FHA Streamline Product

[Christopher Morris]

I tried looking into this from a few avenues and haven't come to a conclusion. 

I started my first FHA house hack back in November 2023. Being that my year living here is coming up, I was hoping to refinance into conventional and buy again with the 5% Fannie Mae.

But... I started looking into the FHA streamline product and spoke to my lender about it. Roughly, it seems I could save $350-500 a month in payments with the current interest rates using this FHA streamline. (going from 6.75 to 5.5-5.75)

What I fear is that this forces me to stay in the property again for another 12 months. Is that true? I was hoping to be onto my second house hack in Q1 of 2025. 

Anyone with the expertise that can help me out with this situation?  

Thank you!