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Mortgage  Question?
FHA streamline refinance if mortgage is not in my name?

My mom moved into a long term care facility and deeded her house to me with no consideration. The mortgage remains in her name. Is it possible for me to get an FHA streamline mortgage in my name to pay off her current mortgage?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

In order to qualify for for an FHA Streamline Refinance the original mortgage must be in your name and it must be an FHA mortgage. Because the original mortgage is in your mother's name you will not qualify for an FHA Streamline Refinance. Depending on your monthly income and debt as well as your credit score you may be able to qualify for a conventional mortgage and use the proceeds from the new mortgage to pay-off the existing mortgage that is in your mother's name and lower your monthly payment. The benefit of a conventional mortgage, as opposed to an FHA Mortgage, is that you do not have to pay the up-front and ongoing FHA Mortgage Insurance Premium (MIP) which makes a conventional mortgage more affordable for you.

You can use our MORTGAGE CALCULATOR to determine the monthly mortgage payment for various mortgage amounts and interest rates. You can also use our REQUIRED INCOME MORTGAGE CALCULATOR to determine how much monthly income you need to earn to qualify for a certain mortgage amount.

One point we should highlight is that lenders typically require you to make payments on a property that you bought or were deeded for twelve consecutive months before you refinance but lender policies on this point can vary.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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