Has someone told you that the VA IRRRL program required an appraisal? Have you seen something that says you have to have an appraisal done for an IRRRL?
You are not alone.
Many people have questions about the VA IRRRL program and if an appraisal is required or not and if so, when.
VA IRRRL Refinance: No Appraisal Required
The VA IRRRL is a popular with Veterans who have a VA loan because it requires less documentation than a traditional full-document VA refinance. According the guidelines published by the VA, no appraisal is required – BUT – some lenders will require an appraisal as a result of their own guidelines.
In the event that a lender requires an appraisal for the IRRRL program, you can either go through with an appraisal or you can simply shop for a different lender. Not all lenders will require an appraisal (because it isn’t a VA guideline, it is lender specific) – so the easiest way to get a VA IRRRL with no appraisal done is to shop for a different lender.
When you shop for a different VA approved lender, you may be surprised to learn how different each lender can be to work with. Some lenders are slow, some are fast. Some are big, some are small. Some have great rates, some don’t.
Shopping for a different VA lender is easy, and free rate quotes from an approved VA lender should never cost money.
Having trouble with your current lender requiring an appraisal on a VA IRRRL loan? Start right here by shopping for a new lender who doesn’t require an appraisal for a VA streamline today.