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When can i refinance my main home?, after a short sale on second home

Our home finally sold after almost 3 years as a short sale, and our credit was damaged for the last year of no payments,
My question
 We have another home the one we live in for almost 3 years, and would like to refinance, how long do we need to wait to refinance or for our credit to get back on track, we only had late payments on the short sale home, the one we live in never late as well never late on auto loan, and 6 good standing active revolving credit cards.
Thanks in advance!
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May 12 2009 - Austin
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Replies (4)

You're looking at 3 years at least. The short sale is going to count the same as a foreclosure to a lender and that's what will kill you on a new loan on your primary.
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May 24 2009
Actually, if your current loan is a Fannie Mae/Freddie Mac loan, and no lates on that loan the past 12 mos, you can refi through the new Making Homes Affordable program, a stated income/no new appraisal loan. Same rates as the usual.
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May 28 2009
Yes, contact your lender to see about the Making Homes Affordable Program.  That is a wonderful program if your mortgage qualifies.  Your best bet is to contact your lender directly as they will have the information necessary to see if you can use that program.
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June 16 2010

The first thing you should do is visit makinghomeaffordable.gov and click the "Loan Lookup" tab. There are 2 links. One is Fannie Mae and the other is Freddy Mac.

If you already know that one of these 2 own your loan then click that link and see if you are eligible for the Making Home Affordable Refinance by completing the fields they ask you for.

If you are eligible then do you currently pay PMI on your loan? If you do you can only contact your current mortgage servicer to see if they offer this program to you. If it is not available to you through your current servicer then I personally do not know of any lenders in the secondary maket who offer this program to people who are paying PMI.

If you do not pay PMI then you can go to any lender offering the program and see if you qualify.

This program is called:
 
Fannie Mae: DU Refi Plus
Freddy Mac: Relief Refinance

Each lender can have qualifying criteria that varies. One may require a 620 credit score, make you provide income, or mandate that your home be appraised. Another may not require any of that or 1 or 2 out of the 3. It is important you understand that this program is offered in various ways and although 1 lender may not grant your the loan another may.




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June 16 2010
 
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