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Any FHA Streamline Lenders - Former Investment Property

My friend and I obtained a FHA mortgage (he and his father are the borrowers) for a new home in northern Florida in August 2008. We lived there until August of last year when he got a job in Georgia. The house has since been rented out; however, the tenants just vacated the property. We plan on moving back with myself moving in ASAP and him early next year. We would like to take advantage of a FHA Streamline, but all of the lenders we have contacted, including the current lender Nationstar, have said they can't do the refinance on an investment property. 

Currently our mortgage looks like this:

FHA 6.75% fixed over 30 years
Original purchase- $101, 400
Monthly principal and interest - $652.52
Monthly escrow - $239.00
Monthly total payments - $891.52  

Any advice is greatly appreciated. 
  • September 18 2012 - Tallahassee
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Answers (5)

Hi edstace - Did you ever find a lender that was able to assist you? I can do FHA streamlines on investment properties. I am licensed through the bank in all 50 states. These loans are locked and closed in 35 days or less. Only documentation needed from the borrower is and ID / Drivers License and an asset statement showing. The asset statement is to show they have the funds to establish a new escrow account and also pay the one month of interest FHA charges. Due to the FHA max mortgage calculator these are not allowed to be rolled in. No appraisal is needed on this transaction we would be using the original purchase price.  If I can be of any assistance to any please view my profile for contact information. Thank you in advance - James

  • October 17 2012
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Any advice is greatly appreciated. 
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there are plenty of lenders that do them; keep calling lenders.  There are some good florida and Georgia lenders (that handle Fla) on this site.
  • September 19 2012
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This can be done not all lenders like doing FHA streamline on investment properties but the loan can be done.
  • September 19 2012
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I agree with Nic.  I just received a clear to close on the same type of transaction about 15 minutes ago.  I would suggest you submit your information in the Zillow Marketplace and see what lenders respond.  Since the property is in the Florida market I'm sure we will be one of the lenders responding to your request. 

Al Norman
Branch Manager
PRMI - Casselberry, FL 32707
  • September 18 2012
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You can absolutely do an FHA streamline on an investment property.  Sounds like you just need to speak with a different lender.
  • September 18 2012
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