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Answers (4)
- James Barath, "JamesBarath"
- Contributions:36
Beeniegrl,
Loan to value is always a component of lending guidelines and will have an impact on whether or not your FHA streamlined refinance will be done with or without an appraisal.
If you choose to move forward without an appraisal, you will be limited to a maximum loan amount not to exceed your original loan amount as Derek alluded. Furthermore, the lesser of the original sales price or appraised value will be the valuation used for purposes of the streamline.
If you require a larger loan amount to roll in closing costs&prepaids, you may have to consider a streamline refinance with a new appraisal. Hope that helped.
Loan to value is always a component of lending guidelines and will have an impact on whether or not your FHA streamlined refinance will be done with or without an appraisal.
If you choose to move forward without an appraisal, you will be limited to a maximum loan amount not to exceed your original loan amount as Derek alluded. Furthermore, the lesser of the original sales price or appraised value will be the valuation used for purposes of the streamline.
If you require a larger loan amount to roll in closing costs&prepaids, you may have to consider a streamline refinance with a new appraisal. Hope that helped.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Thanks Nic..
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Joe
Give this guy a call Beeniegrl. He can explain the whole process to you and will take good care of you.
Give this guy a call Beeniegrl. He can explain the whole process to you and will take good care of you.
- Derek Tunison, "Dtunison"
- Contributions:87
In order to do a streamline without a new appraisal you have to use no higher then the original loan amount. The fees associated cannot be rolled in over the price of the old loan.
If you refinance does your loan to value have to meet a criteria?
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