Refin an FHA loan (30 year 5/1ARM)I have an FHA loan on a house in Salem, OR that is currently a rental property (I moved to another state). I am trying to refinance to a lower rate than my current 4.25% (a 5/1 ARM on a 30 yr loan). Since I do not live in the property I am not being any options by my current lender (a big company) as they are expecting an LTV of 75%. In addition, at the end of my 5 years, the interest rate may go up by up to 1%! I am trying to understand straight forward how I can refinance this loan to get a lower rate. There has got to be a way to do this (like maybe switching to a conventional loan with some money down). I now understand how people are continuing into foreclosure or do a short sale, as they are not being allowed to take advantage of the low rates available today. I cannot move back to Oregon or into the property. Can someone suggest some ideas?Loan: $219,000zillow's estimate of value on 01/24/13: $ 201,2255/1ARM interest rate changes take effect around October'13.January 24 2013 - Salem00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe 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.