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Can I refinance FHA loan if I had a short sale one and half year ago.

I have a very good credit score and no credit cards debt. My Lender told me last week that I'm not qualify to do FHA Streamline Ref.
Thank you for your advise
  • September 01 2012 - Roseville
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Answers (4)

Best Answer

You can always ask to refi a loan. They don't have to allow it but they can if they want, it is up to the lender.
  • September 02 2012
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Bukowina - Ivan's response was spot on!

A short sale is a serious deragatory event, and assuming you had even one mortgage late payment, unless you have approved extenuating circumstances, you have to wait 3 years..

good luck, Jeff M
  • February 24 2013
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3 years from the short-sale.  The days of 'loop-holes' are over.
  • September 04 2012
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There is one exception to this policy under extenuating circumstances. I have seen this more often as of recently.

"Lenders may make exceptions for borrowers in default at the time of short sale if: The default was due to circumstances beyond the borrower's control (such as death of a primary wage earner, long term uninsured illness, etc); and the credit report reflects satisfactory credit prior to the circumstances (beyond the borrower's control) that caused the default."

Hope this helps.

ID

  • September 04 2012
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