Mortgage rates have dropped again this week. Meaning, it’s time to Refinance that Rental home, and get a better cash flow! If you’ve been looking for a Bank that offers the FHA Streamline Refinance of Investment Property, you’ve finally found the right place!
FHA 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. We understand many folks have been referred to Premier Bank, and that those folks are not calling people back. We CAN do these loans, and we WILL call you back. 919 649 5058.
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.Remember, if you have a VA Loan that you originally purchased as an owner occupied property and you received PCS Orders and had to rent the home out… we can probably help you refinance without an appraisal too !
FHA STREAMLINE REFINANCE of Investment Property 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 those with Mortgage Loans endorsed AFTER June 1, 2009 – great news! The FHA PMI Rates 2015 are going down on January 26, 2015. Because of that, you get the benefit of really low monthly FHA PMI rates AND very low mortgage payments! We just helped a FHA Loan Homeowner with a 4.5% note rate save over $200 a month! Great Cash Flow potential!
Have questions about a FHA Streamline Refinance of Investment Property? Call Steve and Eleanor Thorne, 919 694 5058. We CAN DO this program (in most states) – and we’d love to help you save some money!
I already wrote to you once — just wondering if you can reply. Can you streamline refi a fha investment property in Alabama?
Yes! We can do that – as long as the current mortgage is an FHA mortgage. Our number is 919 649 5058
Can you do an FHA streamline on a manufactured home that has an original loan by FHA?
Lonnie – with Manufactured Housing you will need to go back to the lender who originally made the FHA loan – they are likely the only ones who will be able to Streamline it. The only other options (I think) are Wells Fargo or MAYBE Chase
Can you streamline refi an FHA investment property in Georgia?
Yes – We are closing 2 this month. You can call us at 919 649 5058
i am interested in fha streamlining a (4 apt) multiunit property that i reside in and currently the only that occupies. 79 k balance on a 89k mortgage.my property is mortgaged on a fha fixed @ 6.5 and is ten years in on a 30 yr note.i also have 10k home equity loan .i live philadelphia pa.your thoughts….
Linwood – we contacted you directly about this, because it’s a fairly complicated loan for me to try and bang out an answer in 2 or 3 sentences. Thanks for contacting us!
I own a home in Colorado. It was purchased with a FHA loan in 2004. We lived in it for two years and now it is an investment property. I was wondering if we could do a FHA streamline loan. Thank you. Cheryl
I forgot to tell you that the home is presently rented out. Is that a problem?
We called and talked with you about this – but no, it’s not a problem that it’s currently rented out, and we CAN help lower your payments by over $225 a month – so YIPPEE!!
Hi Eleanor, I sent you a message via your website. Hoping you can work your magic in Pennsylvania 🙂 I’ve called and left several messages for various loan officers in my area, and no one bothers to return my call.
We’ll definitely be in touch this weekend 🙂 919 649 5058
Can you do a streamline refi on a manufactured home investment property in Washington state?
No – It’s not the STATE that we can’t do, it’s the manufactured home. We would suggest trying Wells Fargo??
Can you do a streamline refinance for a rental in texas?
I was wanting to see if you do streamline financing on a rental in Tn. I need to get some cash out. I don’t owe anything on the property and it rents for 500.00 a month. Thanks Vickie Herron
I’m sorry we do not currently cover Tennessee
I have a rental property in NY with an FHA mortgage on it at 6%. Is it possible for you to refinance me down to a lower rate? The loan is at 30 year fixed and I have paid over 7 years on the loan, never refinanced, thanks
John, we don’t do those (only because we are not personally licensed in NY) however it is possible – and NOW is the time to do it. I would personally check with people on this list, because these guys should be doing mostly HA business. http://www.nyshcr.org/Topics/Home/Buyers/ParticipatingLenders/
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Is it possible to do a FHA streamline refi on a home that I just moved from and now is a rental property for me? I live in Illinois.
Thank You
Yes – you can do that – you can’t roll in closing costs (meaning you have to pay those), but you can refi. You can contact Larry Bettag who is a friend of ours in Illinois,
Phone: (630) 524-9677
Thank you for the prompt reply.
We last did a streamline FHA refinance in 2013. Since then, we moved from the home and still have it as a rental property. Am I able to still do another streamline since it is now an investment property? The property is located in Md.
YES! We can do that for you! Call us 919 649 5058
Can you do an FHA Streamline on investment property in Ohio? Purchased in 2002. Thanks
Yes! Please call Nicki Smith in Ohio – her number is (419) 466-2844
Are you able to help with a FHA Streamline on Investment Property in Washington State? Do I understand correctly that with investment property the borrower must pay the closing costs? I think they were rolled into my original FHA loan when it was my primary residence. Are the interest rates the same as they are for owner occupied? Thanks!
Sorry, we do not lend in Washington
Hi Eleanor, I am interested in hearing more about this program. Is it active in MD. Also, do you have a website? Thanks.
Yes! Please contact Arlene Dean at (240) 372-9457 she works with us in Maryland and can offer this program.
Are you able to do an FHA Streamline in Texas on an Investment Property?
Unfortunately we are not. You might want to contact our friend Tom Burris. His number is (214) 763-4629
HI, FHA streamline investment in Illinois?
Larry Bettag with Cherry Creek is who I would recommend you to call. Tell him Eleanor said “Hey!”
Hello,
I live in Ca caring for my Nana. I need to streamline a rental property in WA state. Do you have a referral for me?-Thanks Stella
Stella! Look at the Lenders on this list. They should be able to help you! Best wishes!