Zillow Advice: Refinance - appraisal too low to refinance http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ Zillow Advice | Zillow Real Estate Mr. User469965,I hope this ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ Mr. User469965,<br/><br/>I hope this messages finds you well. There are approved VA lenders that will lend homes that are "under-water" or the value is not what the borrower owes. In your case, the value is not to far off from what you owe therefore, it would not be a problem. One&nbsp;requirement&nbsp;is having a credit score above 640 (to be on the safe side), will qualify you on a no financial, no appraisal&nbsp;loan. <br/><br/><em><strong>[content removed by Zillow because of spam.&nbsp; Please refer to our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for details.]</strong></em> Mon, 01 Apr 2013 22:11:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2013-04-01T22:11:00Z Dude, google IRRRL - That ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ Dude, google IRRRL - That is all you need since you have a VA loan.<br/><br/>0 underwriting<br/>0 appraisal<br/><br/>Thank god for being a veteran. Thu, 06 Dec 2012 20:33:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-12-06T20:33:00Z My home just appraised at ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ <div class="comment-body rich-content clearfix">My home just appraised at $177,000 which is $37,000 or 17% less than it did in 2009, and $15,000 less than the purchase price in 1999. &nbsp;As far as I know, there has not been a crash in my area. &nbsp;The appraiser's own comps listed had an average ppsf which easily would qualify me for the loan, yet she discounted all of the sales for no explainable reason. &nbsp;Two homes with the exact same floor plan and construction as mine but with unfinished bonus rooms and thus less sft appraised higher than mine (right around $200,000), high enough to qualify me had my home been given this value. &nbsp;In addition, my home is on a wooded cul de sac lot with a golf course view, while neither of these have either. &nbsp;I note on the appraisal that the appraiser works for herself and it appears out of her home. &nbsp;I have alerted my lender and await his response whether he will advocate for me. &nbsp;Unfortunately, I refinanced in early 2010 last, so I don't believe I qualify for the HARP program for underwater mortgages. &nbsp;I may have missed the date by 6 months. &nbsp;What can I do? &nbsp;Please advise.<br/><div class="thread-meta clearfix"><br/></div></div> Sat, 03 Nov 2012 08:49:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-11-03T08:49:00Z What I've found is that the ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ <p>What I've found is that the recent sales or the square of your home, lot size or something is pulling your home value down. I just appraised a home where the median price was 160k. The home that I appraised came in at $180,000. This is because the homes in the area are much smaller than&nbsp;the subject.<br/><br/>The key is to find two sales that are better to the ones that the appraiser used. They can be more recent, closer, same design and appeal and similar GLA. Next, ask your underwriter to send them to the appraiser and see if they can incorporate the sales into the appraise. Two things will happen.<br/><br/>1. If the sales are similar, the appraiser may consider them and increase your&nbsp;home value. If he/she feels they are no better or worse, they might not bring any more value to the table.<br/><br/>2. If the sales are not similar, the appraiser will simply state that they are not any better so they will not use them and the value will remain the same.<br/><br/>Next time you may want to hire an apprasier to complete a desktop appraisal so that you don't throw good money after bad. Many Realtors also offer CMA to see if you are in the ball park in hopes that you may list with them. These still may differ from the appraisal, but at least it will given you a starting point.<br/><br/></p> Sun, 29 Apr 2012 03:25:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-29T03:25:00Z We have a conv 30 fixed 1st ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ We have a conv 30 fixed 1st and a 15 year balloon for the 2nd. Both were used to purchase the home 5 years ago. We refinanced last year using the harp program. However, this did nothing about our 2nd mort. I need to refi both 1st and 2nd into a 30 year VA loan. We were all set but, the appraisal threw us off....way off. I understand that VA to Va would not need an appraisal but, that's not the situation. I truly appreciate the help and advice thanks! Fri, 27 Apr 2012 18:09:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T18:09:00Z VA offers the same streamline ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ VA offers the same streamline requirements found in the FHA streamline refinance. &nbsp;I would contact a VA lender for details. &nbsp;No "CASH OUT" is allowed in this process. Fri, 27 Apr 2012 17:02:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T17:02:00Z The median price is for SOLD ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ The median price is for SOLD homes. My house is by no means the largest on the block. I had a real estate agent value my home at 155k-165k. So when I went to refi, I thought I would be safe at 140k. Especially, since my neighbor sold their home for 132,900 and is 200sq ft smaller. The appraisal came back at 110k for my house. Why should my house be so much lower? Fri, 27 Apr 2012 16:59:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T16:59:00Z " There is a FHA program ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ " There is a FHA program to refinance without an appraisal, but you will pay for PMI. &nbsp;Ask a mortgage broker for help."<br/>----<br/>Carl,<br/><br/>Please explain how someone with a current VA mortgage does an FHA streamline without an appraisal.&nbsp; Fri, 27 Apr 2012 16:52:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T16:52:00Z Are you doing a cash out ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ Are you doing a cash out refinance or converting a conventional loan to VA? If not, you do not need an appraisal. Fri, 27 Apr 2012 16:02:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T16:02:00Z Active listing will not increase ... http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ Active listing will not increase your value significantly. &nbsp;Recent sales in the last four months will dictate your home value. &nbsp;Please keep in mind that foreclosures and short sales are required to be used as comps. &nbsp;And lastly, being the largest house in the neighborhood will not increase your value. &nbsp;Your story is very similar to many people who are trying to refinance. &nbsp;There is a FHA program to refinance without an appraisal, but you will pay for PMI. &nbsp;Ask a mortgage broker for help. Fri, 27 Apr 2012 16:02:00 GMT http://www.zillow.com/advice-thread/appraisal-too-low-to-refinance/440612/ 2012-04-27T16:02:00Z