Arizona Mortgage Rates

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Another day, another change that some investors are now requiring — this one for people who are currently in a VA loan and want to do a VA streamline refinance.

For as long as I can remember, the VA streamline refinance (aka the VA IRRRL program) did not require an appraisal for the borrower to participate in the VA streamline program and get a lower interest rate.

But that may be changing. Or, maybe a better way to say it is that it for sure is changing for some lenders.

As of recently, some lenders who lend money on these loans to require some form of an appraisal. Some lenders are now requiring a full blown appraisal, some are only requiring a drive-by appraisal — but the point is that many are now requiring it where before they did not.

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This is actually quite common.

Same goes for FHA. Where it states that there is no minimum credit score required in order to qualify for an FHA loan, it is near impossible to find a lender that will honor this, the lenders have their own requirements.

It doesnt surprise me that an appraisal may be requested on some VA IRRL loans.

I suppose the banks are just trying to cover themselves a little better.