I previously had two mortgages and last November completed a short sale of my second home (which I owed $410K) that was not my primary residence. I missed 10 payments leading up to that short sale.
I have not missed any payments or had any late payments on my current mortgage ($177K), which I have had since November 2010.
My current mortgage is an FHA loan which requires I pay a few hundred dollars a month in mortgage insurance premiums, and I'd like to refinance my loan if it is possible to a conventional loan with a 15 year term.
At the time of the short sale of my second home, my credit score had dropped to 644. My credit score has now rebounded to 744, which is fairly close to where it was before I missed any payments on the second home (746).
I'd like to know if banks are likely to approve me for a refinance based on my now repaired credit score, or if the short sale mark on my credit report will cause them to automatically reject me (the short sale is the only negative mark on my credit). Lastly, are there any government regulations that would prevent banks from working with me.
Thanks in advance for the help!