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Can I do a VA loan refinance without having to have appraisal done? Or is this a requirement?

by linda.collins505 from King George, Virginia. Dec 15th 2015 Reply


Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

It depends on the kind of VA refinance you are doing. I am a local Loan Officer right here in the Richmond area. Please call me or e-mail to see which program you qualify for. Jericho Cherry-804-519-7289. Email jcherry@gogsf.com

Dec 15th 2015
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

Hi Linda!If you are referring to a VA Home Loan you would likely qualify for the VA Interest Rate Reduction Loan Program (IRRL). If so an appraisal is not required. I'd be happy to run the numbers for you.Other notes:Cash-Out is not permitted under this program so the IRRL only allows you to move the rate down to a more effective one and/or shorten your loan term from to either a 15 or 10 year term.Hope that helps and thank you for your service! Happy Holidays !Ron

Dec 15th 2015
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Mark Allen (Mallen)
#61 ranked lender in Virginia - 10 contributions

you can refinance without an appraisal by doing what is known as a VA interest rate reduction loan,refinancing the current balance plus closing cost for the purpose of reducing payment

Dec 15th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

If you currently have a VA loan yes you can probably do a refinance without an appraisal, if you are going from some other loan type you will probably need an appraisal.

Dec 15th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,576 contributions

A VA refinance... YES, a VA purchase loan, No.

Dec 15th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

VA does not require an appraisal to do a refinance using VA IRRRL program, however VA does not lend money.. they insure loans against default.. each lender who offers VA financing can have their own rules above what VA calls for.. it's these "Overlays" that can vary from one lender to another.. So, some might require it, while others might not.. For this reason, it's best you contact a local mortgage broker.. brokers deal with numerous lenders with each one offering a different lending program.. the more lenders, the more lending options, and the greater likelihood your loan scenario will be accepted. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 15th 2015
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