Talk:Short refinance

Credit score impact

I did a short refinance 20 months ago. It did effect my credit (negatively). It also has made it tough to refinance. For the initial offer seemed to good to be true but it was approved and I was relieved of a lot of principle in exchange for a high interest rate AND since it was FHA, a $300/month PMI. Last year I tried to refinance with US Bank but after 10 months it eventually failed. Their end reason was they did not like the short refi. They considered it a short sale / foreclosure. Last year they said I needed to wait until 24 months after the refi and I could reapply. I recently called the rep I was working with and she now said US Bank / Fannie & Freddi will not take me until 7 years after the short refi.

My credit score has rebounded to about 700/730, I have over 20% equity and I have been current on all payments for over 24 months. I would really like to refi mostly to get rid of the $300 PMI. Anyone have any suggestions?

jbgoflyakite@yahoo.com