There is no easy answer to your questions because there are so many variables involved. Each circumstance is different from the next. The best advice that I can give you is to find a good mortgage person to share his/her expertise with you. One very important factor is whether you fell behind on your payments during the short sale process. I have heard so many different time frames on when a short sale or foreclosure will or won't stop you from your next home purchase. I personally believe that those time frames will change from time to time depending on what is going on in the market. It could be longer or possibly even be shorter. Since I am not in the mortgage business, these are just my opinions. Best of luck to you!