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I'm considering a refi on my house. I'm looking to combine a fixed rate first mortgage and a HELOC into a new FRM. Since this is considered a cash-out refinance lenders are a little more strict on the CLTV limits. My CTLV will be close to that limit, depending upon the appraised value of the house. Unfortunately there are no recent comps in my neighborhood upon which to base an appraisal. There are lots of houses just like ours nearby (all up and down the street!), just none of them have been sold recently.

My loan officer (who seems to know her stuff and comes highly recommended) says she's "trying to find an alternative" but is hinting at the fact that no comps means no appraisal, and no appraisal means no refi. Is it that cut and dry? I know things are a lot tougher these days but I would think there must be some sort of acceptable method of determining an appraised value when there are no good comparable sales.

Any advice?


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