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During the real estate explosion occurring between 2003 and 2007, many investors, flippers, and everyday people decided to jump on the easy financing bandwagon and buy investment properties.  Why not, mortgage rates were awful low and most could jump into a new investment property mortgage at up to 100 percent financing without even documenting their income.

Unfortunately, all good things must come to an end, and the housing bubble burst beginning in 2007 put an end to many investors parade.  For those that still hold mortgages on these properties, many are looking to refinance.  The fha refinance program would seem the perfect fit because you can get really low mortgage rates and finance up to 97 percent of the value of the home.  That said, fha refinance loans are not available for either investment properties or second homes.