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Streamline FHA Refinance

Trying to refinance because of lower rates tried conventional, the appraisal came in too low so Chase switched it over to streamline FHA had to get house reappraised came in 75,000 lower than the initial appraisal. They used short sales is there any way to fight this.
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August 22 2012 - Mastic
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Hello as other mentioned, if you were truly doing an FHA streamline you would not have needed an appraisal to be done. Are you sure you have an FHA loan currently? If you do you should have no problems with value and avoid having to deal with not only paying for an appraisal but having it come in short and not being able to do the loan.  I would be happy to check your credit and see what type of loan you do have and go from there.
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August 28 2012
If you current loan is with Chase they should do they Streamline.   If you are switching to a different servicing company they may want an AVM or Appraisal.   Lenders don't want to add underwater loans on their books.   Find a broker who brokers to Flagstar or ICON and they don't require an appraisal.
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August 26 2012
You only need 2.25% equity to do a rate & term streamline so are you saying the FHA appraisal has a value that is less than what you owe?
Whether it is or not, your lender should have the appraisal voided and submit your loan as a streamline / no appraisal. The only reason to use an appraisal is to be able to roll the closing costs and prepaids into the loan amount, then get a par rate around 3.25%. The monthly payment difference in using that vs a streamline / no appraisal at a higher rate like 3.75% that should cover the closing costs ( and possibly some or all of your prepaids ) will not be significant. In addition, you have already paid the annual MI ( you pay each month ) for aprx 9 years, if you use an appraisal you start the MI clock all over again so if the new LTV is 95%, 97%, etc then you will pay the annual MI for another 10 years or so. What are you being quoted for interest rate, closing costs, and prepaids on the FHA streamline with appraisal? What was the original purchase price and current balance?  
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August 25 2012
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The bank said we had to do the appraisal. The loan is an FHA that originated 10/2003

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August 25 2012
yes, just do it as a no cost streamline without appraisal..

as a rule; I won't even take an application for an FHA streamline with appraisal, only without.
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August 22 2012
Why did you do an appraisal on a streamline FHA refi?  Lender credits can virtually pay for all of the closing cost, so you would not need an appraisal.  I will ask the obvious question.... Is your existing loan an FHA loan, and if so what month and yr was it originated?
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August 22 2012
 
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