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Answers (4)
- jcombs12962
- Contributions:2
Thank you to all. Is there any program for people like us that we're forced to move to obtain employment in another state and had to rent our home to others instead of walking away from the home? We are renting ourselves now. Also we are not getting in rent enough to cover the mortgage. Seems like something should be done to help people in our situation who are honoring their commitment instead of walking away. Any suggestions?
- Diane Tuman, "dianetuman"
- Contributions:582
Hello, jcombs12962 -- Zillow blog recently ran a blog post about refinancing your rental property. Check it out.
- Russell Smith, "RussellMortgage"
- Contributions:110
The first step is to identify the type of mortgage you have (VA, FHA, conventional, etc) as there are different ways of looking at each. You would more than likely pay a higher rate than you would with a primary residence and you would have to qualify for the loan as far as income, assets, credit, etc. If your loan is a conventional loan, checking to see if it is Fannie Mae or Freddie Mac backed loan as could be helpful if you owe more than 80% of the value. Gather your information together about your mortgage and product and contact a lender to discuss your options. Just because you don't live there anymore doesn't mean you can't refinance. I hope it works out for you.
- sunnyview
- Contributions:25139
You may be able to refinance, but your mortgage rate will be higher if you no longer occupy the home as your primary residence. I would contact a lender right away to see what your options are. They can tell you what you might qualify for and what your rate/costs would be on a refi.
We are renting our home due to us having to relocate for work to another state. Can we refinance?
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