Did you know that if your existing mortgage is FHA on your investment property, that it may qualify for an FHA streamlined refi?
Here’s the scoop for a non-owner occupied FHA streamlined refi:
- existing mortgage to be paid off must be FHA.
- no appraisal (so the property’s current value is not an issue)
- mortgage rates are competitive with owner occupied FHA rates
- no income limits
- existing FHA loans that were endorsed prior to June 1, 2009 qualify for reduced mortgage insurance.
- subject to loan limits. Currently in the greater Seattle – King County area, the loan limit for a single family dwelling is $567,500
If you’re considering an FHA streamlined refi, you’ll want to do it soon. Effective April 1, 2013, FHA mortgage insurance is increasing and new loans will have mortgage insurance for the life of the FHA loan effective with case numbers issued June 3, 2013 and later.
So what are you waiting for? Reduce your monthly mortgage payment and increase your net income with your rental properties!
If you would like a mortgage rate quote for homes located anywhere in Washington state, please click here.
By the way, if your existing mortgage for your investment property is not FHA, it could possibly qualify for HARP 2.0 depending on when the mortgage was securitized. Click here for my complete HARP guide.