We moved to Florida from California and couldn't sell our home in California. We rented it out and now the
mortgage companies are telling me I cannot re-fi because it is now considered an income property and the perameters are different. Is there any way to re-fi with our situation?
Kristen - I have a client/friend in your situation. Amazingly - she moved from Tahoe to Florida just like you. We manage her home in Tahoe as a long term rental and we just had this conversation. Banks are rumored to be more willing to help homeowners in this situation. Contact them again and explain your situation (I assume you moved for employment reasons). Is this my Kristen?
I just dealt with a similar situation. My client had a hard time qualifying because of loan to value issues. She needed more equity to qualify as an income property. You should be able to refi the property as a second home if you don't need the income to qualify. There are a lot of different programs that might work for your situation. Please contact me and we can look at your options.
Thank You,
Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
559-892-6812
dominique@apmortgagepros.com
Only if you treat it as a second or investment home. The rates are higher and unfortunatly in some cases you may not be able to qualify.
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