Conforming (Fannie Mae/Freddie Mac) financing requires 4 years after the short sale and then 90% loan-to-value financing is possible, or after 2 years and prior to 4 years, then refinancing to 80% loan-to-value is possible. After 7 years then maximum loan-to-value is possible, currently 95%.
If your current loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a HARP refinance, and if you go back to your same mortgage servicer for the refinance, they are able to waive short sale, bankruptcy & foreclosure waiting period requirements. However a different lender than yours would not be able to waive short sale, bankruptcy & foreclosure waiting period requirements, as those more lenient guidelines are only for "same servicer".
To check if Fannie Mae owns it: http://www.knowyouroptions.com/loanlookup
To check if Freddie Mac owns it: http://www.freddiemac.com/mymortgage/
Shane Milne | Lending in all 50 states | NMLS #81195
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.