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What are the occupancy requirements for FHA refinances?

I want to refinance my FHA mortgaged property and potentially rent it out by ECartman from Richmond, Virginia. Dec 3rd 2012 Reply


Melissa Evans (melissa)
#20 ranked lender in Virginia - 3 contributions

You have to occupy at the time of the refinance. Give me a call, I would be glad to run some numbers for you :) 540-907-9900-Melissa

Dec 3rd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

FHA will allow for both investor refi's on existing FHA loans, as well as owner occupied loans, so if you have an FHA loan on a property that you live in, you can refinance it as owner occupied.. However if your intent is to vacate the property after the refinance, and rent it out, then you should apply as an "Investment" loan, rather than a primary residence.. You can do it either way, but under the rules for FHA, if you refinance as "Owner Occupied", then you have to live in the property for a minimum of 1 year after the loan is originated.. if your intent is to rent it out before the one year is up, then you should let the lender know this.. your loan pricing will be a little more, and you will have to come out of pocket a little more, but your loan will be legitimate... if you don't disclose, you would be committing loan fraud, and for the minimal additional upfront costs for an investor loan vs. owner occupied loan, it's just not worth the risk to not disclose... 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

Dec 3rd 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

As long as you are living there now it is pretty easy. There's no requirement that you continue to live there, but if your intent is to rent it right after closing that needs to be disclosed as part of the application. Otherwise, if you are just considering it eventually you just apply as normal. I would be pleased to work with you: pdumouchel@primelending.com or direct 843.619.6025

Dec 3rd 2012
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You have to be able to prove it is your primary residence, other than that there aren't any requirements. Give us a call to discuss as when you took out your current mortgage matters tremendously as to what your new refinance terms will be. 201-962-3555 Benny or Michelle

Dec 3rd 2012
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Adrian Brown (AdrianBrown)
#5 ranked lender in Virginia - 12 contributions

I'm located in the Richmond, Virginia and would love to discuss your options. Please give me a call at 757-672-6550

Dec 3rd 2012
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