Here are the guidelines straight from the selling guide and the HUD handbook, read through it and you'll have your answer based on the circumstances of your short sale.
New conventional loans:
Deed-in-Lieu of Foreclosure and Preforeclosure Sale (AKA short sale)
These transaction types are completed as alternatives to foreclosure. A deed-in-lieu of
foreclosure is a transaction in which the deed to the real property is transferred back to the
servicer. A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure
resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.
The following waiting period requirements apply:
Waiting Period Additional Requirements
Two years 80% maximum LTV ratiosa
Four years 90% maximum LTV ratiosa
Seven years LTV ratios per the Eligibility Matrix
aThe maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix.
Exceptions for Extenuating Circumstances
A two-year waiting period is permitted if extenuating circumstances can be documented, with
maximum LTV ratios of the lesser of 90% or the maximum LTV ratios for the transaction per the
Note: References to LTV ratios include LTV, CLTV and HCLTV ratios.
New FHA loans:
This is a direct copy/paste from the HUD handbook:
A borrower is not eligible for a new FHA-insured mortgage if he (or she) pursued a short sale agreement on his or her principal residence simply to
* take advantage of declining market conditions, and
* purchase a similar or superior property within a reasonable commuting distance at a reduced price as compared to current market value.
Borrower Current at the time of Short Sale:
A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all
* mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and
* installment debt payments for the same time period were also made within the month due.
Borrower in Default at the time of Short Sale
A borrower in default on his or her mortgage at the time of the short sale (or preforeclosure sale) is not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.
Note: A borrower who sold his or her property under FHA’s pre-foreclosure sale program is not eligible for a new FHA-insured mortgage from the date that FHA paid the claim associated with the pre-foreclosure sale.
Exception: A lender may make an exception to this rule for a borrower in default on his or her mortgage at the time of the short sale if the
* default was due to circumstances beyond the borrower’s control, such as death of primary wage earner or long-term uninsured illness, and
* a review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrower’s control that caused the default.
* For detailed information on converting existing principal residences into rental properties, see HUD 4155.1 4.E.4.g.
* For information on short payoffs, see HUD 4155.1 3.B.1.f.
I hope this was helpful for you!
Mortgage Sales Associate
3636 S. Geyer Road
Sunset Hills, MO 63127