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We just closed on a VA loan. Can we use the appraisal for a HELOC loan?

by donte.bat523 from Gresham, Oregon. Jan 3rd 2018 Reply


Lorne Harvey (lorneharvey)
#2 ranked lender in Washington - 428 contributions

If the HELOC lender will accept it, then yes indeed.

Jan 3rd 2018
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Randy Free (rfree@opesadvisors.com)
#20 ranked lender in Oregon - 49 contributions

Yes, if the HELOC lender will allow to use the existing appraisal. Some do and some don't. For example, we will do a HELOC or 2nd if we had done the first loan.Sometimes it makes sense to do a 100% loan-to-value 'cash-out' VA refinance. It cost nothing to explore your options with a local mortgage professional. Feel free to call me. Randy Free - Mortgage Advisor - NMLS 283930 - 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401 - Direct Phone 541-984-5428 - rfree@opesadvisors.com

Jan 3rd 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

Much more info needed to answer your question.. Was this loan for a purchase or a refinance? If it was a purchase, did you put any money down? If so, how much? What was your Loan to Valule?, etc, etc, etc.. In short, there are no "conforming" set of guidelines when it comes to HELOC's.. each lender who offers them will have their own rules,but a majority of them do use similar guidlines.. Some might use the appraisal if it's inside of 3 to 6 months.. but others wont.. Also, some might use the appraisal, but the "Loan to Value" (LTV) will be capped at a percentage of the LOWER of appraised value or sale price.. Example: you bought a home for $200K and closed 30 days ago.. but the property appraised at $250K. In the eye's of the HELOC lender, your property is worth $200K.. Also, most HELOC lenders will only lend to say 80% LTV.. if you did a VA loan to purchase a home, and you didn't put any money down, then you will be at 100% LTV.. and in this scenario, you probably wont qualify.. Keep in mind that HELOC stands for Home "EQUITY" line of credit.. you have to have equity to have a HELOC.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona 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

Jan 4th 2018
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