Most lenders will ask you to wait for 2 years after a short sale, and provided you are current on all other bills and do not have any late pays.
Your Credit Score also needs to be in the 620 to 640 range.
Till then, you may want to consider hard money lenders.
As lender I know you are going to have some serious issues getting a mortgage with that shortsale on your record. There are no conventional financing methods that I am aware of that that will work with unless the shortsale is at least 2 years out. You can try getting a portfolio loan, but most programs will deny you based on the credit score alone in addition to the high housing ratio that you are proposing. Send me an email at firstname.lastname@example.org. I do know of one company in Dallas that might be able to help you.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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