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Answers (9)
- DarrenMalone
- Contributions:1
@David Stein, I'm a Lender in WA State, what Bank/funding source are you using for 125% LTV? I've only heard of Seller-to-existing Seller Servings IRRLS with no appraisal. Thanks!
- everettserena
- Contributions:1
IPSO, absolutely require them to refund your appraisal fee. They are not taking the new RESPA seriously, which requires you to receive a GFE (Good Faith Estimate) prior to any charges.
Now, you also need to educate yourself. DO NOT give your credit card to ANY lender, Broker or otherwise on a VA IRRRL Streamline. You should not have ANY out of pocket costs. Period. If they try to get your credit card that should be an immediate red flag.
Now, you also need to educate yourself. DO NOT give your credit card to ANY lender, Broker or otherwise on a VA IRRRL Streamline. You should not have ANY out of pocket costs. Period. If they try to get your credit card that should be an immediate red flag.
- KKSka14
- Contributions:63
We require automated valuation come to 95% LTV. Surprised this so-called "streamlined" refinance was requiring a full appraisal. It sort of defeats much of the purpose.
- Clay Branch, "Georgia Loans"
- Contributions:7839
son_son33, you need a lender that does not require an appraisal and also does not run an AVM. DTI is not an issue because you do not list income on your application. I can help you if the property is not zoned condo.
- son_son33
- Contributions:1
I'm in the same situation! Active duty, single parent, stationed in FL, 6.25% IR, owe $189,900 and home is value at 86K. Was just denied by NFCU before they even looked at my application, which I don't understand, if the IRRRL is no credit check/no appraisal! Mortgage is current. My DTI is high, but if I refinance, I guarantee I can payoff a lot of open credit! Almost makes me want to stop paying and let it go into foreclosure, but my personal and military values won't let me! Is there help out there for people who are doing what they're supposed to???
You cannot be charged for an appraisal until after you have received a GFE. If you were, they will have to refund this to you.
Cite:
FDIC.GOV <---Link
Cite:
FDIC.GOV <---Link
§ 3500.7 Good faith estimate or GFE.
(a) Lender to provide.
(1) Except as otherwise provided in paragraphs (a), (b), or (h) of this section, not later than 3 business days after a lender receives an application, or information sufficient to complete an application, the lender must provide the applicant with a GFE. In the case of dealer loans, the lender must either provide the GFE or ensure that the dealer provides the GFE.
(1) Except as otherwise provided in paragraphs (a), (b), or (h) of this section, not later than 3 business days after a lender receives an application, or information sufficient to complete an application, the lender must provide the applicant with a GFE. In the case of dealer loans, the lender must either provide the GFE or ensure that the dealer provides the GFE.
(2) The lender must provide the GFE to the loan applicant by hand delivery, by placing it in the mail, or, if the applicant agrees, by fax, e-mail, or other electronic means.
(3) The lender is not required to provide the applicant with a GFE if, before the end of the 3-business-day period:
(i) The lender denies the application; or
(ii) The applicant withdraws the application.
(4) The lender is not permitted to charge, as a condition for providing a GFE, any fee for an appraisal, inspection, or other similar settlement service. The lender may, at its option, charge a fee limited to the cost of a credit report. The lender may not charge additional fees until after the applicant has received the GFE and indicated an intention to proceed with the loan covered by that GFE. If the GFE is mailed to the applicant, the applicant is considered to have received the GFE 3 calendar days after it is mailed, not including Sundays and the legal public holidays specified in 5 U.S.C. 6103(a).
(4) The lender is not permitted to charge, as a condition for providing a GFE, any fee for an appraisal, inspection, or other similar settlement service. The lender may, at its option, charge a fee limited to the cost of a credit report. The lender may not charge additional fees until after the applicant has received the GFE and indicated an intention to proceed with the loan covered by that GFE. If the GFE is mailed to the applicant, the applicant is considered to have received the GFE 3 calendar days after it is mailed, not including Sundays and the legal public holidays specified in 5 U.S.C. 6103(a).
- David Stein, "Military Loan Expert"
- Contributions:315
VA IRRL loans can be done with no appraisal. That should eliminate the LTV problem. If you have any questions feel free to contact me.
I don't know about the situation with the GFE, but if you are looking to refinance your loan, that should get it done, assuming everything else is ok to the underwriter.
I don't know about the situation with the GFE, but if you are looking to refinance your loan, that should get it done, assuming everything else is ok to the underwriter.
- ipso
- Contributions:37
USAA Federal savings bank
$346,000 current balance
$329,000 appraisal
USAA Federal Savings Bank
$346,000 current balance
$329,000 appraisal
USAA Federal Savings Bank
- David Stein, "Military Loan Expert"
- Contributions:315
What bank was this with? a retail or wholesale bank? VA loans to 125% now.
What is value of home and how much do you owe?
What did the manager at the bank say?
Please give more information
What is value of home and how much do you owe?
What did the manager at the bank say?
Please give more information
VA Streamline Refinance denied no GFE sent is this okay
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