Can I streamline refinance my property and buy another property in less than 12 months?

Asked by Jerry101, Portland, OR Tue Dec 11, 2012

I currently reside in Bend, OR and have been looking to refinance my property to decrease my interest rate. However, I am concerned about having to commit to live in my property for 12 months due to my job situation. I am currently self-employed and have been struggling to make ends meet. However, I just finished nursing school and have been thinking about relocating to Portland due to not finding a job here in Bend. Would it be considered mortgage fraud if I relocated due to a new job? Also, would I be able to buy another property in less than 12 months if I relocate? I wonder if underwriters would frown upon that?

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Tom Inglesby, Agent, Portland, OR
Wed Dec 12, 2012
On your mortgage application it will ask you if you will reside in your home after closing. You need good credit if you want to lower your payments with a refinance? Talk to a lender in Bend. You might have a problem with your home appraising if you bought in the last 7 years so that is another consideration along with the cost to refinance. There are some new programs that let you refinance at a very low cost. Good luck to you.
Tom Inglesby, Broker
ReEMAX Equity Group
0 votes
, ,
Tue Dec 11, 2012
Hi Jerry,

If your current mortgage is FHA or VA backed, you can do a streamlined refinance as an investment property and you wouldn't have to worry about anything. You can even count the rent to qualify for your new mortgage because you're relocating for work.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Tue Dec 11, 2012
That is a tough call. Its like is it premeditated or not? The best thing to do is to speak with a lender you will be working with and throw those questions at them before you get into doing the full refinance. They will be best to give you the answers.
0 votes
Bob Hoerner…, , Portland, OR
Tue Dec 11, 2012
You have two issues, first is the home you currently own in Bend. If your intent is to try and stay in in the area then a lower rate and payment would be a good option for you. Before a lender can know if this will for you or not we need to know about your credit history and your mortgage payment history, as this can affect the ability to refinance your current home.

Your other issue of relocating to Portland is going to be based on when you move, and what you know at the time the last loan was done. What I mean if your plans are to move in the very near future, then your home in Bend is going to cause the lender to look at what are you going to do with the home and can you afford 2 mortgage payments if the home is not sold.

It is best to let a lender know your plans and help you make good choices, by the way this is a great question and is an issue many relocation buyers ask.

If you have additional questions please feel free to contact me at 800-318-4571
0 votes
Barbara Hahn, Agent, Portland, OR
Tue Dec 11, 2012
I am a real estate broker so my expertise is in helping people to buy and sell real estate. Your questions would be best answered by a mortgage expert. I have one who is excellent and could help you with just a phone call. Her name is Bev Liesy, Mortgage Express. You can reach her at her office at: 503-353-8977 or direct at 503-475-8125. When you're ready to buy, I would be happy to help you.
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