Refinancing an FHA loan, have 2 FHAs
I bought a townhouse in 2003 which my father cosigned on a 30 year FHA loan. I've lived there now for about 3 years. I then met my wife in 2008 and cosigned with her on a 30 year FHA loan so she could buy a place. We eventually married and moved out of the townhouse and inter her new townhouse, we also rented out the old townhouse.So we have 2 FHA loans, one that I am the primary on the loan with my father as a cosigner, and one where my wife is the primary and I am the cosigner.Am I able to refinance the first loan into another FHA for a better rate? by morgan_779_460 from Oklahoma City, Oklahoma. Nov 1st 2011
JOE GARRETT (www.Texaslowcostmortgage.com)
#42 ranked lender in Texas - 18 contributions
I believe you can only do that if you are willing to bring all closing costs to the closing table. Your father would also have to remain on the loan. There are some other conditions that have to be met, so for the most part, I tell people to stay put and not to bother refinancing.
Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 197 contributions
I don't see why you wouldn't be able to refinance the first loan. You will need to pay the cost to refinance so make sure to figure out your break even point.
If you are trying to refinance the fha loan your father co-signed with and you no longer live there, the property is now investment property, in which case i am not sure you can re-fi it fha. if you have the equity, i would look at conventional as you would not have the upfront MI and the monthly. rates are great on investment property right now.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
You can refinance as an investor owned, but you would have to bring in all your closing costs, or select a higher rate and let your lender pay the costs for you. But it can absolutely be done.. WilliamAcres.com
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