appraisals

Hi Adian,Appraisals are necessary in almost all home purchases. If you are referring to a refinance and looking to lower your rate and or the length or term of your loan they may not be necessary. For example, if you have an FHA, VA or USDA loan right now than you can do what is called a streamline refinance with no appraisal. If you have a loan currently owned by Fannie Mae or Freddie Mac it may be possible to get what is called a PIW or property inspection waiver and not need an appraisal. On your second question about income qualification pretty much all loans do require this. However, in certain states you can do a USDA refinance without income verification. You must prove you have a job though. I believe MI is one of the states USDA is working to refinance loans in without full income verification. You may only get a USDA refinance if you currently have a USDA loan. If I have not fully answered your question or you have others you can reach out to me at 603-543-3700 ext 1 or check out my blog at www.mortgageprofessordon.com.Wish you all the best,Don LaPlume

Appraisals are required on most purchases, but can be waived on some refinances - in order to be waived the property and loan amount would need to be run through a data base to determine if the property is eligible for an appraisal waiver. Income may not need to be qualified on all refinances.

Appraisals are necessary on all purchases but not on all refinances. Call me to go over your scenario and we can determine your needs to see if the property value is important to the transaction. Jack C 734-395-9027, Brighton Michigan

Appraisals have nothing to do with qualifying income. If you are looking to purchase a home with financing, you will almost always need a recent appraisal. Certain "streamline" refinances do not need an appraisal. As for income, yes income is still needed to qualify for most loans. If you can clarify what it is you are trying to find out, I can be more specific. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

We have programs on purchases and/or refinances that need NO appraisals. In regards to income, we have programs as well that don't need income to qualify...