Need to refinance a HELC 220k w.variable rate . 1st mtg is paid & its a primary home. Credit /poor. Do you have options?

To obtain a mortgage after a short sale, there is a minimum waiting period of 2 years for conventional, 1 year with extenuating circumstances with VA financing, and just about everyone else is 3 years. Rates are low right now, so if you don't meet the minimum criteria, i.e. waiting period, credit score, income, etc.. Then you can work on it to be prepared in the future.. If you contact a local mortgage broker now, he can help you get in position to qualify in the future, but it's important to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

With a recent short sale on your credit, it is highly unlikely. If you find something, it probably won't be any better than what you're paying now on the HELOC. You'll probably just need to stay put and work on your credit for a while.

When was the short sale and were there any late payments on it?

It really depends on when the short sale took place and if and when you had late payments on that or any mortgage.

Yeah then unfortunately you would have to wait the 2 years to be able to refinance.

Unfortunately, you are likely going to have to wait for a period of at least two years from the date the last short sale closed escrow and the transfer deed was recorded. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

need to wait the 2 yrs unless they change the rules again...in the mean time Heloc's with varible rates are performing very well in this low rate environment and should hang on for another 2 yrs just in time for YOU..keep up on all your current and future credit to be ready