Lisa Wetzel and Jim Valentine
Certified Distressed Property Expert, CDPE
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
It depends on a couple things.
The waiting period for FHA is 3 years from the completion date or settlement date. However, if the short sale was pursued to take advantage of declining market conditions or to purchase a similar home at a reduced price, then you wouldnt be eligible for a new FHA loan.
On the flip side of that, if your short sale was the direct cause of being laid off or let go from your job AND you suffered at least a 20% reduction in income for 6 months, you might be eligible NOW for FHA financing under something called the "Back to Work" exception. Not every lender is doing this program, but it's out there right now.
Finally, if your credit scores are good presently, and you can put 20% down, you might be able to get a conventional mortgage now. The waiting period with a 20% down payment is only 2 years.
You can contact a loan officer at any time for a credit check and advice, but you cannot apply for a loan until the waiting period has been met, so you wont be able to get pre-approved til then. I recommend talking to an loan officer 6 months in advance in case any work needs to be done ahead of applying.
Hope this helps!