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Looking for a low or no cost FHA streamline on rental property.

by mastersnip825 from Elyria, Ohio. Dec 11th 2017 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

Maybe a technicality.. but there's no such thing as a "No-Cost" refinance.. The truth is that the lender marks up the rate and uses the excess compensation to offer you a credit.. so effectively, YOU are paying for it in the form of a higher interest rate.. This is done all the time, and you shouldn't have a problem finding a lender willing to do it.. Although, not every lender will do FHA streamline's on rentals.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 12th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,717 contributions

There is no such thing as a no cost loan. All loans have closing costs, and they really add up. You pay, you always pay, but you can choose to pay in multiple ways. Most people just pay the regular closing costs, and on a refinance, they increase the loan amount to cover the costs, so there is little to no out-of-pocket costs. You can also choose to INCREASE the interest rate on the loan, and have the lender pay the costs today for you. You can always pay cash too, but no one does that. So whichever way, you pay... Finally, these options are available from ALL lenders. So just contact a broker in your area to get started. For this situation in MN, WI, or SD, visit me at www.JoeMetzler.com

Dec 12th 2017
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