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Can I refinance a rental property with an FHA loan or will I need to switch to conventional?

by FMiller from Mcallen, Texas. Jan 11th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

FHA to FHA is ok.. Conventional to FHA is for owner occupied properties only. For FHA to FHA, there are restrictions as to how much you can finance, so you will need to come out of pocket a little, but it is allowed... 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

Jan 11th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

If you currently have an FHA loan we could do a streamline refinance with no appraisal. Get into touch with me, I should be able to help you. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Jan 11th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

YES, you CAN refinance a property with an FHA Loan that was once your primary home, but is now a rental property. www.FHA-Streamline-Refinance-MN.com

Jan 11th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

The answer is Yes, assuming you have an existing FHA Insured Mortgage. The question is if FHA will be the right option for you as it does include Annual / Monthly Mortgage Insurance as well as Upfront Mortgage Insurance. If you have equity in the property, then there should be consideration given to other loan options. I would be happy to discuss these with you as a Direct Nationwide Lender. Please feel free to email me through this site or visit my website for more information. Enjoy the day!

Jan 11th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

FMiller -- The simple answer to this question is this : What type of loan is the rental property currently under now, conventional I assume right? If it was conventional when you 1st took it out and you did the loan as your primary residence............ That's the key -- then you can technically refinance it into FHA. This is assuming you dont already have an FHA loan under your name now. Andrew

Jan 11th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

If the existing loan is an FHA the answer is yes. Otherwise, not unless you plan to live in that property as your primary residence.

Jan 11th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

No you can't refi a rental. FHA loans are for owner occupied homes only.

Jan 11th 2013
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

if it has an existing FHA loan on it, then yes

Jan 11th 2013
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Eric Blossman NMLS 211144 (eblossman)
#113 ranked lender in Texas - 63 contributions

Yes you can do an FHA streamline refinance. The only caveat is that your current mortgage must have been originated prior to June 2009. If this is the case, then the answer is yes it can be done easily. FHA allows for streamline loans that originated as owner occupied and were converted to rentals so this is ok. I am here in Texas if you need some help! 512-788-2502

Jan 11th 2013
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