The loan amount is irrelevant. Under current guidelines, you're going to have to wait 3 years for FHA, 5 years for conforming. Technically, FHA in rare circumstances may allow it in as little as 1 year, however I have never seen a mortgage get approved under those guidelines.

Best of luck

Heidi,

I encourage you to seek input from a loan officer (and hopefully some of them chime-in here), as I think you are going to have to wait at least 3 years. Will stay tuned for expert advice from loan originators...

You will need a credit score of at least 620, proof of employment and income. If you had late payments on your mortgage you will need to wait at least 1 full year from the date of the last late mortgage payment.