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!