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does your loan depend on appraisal of house?

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November 18 2009 - Wayne
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Profile picture for Bill K.

There are 3 main factors involved in the mortgage qualification process are:
1. Credit
2. Income
3. Equity in the home

If you are refinancing a home and the value has been lowered in this market, you may qualify for Fannie Mae Refi Plus Program or Freddie Mac Home Path Program.

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November 18 2009
Profile picture for Liberty Mortgage
The only time no appraisal is needed is if you are doing a refinance and the loan you are getting is an FHA streamline refinance or a VA IRRRL.  If those are not the parameters of the financing, then an appraisal must be done.
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November 24 2009
Profile picture for Mortgagejaw
short answer.......yes. Since the lender is lending you money base on the asset with is the home.
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November 18 2009
 

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Questiondoes your loan depend on appraisal of house?
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