aka:HOC, private investors including non profit organizations may obtain FHA insured mortgages for the following reasons: When the jurisdictional HOC sells the property and allows the buyer to use FHA-insured financing on the investment property. Streamline refinancing without appraisals are designed to lower monthly principal and interest payments on a current FHA-insured mortgage and the borrower may not receive cash back, except for minor adjustments at closing not to exceed $250. Streamline refinances can be made with or without an appraisal. 1. Adjustable rate mortgages and graduated payment mortgages are not allowed on investment properties. 2. Except for streamline refinances in which the mortgage was originally insured in the name of a business, FHA will not insure loans made solely in the name of a business entity (such as a corporation, partnership, or sole proprietorship) or trust. One or more individuals, along with the business entity or trust, must be analyzed for credit worthiness. Feel free to contact us with any FHA or mortgage related questions.
With permission from the appropriate
Home Ownership Counseling Center
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