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No Appraisal Mortgage Refinance Options

No appraisal refinance options


Hello everyone, I get asked often about no appraisal refinance options.  Unless you have a government loan (FHA, Veteran, USDA) or qualify for HARP then you will most likely not find any other No Appraisal options.  Below is an overview of your two main options for refinancing without having to pay for an appraisal.



1. FHA/VA/USDA streamline refinancing

• Available to homeowners with existing government loans
• Does not require income and employment verification
• Bank account and asset information is not required
• Your Credit Score determines the rate
• No appraisal required
• Home owners can and use this program to reduce the mortgage insurance premiums and get better rates and terms



• Mortgage must be current
• You must have made your last six months payments within 30 days of the due date
• Cannot have been more than 30 days late more than once in the previous year



2. HARP Programs (The Home Affordable Refinance Plan)

• HARP Lets homeowners who have Fannie Mae or Freddie Mac loans refinance regardless of how much they owe on their homes.
• HARP 2.0 program allows anyone with a Fannie or Freddie mortgage to refinance their loan regardless of their property’s value.



• No late payments in the last six months
• No more than one late payment in he preceding six months



Please give me a call today for a free consultation to discuss your refinancing needs in Connecticut.





IMG_1722lizElizabeth Welch NMLS 1618684
Company NMLS 117273
210 South Main Street
Middletown CT 06457