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How do I do a no-appraisal FHA Streamline refinance?

I've been told that if I don't get an appraisal I can do the FHA streamline refinance on a rental property. How does this work? by BTannen from Atlanta, Georgia. Nov 13th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

First, your loan must already be an FHA loan.. If it is, then you can do a streamline without an appraisal. Not all lenders will do SL refi's on investor own FHA... but some do.. They will charge a little more, but there are lenders out there doing them... If your loan is not FHA right now, then you cannot go FHA. If your current loan is a conventional loan owned by Fannie or Freddie, then you might qualify for a HARP refi.. Also no appraisal necessary in most cases.. but without knowing what your EXISTING loan is now, it's hard to properly advise you... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 13th 2012
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

My guess is that at opne time you lived in the home with the FHA loan you are looking to refinance, correct? FHA guidelines permit streamline refinancing of a non-owner occupied property, howver, most lenders that will do this may require an appraisal or income documentation since your circumstances have changed since you openend the loan. I am licensed in Georgia, but Stonegate will not refinance a FHA investment property. Good luck to you.

Nov 13th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

If you have an existing FHA loan and you want to do the streamline refi you can do that and it's a pretty easy process. Closing one tomorrow as it happens. A credit pull is necessary to set the rate and a 640 mid score is usually what it takes but beyond that no financial info and no appraisal is needed. Please give me a call to discuss if you would like...Travis Torcoletti (803) 381-5149 Ikon Financial Group

Nov 13th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

FHA will allow the streamline refinance of an existing FHA mortgage without the need for a new appraisal, even if the property is no longer your primary residence. Not every lender will do a streamline one the property is rental, so you will want to work with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, including those that DO allow the streamline of a rental property's FHA loan. We do them, but unfortunately, we do not operate in Georgia. Whomever you select, don't forget to check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Nov 14th 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

You should contact a local GA broker to assist you. Most FHA Streamline refinances do not require an appraisal.

Nov 13th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

fha loans are for primary homes linda

Nov 13th 2012
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Ignacio L Taboada (itaboada)
#47 ranked lender in Georgia - 23 contributions

The main condition with an FHA streamline is that the new loan cannot exceed your outstanding principal.Most FHA streamline do not require an appraisal.If you have any questions you can reach me at itaboada@phoenixglobalmortgage.com

Nov 13th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Yes, it's very possible provided the details of your application work out. ( FYI When one is needed the lender always orders an appraisal but none is needed for this type loan.) Otherwise the process is very similar to any other mortgage. I'd be happy to talk to you about it in more detail 843.619.6025 or pdumouchel@primelending.com

Nov 13th 2012
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