FHA Streamline Refinancing for Second Homes
If you currently have an FHA loan on a second home or an investment property, can you refinance it with the FHA Streamline Refinance program? In most cases, the answer is yes. However, you’ll need to check with your lender, since some lenders only approve FHA Streamline Refinances for owner-occupied properties.
Additional FHA Streamline Refinancing Qualifications for Second Homes and Investment Properties
In order to qualify for an FHA Streamline Refinance on a property you do not currently live in, you will need go above and beyond the “net tangible benefit” requirements that are mandated for typical FHA Streamline Refinances. In particular, you will not be able to get a loan if your monthly mortgage payment on the property will increase. You are also not allowed to refinance into an adjustable-rate mortgage. So, no matter what kind of FHA loan you currently have, you would need to refinance it into a fixed-rate mortgage.