September 3, 2015
FHA Refinance Loans: When Is A New Appraisal and/or Credit Check Required?
Borrowers who want to refinance may wonder which FHA refinance loans offer no credit check or new appraisal. Are such loans possible? The answer may depend on your lender and other factors, but let’s see what options are open: For starters, non-FHA loans refinanced under the FHA single family home loan program will always require a new appraisal and credit check. This is because the only refinance option for non-FHA mortgages (aside from reverse mortgages offered under the FHA program, which also require new appraisals and credit documentation) is the cash-out refinance option or the no-cash-out equivalent. Which leaves only FHA-to-FHA Interest Rate Reduction Refinance loans (IRRRLs) with a possible option to apply with no credit check or appraisal. But there’s a caveat with these loans–the FHA loan program does | more...
