Profile picture for user5898500

Are there any good Mortgage brokers out there who do FHA streamline on a rental property?

I joined the military 5 years ago, and still own a home near Houston, TX that I was unable to sell after the military moved me.  We have had various tenants in the home since, but I'm trying to lower our interest rate on the FHA loan down from the current 5.875%.  However, I've called 3 different mortgage brokers (Churchill, Quicken, can't remember the third), and all of them say it can't be done.

Can someone point me to a reputable mortgage company that would be able to do this.  I've also seen that for a streamline on a rental, you have to "qualify" like for a normal loan, but do they then take into account the rental income that I use to pay the mortgage?

Thanks in advance.
  • June 14 2012 - Iah - Airport Area
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Absolutely,  I just called the lender before answering you, and yes it can be done.  Call 1stAlliance Mortgage [phone number removed by Zillow due to violation of Good Neighbor Policy.] , and let them know the situation.  Very few lender will do it.  You must still qualify for the loan based on your credit.
  • June 15 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You must Credit qualify.... As in: Your scores must meet the benchmark  and no recent mortgage lates. This is the same for owner occupied properties.

But you don't have to income qualify unless you change the terms or remove a borrower from the loan.


Tom Burris
Mortgage Banker
[contact info & websites deleted by Zillow moderator. Please see our Good Neighbor Policy for more information]

  • June 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.