I am trying to refinance some rental property but I had a short sale 4 years ago. What are my options?
The rental property has an adjustable rate mortgage and a second loan. The total loans are approximately $220K and the value of the property is $340k conservatively. I am trying to refinance but was told given I had a short sale in 2013 it is being treated as a foreclosure and I need 7 years before I can get a mortgage. I checked the FNMA guidelines and it states 4 years. I am not interested in selling as its a family house, any advice? I have fairly decent credit about 680.
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