I need to refi. my FHA with streamline can I removed an acre at the same time ?

Asked by Marcelo, Arizona Tue Dec 30, 2008

Hi to everybody !!
This is the situation , my brother in law, my father in law and I , 3 persons on this loan but my brother in law do not appears on the credit report? bought this property 7 month ago for $ 300.000 as a short sale the appraisal back then was $350.000 , this property consist in a single family resident with 4.7 acres, my question is can we refi. this property streamline and removed 1 acre? so we can have it paid in full and we can take a loan and build a house ? I already have the land survey and split but not recorded in the city.

If I go ahead and do it any way without tell them thru title they will find out or care ? as long as the house is secure with the other 3.7 acres ?

This is not an easy one I know , but I will appreciate any info !!

God bless you all.

Marcelo S.


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David - Appr…, , Maricopa, AZ
Tue Dec 30, 2008
You may be able to find the financing on the property based on the acreage you prefer, however, the most recent regulations and guidelines for the appraisal needed for financing will require the appraiser to include all of the acreage in the valuation, not just part. Unless it is clearly sub-divided into smaller parcels (on record) and recorded with the county reflecting separate parcel numbers and plat maps with surveyed dimentions.
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Lori Lewis, Mortgage Broker Or Lender, Bethlehem, PA
Tue Dec 30, 2008
Even with a streamline, you need to order a new title insurance policy. To my knowledge, you can not seperate any part of the land without going thru zoning and drawing up a new deed for the other acre.

I would call your local zoning dept and ask. If you do it without asking, you may face serious zoning issues!

I would also place a call to a local title insurance company and get some ideas from them!
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