • September 14 2012
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Thank you all for your responses. I will make some calls and shake some trees!
  • September 22 2011
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Actually, FHA does offer streamline refinances, and has since the '80s, according the HUD website.

In my search to do a VA streamline, I found that a lot of lenders are putting on their own appraisal requirement as an overlay, even though the guidelines don't require one. I didn't find any that allowed over 100% with an appraisal, either, but that again may be a specific lender's overlay.

I agree with checking with your own servicer first - there were a few out there that would do the streamline with no appraisal as long as I was serviced by them. However, I found that in my case, the interest rate wasn't as good as I could get outside of them, even taking into account some reduced fees.
  • September 22 2011
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You don't say if this is VA or FHA,

FHA doesn't offer an IRRRL.

A VA IRRRL doesn't require an appraisal, in regards your questions there are lenders that follow that guidance and don't require an appraisal; have you tried your current servicer?
  • September 22 2011
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You can go up to 125% refinance on an IRRL with an appraisal.  That would put you at 123% ltv.
  • September 22 2011
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You don't say if this is VA or FHA, but if it's VA and you have access, check Navy Fed. I just completed a VA IRRRL through them, in a very timely manner.
  • September 21 2011
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