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[quote=Anonymous][quote=Anonymous]OP here again. They're offering me a 10 year ARM, so fixed rate for 10 years. We can refinance to a conventional fixed rate, 30 year loan in 8 months, so even a 1 or 3 year ARM would work well for us.

And for those who think I gamed the system, you have no idea what our situation was. The short sale was due to a job transfer. We held on to the property (paying about $5K mortgage plus $2500 rent in DC) for 3 years with ZERO offers. At some point we had to start thinking about our own financial future and our childrens' and disregard the bank, other homeowners, etc. It was crazy to throw $5K down the drain each month, knowing that we would never be returning to the property and it would take years to recover its value (if ever). [/quote]

That's the idea OP, you should have rented the thing out. Even so you haven't learned! You think you can refinance in 10 yrs, gaurenteed? Lesson from your short sale: realestate doesn't always increase in value. There very likely could be another recession. RENT. Wait for better credit scores, larger down payment and a rock bottom market. Otherwise you will be doing short sale #2.[/quote]

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