Posted on: 06th Apr, 2012 11:35 am
hi,
my husband and i want to refinance our fha home loan...we have a fixed rate of 5%. we just hit the 36 month mark for keeping our first time homebuyer credit of 8k. but here is where all the speicla circumstances come in: we need to rent our home out in the near future. he just got a new job 200 miles away and we have been commuting back and forth on weekends for two months now. i am still living in our fha home and working in a local school distirct. however, i am also substitute teaching in the new school district where we want to relocate permanently. we want to qualify for the new fha streamline rules which take effect june 11th. this would cut our mip to .55 and ufmip to .1% can we refi under the new guidelines if we wait until june 11th? does the non-owner occupancy rider (appendix xiv) still work with a refinance under the new guidelines? or can we go ahead and do a streamline refi and sometime after closing claim undue hardship due to his new job, and me not getting a full-time teaching contract? then rent out house with no strings attached? so many special circumstances here... all so confusing... i am trying to piece together info from hud handbook.4155.1 3.c.2.e
any help would be great!
my husband and i want to refinance our fha home loan...we have a fixed rate of 5%. we just hit the 36 month mark for keeping our first time homebuyer credit of 8k. but here is where all the speicla circumstances come in: we need to rent our home out in the near future. he just got a new job 200 miles away and we have been commuting back and forth on weekends for two months now. i am still living in our fha home and working in a local school distirct. however, i am also substitute teaching in the new school district where we want to relocate permanently. we want to qualify for the new fha streamline rules which take effect june 11th. this would cut our mip to .55 and ufmip to .1% can we refi under the new guidelines if we wait until june 11th? does the non-owner occupancy rider (appendix xiv) still work with a refinance under the new guidelines? or can we go ahead and do a streamline refi and sometime after closing claim undue hardship due to his new job, and me not getting a full-time teaching contract? then rent out house with no strings attached? so many special circumstances here... all so confusing... i am trying to piece together info from hud handbook.4155.1 3.c.2.e
any help would be great!
Hi Guest,
As far as I know, if you have equity in your property, you will be able to get a mortgage refinance. Nevertheless, you and your spouse should have a word with your lender and take his opinion in this regard. It will be the lender's discretion whether or not he will allow you to rent the home. You can even speak to a real estate attorney and take his opinion in this matter.
As far as I know, if you have equity in your property, you will be able to get a mortgage refinance. Nevertheless, you and your spouse should have a word with your lender and take his opinion in this regard. It will be the lender's discretion whether or not he will allow you to rent the home. You can even speak to a real estate attorney and take his opinion in this matter.
Hi Guest,
I agree with Adonis' opinion. Before taking any step, you should contact your lender and a real estate attorney in this regard or else you may later on face issues regarding that loan.
Thanks
I agree with Adonis' opinion. Before taking any step, you should contact your lender and a real estate attorney in this regard or else you may later on face issues regarding that loan.
Thanks
Why dont you look at refinancing under a conventional loan, and not have to pay the MI...you dont want to flat out lie on a government loan, not a good idea...or purchase your new home as conventional, and use the current home as a rental and keep the current loan you have on it. You cant have 2 fha loans at same time...Good luck
