IF your income was reduced by 20% or more for 6 months or more
AND that was the direct cause of your short sale, bankruptcy or deed in lieu
AND you were current until the income reduction
AND you have had good standing credit for the past 12 months or more
AND the income reduction is now cured
AND you attend housing counseling
THEN the waiting period post short sale, bankruptcy, or deed in lieu is reduced to 1 year.
Here is a link that will provide you with more information:
If you need any further assistance,
CHFA is a good government loan and I have 2 clients using them specifically. Of course, there are requirements that need to be met, just like any FHA loan.
While I am sure you will get many different view points here, I am a firm believer of the 2 year rule. Begin to rebuild your credit, establish you are paying on time and then after 18 months, begin working with a lender. Then right at 2 years, you will be ready to purchase.
I have a few lenders I could recommend if your interested.
Feel free to call anytime with questions.