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Rent primary residence after Stremline Refinancing in VA

Profile picture for Houseahhh
Hi I would like to refinance my current primary residence with FHA streamline. One possibility that my family is considering is renting out this residence in order to purchase a larger home. I have been given contradicting advice from different lenders as to whether this is possible or not. Some state you must stay in the home for 12months others say this is not a requirement. We want to make sure we don't break the requirements of the mortgage so were hoping you could shed some light on this situation.
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August 29 2012 - US
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Profile picture for Academy Mortgage AZ
You can always Streamline your loan as an investment home if you are planning on moving out in the next 12 months.   Then you won't have to worry about anything when you purchase your new primary.   If a lender sees you just refinanced your current residence as a primary they may turn down your new primary residence purchase.   The rate and closing cost should not be too much different.

Erin
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August 30 2012
Profile picture for GovtHomeLoanMaven
There's also the possibility of a reduced mortgage insurance with the FHA Streamline depending on when you originally purchased your home.

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August 31 2012
 

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