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FHA Streamline Refinance on Rental Property?

I have a condo that was turned into a rental after we moved into our new home. I have a mortgage with BofA at 6.5% and any lender I talk to says they won't refinance on investment properties. Don't the new HUD guidelines allow re-fi's on investments? Any help would be appreciated :)

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June 11 2012 - Murrieta
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Profile picture for Go Huskers
"Mortgage statement is pulled on my end through CoreLogic RealQuest."
----
Another blatant lie. 
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November 05 2012
Profile picture for Go Huskers
I'd also like to point out another ... ummm... misstatement????

"I am licensed through the bank in all 50 states. "

Untrue! You are REGISTERED with NMLS as a Federal Mortgage loan originator. You have no individual license. The statement in your profile is actually the correct one. "We are licensed in all 50 states!" We as in your employer is licensed, not you. Unlike others who have a much stricter LICENSING process; you are not one.
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November 05 2012
Mortgage statement is pulled on my end through CoreLogic RealQuest. Have a nice night sir. Exactly as I stated earlier - Only documentation needed from the borrower is and ID / Drivers License and an asset statement.
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November 05 2012
Profile picture for Go Huskers
"Nothing was a lie."
----

Really?
Then explain this...

James says: "Only documentation needed from the borrower is and ID / Drivers License and an asset statement."

Then James says: "Copy of your mortgage statement (we need to document a "Net Tangible Benefit")"

You even use the word DOCUMENT! Unless I lost several IQ points recently, a mortgage statement is a document and you just said you needed one from the borrower. I'm pretty sure that directly contradicts your first comment.

Which word is difficult?

PS, don't forget about all the other "DOCUMENTS" you need from the borrower that I mentioned and the many that I didn't. 
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November 05 2012

Nothing was a lie.  No need to explain myself.  You obviously do not know guidelines on loans. Tell me why would I post lies if I am looking to increase reviews?  Do you think I would jeopardize that for the old bait and switch?

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November 05 2012
Profile picture for Go Huskers
"Sure buddy!  I was just reviewing your last post.  Seems you enjoy hidding behind your screen name and enjoy questioning others posts also.  Have a good night."
-----
Excuse me, but I'm not the one that dug up a 5 month old post in order to lie to someone. What you said is clearly untrue and now that you have been called on it, you want to play victim. Guess what. TRUTH MATTERS.

You posted an untruth, I called you on it. Sorry you don't like it but it's relevant. If you don't want to be called out, stop posting lies!
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November 05 2012

Sure buddy!  I was just reviewing your last post.  Seems you enjoy hiding behind your screen name and enjoy questioning others posts also.  Have a good night.

User - If you have not found a lender that can help please reach out.  Thank you - James

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November 05 2012
Profile picture for Go Huskers
You seem to have a problem with the English language. Last time I checked;

"Copy of your mortgage statement"

Is DOCUMENTATION NEEDED FROM THE BORROWER.

I'm pretty sure you also need a 1003, TIL, Anti Steering since it can only be done lender paid,  and a host of other disclosures not to mention a 92900-A. 

Email me for payment arrangements!

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November 05 2012
Are you able to do the loans lol - I do them in all 50 states.  I find it funny you are agruing with me about what I need to do this loan when you work for a lender that CANNOT even do them.  Have your self a good night.  I will continue to close them well you post your opinoin about information you have no clue about.
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November 05 2012
Did you do your homework and realize I am right?  I can send you my payal account so you can send over that hundred sir!
  • Copy of your mortgage statement (we need to document a "Net Tangible Benefit")
  • Bank statement (all pages) if funds are due at closing. Large deposits may be required to be documented.
  • Drivers license
  • Payoff obtained from escrow company documenting that the current month's mortgage payment has been made
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November 05 2012
Profile picture for Go Huskers
"Non credit qaylifying FHA Streamline on an investment property?"
------
I'll bet you whatever you can scrape together that the "Only documentation needed from the borrower is and ID / Drivers License and an asset statement." is a blatant lie!
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November 05 2012
Non credit qaylifying FHA Streamline on an investment property? Ok let's bet something more reasonable? How about $100.
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November 05 2012
Profile picture for Go Huskers
"Only documentation needed from the borrower is and ID / Drivers License and an asset statement."
-----

I will bet you $1,000,000 that this is untrue!
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November 05 2012
Hi User - 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. 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
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November 05 2012
Don't the new HUD guidelines allow re-fi's on investments? 
===============
the old guidelines allow it also
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June 11 2012
Profile picture for Go Huskers
Yes you can do a FHA streamline on an investment property. Find a loan officer that knows what they are doing.
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June 11 2012
 
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