Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,810 contributions
You should probably tread lightly here especially if you are planning to move out of the home shortly after you refinance. When you bought your home using FHA, you signed a document called an "Affidavit of Occupancy" wherein you certified that it was your intent to permanently occupy the home as your primary residence. Several years have passed and FHA knows that people's lives change. If you needed to or wanted to move now and convert the property to a rental, FHA would not care as long as you kept up your payments and insurance. If you refinance now, streamline or otherwise, you will be required to sign a new affidavit certifying your intent to remain in the home as your primary residence. If you were to attempt to buy a new home in the next 6-9 months, vacating the existing home, (unless the move was a result of a job relocation, etc) FHA could claim fraud on your part. Fraud could result in either calling the loan or criminal prosecution. If you are going to refinance now, you really shouldn't start looking at another primary residence until late next year or early 2013. Either way, remember, FHA will only allow you to have one FHA mortgage, since you can only have one primary residence. I hope that helps.