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can i use HARP on a VA loan?

looking for underwater options and I found HARP but I cannot tell if VA works for it. If not is there another route? by bradnori8462574 from Sparks, Nevada. Oct 14th 2014 Reply


Leanne Larson (LenderLeanne)
#17 ranked lender in Nevada - 19 contributions

VA does work if you're underwater with a VA Interest Rate Reduction Refinance Loan (VA IRRRL) - no appraisal will be required. Some lenders will run an "AVM" - Automated Valuation Model - report to determine the amount the home is under current value as they may have certain additional requirements for this. Please be sure to work with a direct lender as they will have the least restrictions for value. The HARP program is for Conventional Loans only.

Oct 14th 2014
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#45 ranked lender in Nevada - 69 contributions

VA IRRRL can sometimes work in this situation, but it depends on circumstance. Give me a call and we can discuss it if you wish. 702-522-6745 Nathan Kessler City First Mortgage Services NMLS 377217

Oct 14th 2014
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Joseph Parker (Josephparker)
#26 ranked lender in Nevada - 7 contributions

A simple VA IRRRL - is your best option. Any number of lenders have it. -

Oct 14th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

If you already have a VA loan this is a good option, OR if the home will appraise for at least what you owe on it, otherwise I don't see how a VA loan will help you. If your current loan is NOT a VA loan and the current value is less than what you owe it must be "HARP Eligible" - or a current FHA loan can be refinanced as well. There are no other refinance options I'm aware of for properties that are not HARP eligible.

Oct 14th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

All conforming loan products have a refinance option where an appraisal is not necessary, however you have to use the same loan type you currently have for it to work.. (IE: VA to VA, FHA to FHA etc..) VA has the IRRRL which does not require an appraisal, so regardless of your homes value, you can refinance it and take advantage of today's lower rates. Understand that even though VA does not require it, some lenders will require some sort of property valuation model.. either a full appraisal or an automated valuation, but this is not required by VA.. For this reason, i always suggest you contact a local mortgage broker.. Since brokers have relationships with numerous lenders with each one offering a different set of loan products and guidelines.. (I have 21 lenders we use).. the broker is more equipped in finding you the lender that does not require some sort of appraisal. 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

Oct 14th 2014
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