Profile picture for user3445729

I want to refinance my FHA mortgage, but have been told I cant because its now a rental property.

I purchased a house in 2006 (or 07 cant remember) with an FHA mortgage.  The rate is currently 6.375%.  At the time i paid around $3,000 up front for PMI, so I dont pay monthly PMI.  Two years ago I converted this property into a rental.  I have been told by the banks where I live that I cant do an FHA Steamline refi because the property is a rental, but apparently it is possible.  Not sure if they dont know or just dont feel like fooling with it.  LTV is still probably the same as was when I purchased the property, although from what I've read that shouldn't be an issue.  My credit score is over 700 and my debt to income is less than 30%.  I would refinance with a commercial loan, but the LTV issue will prevent that.  Loan amount is around $70,000.  Any suggestions?   
  • November 06 2012 - US
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Answers (8)

Profile picture for user3445729

I've had a few people ask where the property is located.  The property is located in Mississippi. 

  • November 07 2012
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Profile picture for user4798384

Been pretty busy adding reviews for yourself there Chad.  Must be quite time consuming. That plus the hair color change recently, quite busy you are.

  • November 07 2012
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Profile picture for Academy Mortgage AZ
I would contact a All Star Lender in your area on ZIllow.

Thanks

ERIN!
  • November 07 2012
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I can do the FHA Streamline and I lend in 37 States.
  • November 07 2012
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(details): FHA streamline without appraisal. The LTV is irrelevant.

Go to the professionals tab and contact one of the lenders.
  • November 07 2012
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you can do an FHA streamline. contact me for details.
  • November 06 2012
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Profile picture for user3445729

No, LTV is probably 90-95% which would prevent a conventional mortgage.  Thanks for the suggestion though. 

  • November 06 2012
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Profile picture for StuartSantana
Have you considered a refi via conventional means?  Assuming you have the LTV required for a non-owner occupied, rate and term refi.

Best wishes from So-Cal and good luck
  • November 06 2012
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