We are approved for a traditional refi but the loan fell thru because of no comps.

Hi Suziel;I would need more information to assist you. What type of home do you have- is it a single family? is it a manufactured home? Are their other buildings on the property?What type of loan do you currently have? is it FHA, USDA, Fannie Mae, Freddie, your property may qualify for a appraisal waiver-Let me know if I can be of assistance,

Because the appraiser was not able to find comparable properties that have sold in a specific geographic range from the home you are looking to buy, most lenders are going to be scared to fund your loan. In today's lending world, lenders are much more cautious. If yours is the only home to have sold in a 5 mile radius in the last year, the lender is going to be reluctant because if you default for some reason, they will have difficulty selling the home to recoup their investment. I would suggest looking at a local Community bank that has a strong presence in the area you are looking at. Many times, they have a better feel for the local real estate market than the big banks do. Even if the big bank has several branches in the area, THEY are not interested in helping local folks that don't fit the cookie cutter mold. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Suziel, what type of loan do you have now?

Suziel, there are a few unknowns and variables here that limits giving you a more specific and informative answer. The type of loan you currently have is a good question, also what type of loan product are you trying to refinance into? What is the acerage and what is it used for?

It is difficult to give you any options with little information. Are you located here in TN. What type of loan do you currently have. If you have a rural housing loan or an FHA loan depending on the circumstances of the loan you may be able to refinance without an appraisal.I am located in TN, you can always give my office a call on Monday.

Have you looked up your loan on https://ww3.freddiemac.com/corporate/ to see if it qualifies for the Freddie Mac HARP program. If it does, you might be able to get an appraisal waiver. I have gotten loans through on this program with 45% debt to income. Contact one of the Lender 411 mortgage professionals in your area. They will give you good advice. Good luck.

If your property qualifies for the HARP progam, then chances of getting a property waiver is pretty high. Under this program, it doesn't matter what your DTI, & usually the loan to value can go above 125% loan to value.I am in Murfreesboro, TN & can look up your property for you if you email me the address.nancy@homeequitymtg.com