Property Q&A in Pennsylvania>Question Details

Rachelehenry, Home Owner in York, PA

Can I refinance under the new HARP program and then rent my home?

Asked by Rachelehenry, York, PA Thu Oct 4, 2012

I have owned a townhome for abot 4 years and just began the refi process under the HARP program, FHA loan to take advantage of the interest rates. However, about a week after I did that, I found a home that my husband and I wish to build. We are qualified to keep the townhome as a rental, and also build our new home. So my question is, if I only live in the townhome as my primary residence until my new house is built - about 3 months after I settle on the refinanced loan - is this against the rules for FHA? I have contacted my lender and asked if it is a problem if I rent the home later, and they are saying no. But I am concerned there will be penalties or issues down the line since I have initiated the home build before my refi loan has closed. Help please?

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Answers

2
A good mortgage broker or loan officer should be able to give you the details.
Try http http://:www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Aug 17, 2013
Rachel,

If you would like to give me a call to discuss more in depth I would be happy to do so. Are you currently refinancing under the HARP program or an FHA streamline? They are different programs for different types of loans. Most of the time at settlement on a refinance there are questions asked and documents signed that say you will live there for at least a year. How much are they enforced? That's up to the lender that has your loan when a property is converted into a rental property. But I can tell you that far and away the number one issue banks have is getting paid and getting paid on time. Hope this helps and give me a call if you would like to chat more.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Wed Oct 10, 2012
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