Sorry to say, it's still 3 years under most circumstances to obtain an FHA backed loan. 2 years for a VA loan. A hard money loan or one from a small portfolion based lender may take less.
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.
seem like 170k it was your short sale property.
well many program available for home buyer these days , just call your local mortgage professional for pre approval letter .
Conventional (Fannie Mae ) will allow you to purchase a home 2yrs after a short sale (with 20% down)
FHA has two options
1) 1 day after a short sale purchase.. see link below.. you need to go to the 2009 letter and it is 09-52.
main points: the short sold home could not be an FHA loan , no lates on any debt especially your mortgage, you are not doing this to take advantage of the RE mkt. (hard to find a lender to facilitate but FHA does allow)
2) FHA Back to Work program ... your income had to drop by at least 20% for at least 6months to cause the short sale, foreclosure or Bankruptcy.. if you can prove it then one your clean credit after one or more of these issues you can buy a home..
always consult a local professional in your area for your specific scenario..