(UPDATED: 2018)
Some VA-approved lenders are offering the VA streamline refinance program with no appraisal. This can be very helpful for many people who currently have a VA loan and are interested in refinancing.
The VA streamline program is designed to help people in a VA loan refinance with less documentation required than when they originally got their VA loan.
VA Streamline No Appraisal: Negative Equity
There are many reasons why a no-appraisal VA streamline refinance is popular. For one, it’s beneficial for homeowners who currently owe more than their home’s worth.
If they bought the home a few years ago and housing values in the area have sunk since they bought it, they may want to refinance. However, if they refinance and get an appraisal, it will show that they owe more on their home than it is now worth.
No Appraisal: Repairs Needed
Another reason that some Veterans go for their streamline refinance option with no appraisal is because the home is in need of some kind of repair – either large or small. If you have a home that is in need of repairs and an appraiser comes in to do an appraisal, the lender will require that the repairs be completed before they will allow the refinance to go through.
VA Streamline No Appraisal Lenders
If you are in a situation where you want to do a VA streamline with no appraisal, the most important thing you can do is speak with multiple VA approved lenders. Many lenders will require that an appraisal is done regardless of circumstances and some may not. Speaking with a lender about your individual situation will help you know exactly what the lender will require.
Get matched up with a VA approved lender here. Simply submit your information below and a VA approved lender will contact you to discuss your situation.
