We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.
This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
Typical guidelines say 2 years for VA, 3 years for FHA or USDA, and 2 years conventional at 80% LTV, 4 years at 90% LTV and 7 years for anything over 90% LTV
Typically the time is 3 years from the time of your short sale although I have had clients buy in two. The best thing to do would be to speak with a good lender and they will be able to set you in the right direction. If you need a good referral I work with a lender that is very good and can give you all the information that you need.
FHA normally requires 3 years from the short sale, but can be OK with just 1 day afterwards if you were current on your mortgage at the same of the short sale, your payments were made on time for the 12 months prior to the short sale & you aren't looking to take advantage of declining market by purchasing a similar or larger home in the same area as you short sold. FHA currently requires a 3.5% down payment.
If you are using all cash to buy - then no waiting period :)
Shane Milne | Lending in all 50 states | NMLS #81195