Does FHA allow a streamline refinance w/o appraisal of your property that was owner occupied, but has since became an investment? This is a three family unit in which I previously occupied one of the units. Also, would the lender allow me to have the refi go into the name of my LLC along with a personal guarantee?
Since it is no longer OO it will not be a simple Streamline refinance. Rates and conditions are much different for NOO properties. Discuss your options with your local bank and/or broker
Mark is correct. I believe on NOO FHA loans you can no longer roll in closing costs. Streamline or not. Especially if you want to do it without an appraisal. Has your property lost value? What state are you in?
I’m in Ohio and my property did lose some value, so I would want to try to get the refi done w/o an appraisal. Doing a streamline w/o an appraisal requires you to pay the closing costs out of pocket. The maximum allowable amount is the outstanding principal balance minus the up front MIP refund and including the new up frony MIP. I also heard that it is a lender to lender decision as to doing the streamline refi on a now NOO property. Thanks for the info!