A lot of it depends on whether you missed a payment or stayed current during your short sale. I recommend speaking to Robert Benson out of Gladewater Mortgage.
His contact info is in the link below. It's his specialty.
Mortgage Broker Or Lender, Lake Forest, CA
The FHA released new underwriting guidelines on August 16th in Mortgagee Letter 13-26. The new letter titled â€œBack to Work â€“ Extenuating Circumstancesâ€ is intended to â€œprovide minimum underwriting standards and criteria for evaluating borrowers who have experienced an Economic Eventâ€. The new guidelines reduce the waiting time for borrowers who experienced a foreclosure, short sale or bankruptcy from three years to one year for BKs, Foreclosures and Short Sales.
FHA requires 3 years from short sale, possibly less on exception due to certain circumstances. Conventional requires 2 year since short sale with 20% down, 4 years with 10% down and 7 years with less than 10% down.