Did you know that if you have a FHA mortgage on a property you NO LONGER live in - you can still do a FHA streamline mortgage?

Streamline FHA mortgages are for folks who are ONLY LOOKING TO LOWER THEIR MONTHLY PAYMENT. I've got that in all caps, because you can't make ANY changes to the terms of the loan, the type of loan, etc.

Here are some things you can not change if you want to do a Streamline FHA loan on a property you are renting out:

• You can't take someone off the note. So if you purchased the property originally with your parents - they have to stay on the loan.
• You can't increase the loan to cover closing costs... those must come out of "pocket" or your bank account.
• You can't do an adjustable rate loan to get your payments even lower. These must be fixed rate loans.
• You may be required to get a slightly more expensive HomeOwners Insurance policy. Often times when someone rents out a property they just get a fire policy - with a really high deductible. You might have to get that changed to a $1000 deductible.

If you want to see if you qualify for this program in NC - call Steve Thorne, USDA Home Loan Expert in NC 919-649-5058. We have the best mortgage rates available.

The information contained on the NCFHAExpert or NC Mortgage Expert website is for informational purposes only and is not an advertisement for products offered by RCBNA. The views and opinions expressed herein are those of the author and do not reflect the policy or position of RCBNA, its officers, parent, or affiliates.