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Transfer appraisal?

We just closed on a VA loan. Can we use the appraisal for a HELOC loan? If yes, what do we need to do? by donareas5304 from Gresham, Oregon. May 2nd 2017 Reply


Nadine Steen (nadine.steen@directorsmortgage.net)
#58 ranked lender in Oregon - 1 contribution

VA can be a 100% loan- but you can check with any lender that does 2nds, Washington Federal and or any Credit Union and I am sure they can help answer that question.Have a great day!

May 2nd 2017
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John Burke (jburke)
#32 ranked lender in Texas - 187 contributions

Hi Donareas5304,VA offers a 100% cash-out refi option as well but to answer your question, no, you typically cannot use a VA appraisal for a HELOC. The bank doing the HELOC will want their own appraisal done. Good luck. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

May 3rd 2017
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

Though I know many banks accepted recent appraisal for a first mortgage loan for a heloc, when all of us in lending use to do a lot of helocs, I recommend you call some big banks and credit unions to find out if they will accept it. If you gota 100% VA loan you would need an appraisal anyway because most lenders wantto see you possessed sufficient equity in the home at the time of the purchase or refinance.

May 3rd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

It's unlikely you would qualify for a HELOC if you just closed on your VA loan.. VA is 100% financing and HELOC's are usually limited to 80% loan to value. you would need to owe less than 80% of what you borrowed to qualify.. and it's very unlikely they (the HELOC lender) would accept your appraisal.. they will always order their own. 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 3rd 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,576 contributions

The answer is probably, but it is up to the lender you get the home equity loan from.

May 4th 2017
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