There are some specifics, for example going from Wells to Wells or Chase to Chase, there should be no LTV restricitons. If you do not have one of thes servicers, some lenders use an AVM which gives the lender an automated value of your property and it needs to fall within a specific range and standard deviation. One of the lenders on this site can assist your particular situation.
LTV is a non-factor in a true FHA Streamline Refinance without appraisal as you will be limited to the original appraised value from initial endorsement, as well as capped by the original loan amount. Good luck.
FHA Streamlines (No Appraisal) will calculate your LTV off of your last appraisal that is in the system. Your loan amount will be based on your current payoff plus the new upfront mortgage insurance. If you would like to find out more, please inquire directly! I would strongly recommend that you do so soon while the rates are still at low levels. Thank you and good luck!
FHA does not require an appraisal, and most lenders don't have an overlay requiring an appraisal, so you should be OK.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com
The streamline does not require an appraisal, I would be glad to assist. You can contact me at jegan@ccbmortgage.com.Thank you.
The general rule of thumb on the LTV for an FHA Streamline is 97.75%. However that depends on whether your specific scenario requires a new appraisal or not. The LTV can go higher if you don't require a new appraisal. I would love to walk you through the difference. You may contact me at: rlewis@englending.com or 254-449-7196
If you do an FHA streamline without an appraisal you last appraised value/prurchae price will be used to dermine your LTV. This is great if you think you home has lost value. However, if you do this streamline without an appraisal. your loan amount will be limited to the payoff of your old loan plus the new up front MIP less whatever credit you get for the up front MIP paid on your last loan. THis means you will not be able to "roll" your costs and escrows into your loan. We may be able to offer you a competitve rate AND a lender credit to help offset most, if not all, of these costs and charges. You can click on the image at let to access my profile page and contact me directly for more details.
An FHA streamline does not require an appraisal so your true LTV will be no issue. Your LTV for the purposes of your refi will be calculated based on the value of the home at the time of your last financing.
Technically, FHA does not knowingly allow you to go over 100%. But on an FHA Streamline refinance, there is a no appraisal option, so it isn't an issue. www.FHA-Streamline-Refinance-MN.com
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