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can you be denied a harp loan because of low appraisal?

by juneflow389 from , California. May 10th 2017 Reply


Different lenders go to different limits on loan to value. What is the loan amount and value that it came in?Thank you,NiteenMatrix Real EstateGotomatrix.com

May 10th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,007 contributions

The reason you use HARP is because the loan to value restriction is removed for a HARP loan.. so in most cases, an appraisal is not necessary.. When your file is run through the Automated Underwriting System (AUS), the majority of files receive an "Appraisal Waiver".. meaning that no appraisal would be required. If one is required, then it still shouldn't be a problem but this is in regards to HARP rules.. Understand that HARP does not lend money.. it's the boiler plate guidelines set in place by the federal government.. The lenders, or those with the $$$ will often times add their own rules above what HARP calls for.. it's these "Overlay's" that makes lending rules different, one lender to the other.. some lenders only go 105% Loan to Value.. others are capped at 125% and some even higher to 150%.. If you are using a lender with a restricting overlay, then you can always go to a more HARP friendly lender (Like ME!!).. We go by AUS.. if no appraisal is required, then we don't need one.. if one is required, then we have no restriction on loan to value so sky's the limit.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 10th 2017
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

We have no overlays and likely could do the loan with no appraisal required.Our main headquarters are here in CA as am I and my branch. I personally only do CA loans. Please let me know via my profile. Happy to provide you with a loan estimate.

May 11th 2017
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