Refinance Investment Property with FHA Streamline Program

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

FHA Streamline Refinance of Investment propertyFHA Mortgage Loans are generally only available to folks who are going to live in the property – the EXCEPTION is if you already own the home, and you want to refinance it.  If you purchased a home with a FHA mortgage, then moved out, and are renting it (so now it’s Investment property) you might be eligible for a Streamline Refinance.  

We can close a  FHA Streamline Refinance of Investment Property.

Obviously, the benefit of the FHA Streamline is greater for folks who purchased the home, and have a loan that was endorsed by FHA prior to June 1, 2009.

FHA STREAMLINE REFINANCE Program Guidelines

The FHA Streamline Refinance Program Guidelines are EXACTLY the same for Owner Occupied and NON Owner Occupied (Investment Property).

  • No Appraisal Required
  • No Pay stubs or W-2′s (In North Carolina by law we are required to verify income, but we do that with a Verbal verification that you have employment)
  • the loan amount can not go up, so you can’t finance in closing costs
  • anyone who was originally on the loan – must remain on the loan
  • FHA Has a Net Tangible Benefit requirement, meaning we’ve got to show it will save you money
  • You must be current on your mortgage, and at least 6 payments must have been made.

For Loans that were Endorsed prior to June 1, 2009 there are very very low FHA PMI rates.  For folks who have a FHA Mortgage loan with an endorsement date AFTER that date, it’s important to remember that FHA PMI rates are slated to go up later this year (2013).

There’s also going to be a change to the program that means the FHA PMI will stay on your loan forever (30 years).  Because of that – we strongly suggest calling about a FHA Streamline NOW!

Have questions about a FHA Streamline Refinance of Investment Property?  Call Steve and Eleanor Thorne, 919 694 5058.  We CAN DO this program – and we’d love to help you save some money!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
North Carolina
Groups:
North Carolina Real Estate
Realtors®
Keller Williams 'Rainers
RE/MAX Active Rain Bloggers
Active Couples
Tags:
mortgage
fha streamline refinance
refinance
fha streamline refinance of investment property
refinance no appraisal

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,282,430
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Thanks for sharing the FHA refinancing information.  Good to pass onto others.

Jan 16, 2013 09:05 PM #1
Rainmaker
4,432,317
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
Thank you for the information. I will share it with others.
Jan 16, 2013 09:17 PM #2
Rainer
225,344
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Eleanor,  I wish I could I have a rental at 5.5 percent and would love to drop the payment but the balance is under 50 K   thanks for the info...

Feb 03, 2013 01:03 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
273,693

Eleanor Thorne

Equity Resources 919-649-5058
I Answer Questions :)
*
*
*
*
Spam prevention

Additional Information