Question: so I have a rental home that I had financed with an FHA loan at 6.75. I stayed at the home for over a year and moved out. I got a called from my lender wanted to refinance it at 5.75%. I told them it’s no longer my primary residence. He said it’s fine I can still finance with a streamline fha. Is is possible? Even though it’s no longer my primary residence?
Posted by Wild-Ad6951
3 Comments
I’m in retail lending & Yes, your lender’s right. The main thing that must be verifiable is a ‘net tangible benefit’, & I’m sure the lender figured that out before calling you.
Are you paying to buy down that rate?
They get paid to sell you a refi, so you better verify that.