Can I refi a non FHA investment property loan to get better interest rate? Current lender will not do it!

The best answer is always obtained bu contacting a local NON_BANK Licensed Loan Officer. Let them professional review your individual situation. While it seems logical, your worst answer is contacting your current servicer.

So, I'm trying to piece together all the info.. if you're trying to refinance an investment properly where you are underwater, it's not an FHA loan, or a Freddie/Fannie loan... you owe $250K, and it might be worth $210K... so the answer is yes.. You would need to bring about $85K to the table, but yes it can be done. Investment properties need to be at 80% Loan to Value or lower.. And because your current loan does not fall under any of the current refinance programs, you're stuck with the existing guidelines.. There is a new refinance product on the horizon called HARP 3.0, however this only applies to owner occupied homes.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I assume you mean the current mortgage is not an FHA loan. Yes, it is possible to refinance investment properties but it will depend on details like whether it is a HARP eligible loan, and what the value today is compared to what you owe. Plus other details of your application such as credit score, DTI, etc. It if is HARP eligible the current value may not matter too much.

Yes, conventional is your only option, and you'll need an appraisal showing 20% equity (value at least $312,500 for loan of $250K) because it is investment property. If you think that is possible I'd be pleased to work out some options for you.

Thanks for the update. With a rate that high there is potential for a much lower rate. Give me a call and we can give you specific rate options. The potential is not limited by having exactly 80%LTV(equity) Mark 302-449-7373

Wish I could help but seems like you are out of luck unless you wanted to bring a LOT of cash to the closing - which probably doesn't make sense. Good luck with it!

i also have another option fpr you linda yourloanpartnerforlife@live.com

Anibal,Have you tried just contacting your services and asking them for rate reduction, not a loan modification but just calling and asking them to reduce your rate based on the current low interest rates and also your history with them?

The only other option I can think of is using equity in another property to bring your balance down on this property and allow you t refi it. That would take about $45,000 based on your estimate of a value of $210,000. (If you have lots of equity in another property you could do a cash out refinance or HELOC on that property to come up with the $45K needed to make this one work. Not sure I would recommend that but 6 is a pretty high rate in today's environment and I'm sure would help your cash flow significanlty.)

Yes! Give me a call with the basic details not included in your question and I will give you a quote today. If your property is a commercial property I can also give you rates available for that type of property. Mark 302-449-7373