To refinance your home without an appraisal your loan must fall under one of these categories:
A) FHA streamline - If you choose to pay your closing costs out of pocket you can refinance your home into a lower interest rate without a need for an appraisal. You cannot request any cash out of your home's equity and your payment must be reduced by a minimum of 5%.
B) VA IRRRL VA's streamline refinance - VA loans that qualify for a streamline refinance do not require an appraisal. You must be active duty or prior service.
C) Conventional loans allow a Property Inspection Waiver (PIW)- When a loan officer inouts your information into a software system created by Fannie Mae (DO or DU) sometimes your approval will state that the amount entered as a home's value is accepted by Fannie Mae and that no appraisal is needed PIW. For a small fee, usually $75, you can waive the appraisal.
D) Fannie Mae Homepath - Homes owned and currently being sold by Fannie Mae do not require an appraisal.
Contact us for more information on refinancing without an appraisal.