about a year ago I shortsaled one of my properties and now i would like to refinance or apply for a line of credit on one of the others. I know that i would not be eligible for a conventional mortgage until 3 or 4 years have passed since the sale, but would i be eligible now for a refinance or equity line with a conventional or FHA loan? Does the same rule apply? I would appreciate any feed back, thank you.
Yes, the same rules apply to a refi as to a purchase mtg.....a mtg is a mtg.
Thanks for your reply, I was thinking maybe i would not have to wait so long to get an equity loan or a Heloc with a good amount of equity in the property. I guess i will just have to wait another 2 to 3 years to be able to get some financing.
Carlos, you should speak to a few loan officers to see if there's a product out there that may work for you. You may need a non conforming product which often carry less desirable terms due to the close proximity of the short sale.
Bret, thanks for your information, I will check it out.
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