For the most part, people who have FHA loans currently live in the property so banks consider it to be “owner occupied”.
But due to varying circumstances, many people who used to live in their home that is financed by an FHA loan have now moved out and currently have it as a rental. Banks consider this to be an “investment property”.
Did you know that if your existing mortgage is FHA on your investment property, that it may qualify for an FHA streamlined refinance?
An FHA streamline refinance for investment properties can reduce the monthly mortgage payment on the property which will increase the cash flow the property produces.
FHA Streamline Refinance For Investment Properties Highlights
Highlights of the FHA streamline refinance programs for investment properties that are available at least a few lenders:
- The mortgage being paid off must be an FHA mortgage
- No appraisal is required
- The rate will be slightly higher but competitive with the FHA owner occupied rates
- No income limits
- For loans that were were endorsed prior to June 1, 2009, they will qualify for reduced mortgage insurance
- Loan amount is still subject to FHA loan limits.
If you have an investment property that is financed by an FHA loan, you can participate in the FHA streamline Refinance for Investment Properties program. Be sure to contact a loan officer about the program today at a participating FHA-approved lender.