Answers (8)
- Clay Branch, "Georgia Loans"
- Contributions:8829
mesunshine, what is your original purchase price and current payoff amount?
- Travis Saling, "CA loan officer"
- Contributions:42
I am currently doing two investment property FHA streamline loans so the short answer is YES you can do it. The hard part is finding a lender that offers that product. I only work in CA but I am sure if you call around you can find a lender that offers that program.
Best of luck
- mesunshine2505
- Contributions:1
I just tried to do this but I was depending on the difference in payoff to offset some closing cost. No deal. FHA goes by actually loan balance & won't pay what lender has for payoff. It can be done if you have all your closing cost up front. Paramount Equity Mortgage was the lender I was dealing with.
- user8026625
- Contributions:1
Per the FHA Handbook you can streamline a non-owner occupied property. The difficulty is in finding a lender who will do it. Most lenders have overlays that state second homes and investment properties are ineligible. However, where there is a market there will always be an investor who services that niche.
I am a Loan Officer currently seeking an investor to broker one of these out to and of the 7 that I do business with currently, none of them will do it.
I am a Loan Officer currently seeking an investor to broker one of these out to and of the 7 that I do business with currently, none of them will do it.
- Eric Weishaar, "eweishaar"
- Contributions:11
Yes you can do an FHA streamline on a non-owner occupied property but you can only refinance the existing balance and you do not have the option to role in the closing costs.
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:195
I am a lender & I can say from personal experience, that you can complete an FHA Streamline on a non-owner occupied property, provided of course, you qualify on everything else.
Many lenders will say that they cannot do these types of loans. They may even say that no one can do these & that is simply not the case.
Good luck with your refinance. Please feel free to contact me if you have any further questions, I'd be glad to help.
Many lenders will say that they cannot do these types of loans. They may even say that no one can do these & that is simply not the case.
Good luck with your refinance. Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Ros
Roswell Moore, CMPS Certified Mortgage Planner
- Clay Branch, "Georgia Loans"
- Contributions:8829
Yes, it's no different than an owner occupied no appraisal streamline.
You can contact John in IL, he only has 250 reviews though:
http://www.zillow.com/profile/John-Paunan/
That was a joke
You can contact John in IL, he only has 250 reviews though:
http://www.zillow.com/profile/John-Paunan/
That was a joke
- Matt Laricy, "Matt Laricy"
- Contributions:1995
I would speak to your lender. I dont believe you can though.
FHA streamline with rental property?
Is there any way to do an FHA streamline refinance with a rental property?
I have a propoerty with an FHA loan and I owe more than its worth.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.