Financing in 20895>Question Details

Magtoto1, Other/Just Looking in 20895

Can a va loan be converted to a conventional refinance? also the have done a appraisal on it but intended to do a VA loan, can that appraisal be used?

Asked by Magtoto1, 20895 Thu Sep 16, 2010

Can the Va appraisal be used for the conventional Refinance?

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A VA loan can be refinanced into a conventional loan. Some lenders have streamline no appraisal products and programs. Its always best practice to consult with your mortgage consultant.
0 votes Thank Flag Link Wed Feb 6, 2013
Andrew basically nailed it. I would be shocked if the appraisal trasnfered. VA appraisals are slightly different then conventional appraisals. Bottom line, even if you stick with the same lender I see no way around having a new appraisal done. But you should ask your lender and see what he or she says.
0 votes Thank Flag Link Fri Sep 17, 2010
Every lender is different, but most of the time you can change the loan from one to another, however the underwriting process has to start all over,since the guidelines are different.
Whether the same appraisal can be used is solely up to your lender. Before they used to let us switch the appraisal, now with the new (dumb) rules, they might made you re-do the appraisal.
Either way you need to talk to your mortgage broker about this.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Thu Sep 16, 2010
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