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What does an FHA streamline appraisal waiver leave out?
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An FHA streamline refinance may not require a new appraisal if the existing FHA loan and the proposed refinance meet the program’s eligibility rules. But a waiver isn’t an inspection, and it doesn’t establish the home’s current market value or confirm the condition of renovations.
I’m curious how others weigh the simpler streamline route against an appraisal-based refinance when the property’s value may have changed or substantial improvements have been made. What would you ask lenders about the loan terms and total costs under each option? I’d also want to understand whether an appraisal would actually affect eligibility or pricing in that case, rather than assume renovations automatically make one necessary or improve the offer.
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I wouldn’t judge the streamline against an appraisal-based refinance by monthly payment alone. Compare written Loan Estimates for both: interest rate, points and lender credits, upfront and annual mortgage insurance, lender fees, and cash to close. Then weigh the total costs over how long you expect to keep the loan; a lower payment can still cost more overall.
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