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?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
brent mendelson’s answer
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Fri Sep 17, 2010
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.
1 vote
Brittany898, Home Buyer, San Francisco, CA
Thu Apr 30, 2015
Converting your existing mortgage to a VA Home Loan is now a common practice. Many Veterans purchase a home without being offered a VA Home Loan and have been forced into a mortgage than has a higher interest rate, mortgage insurance, or both. Take action today, and refinance your home into a VA Home Loan and maximize the benefits you have earned.

if the original loan amount on the VA loan you have now plus the new loan amount you want don't exceed $417,000 (or your county VA - 100% financing limit) you may be able to use the VA again for 100% financing without refinancing the one you have now...

http://vastreamlinemortgage.net/va-mortgage-loan-advantages-…
4 votes
Irenelori, Home Buyer, Ontario, CA
Mon May 11, 2015
Veterans Affairs mortgages, or VA loans, have become lifesavers for homeowners struggling to refinance with conventional loans.

Low mortgage rates and tighter underwriting standards have led to a huge demand for VA loans from refinancers, says Michael Frueh, loan guaranty director for the Department of Veterans Affairs.

The biggest advantage of refinancing with a VA home loan is that homeowners can refinance up to 100 percent of the home's value, and they don't have to pay for mortgage insurance. A non-VA home loan normally requires some equity in the house.

"As values in the market continue to stabilize, veterans can take advantage of lowering their interest rates to today's unprecedented lows," says Deborah Ames Naylor, executive vice president of mortgages at PenFed, the Pentagon's credit union.

If you are a member of the military on active duty, a veteran, a reservist or a member of the National Guard, here are some refinancing options you may consider when it comes to a VA home loan.



Read more: http://valoanguidelines.org/funding-fees-pmi/
3 votes
Your Solar R…, Agent, Silver Spring, MD
Wed Feb 6, 2013
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.
1 vote
ANDREW OLLICK, Agent, NAPLES, FL
Thu Sep 16, 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
1 vote
Why re-do the appraisal if it's just for one loan type vs another? What could possibly justify such wild needless expense and be found in one appraisal that's not found in another?
Flag Thu Dec 1, 2016
Search Advice
Search
Ask our community a question

Email me when…

Learn more