Thumbs up from me,Tony! A good,honest answer!

I agree with Tony's Answer and could not answer that one better.

Hi Denise,
Unfortunately most lenders consider a short sale just about as worse as a foreclosure. The bottom line is the homeowner did not live up their housing obligations in the lender's eyes. Now if there were extenuating circumstances which caused the situation (medical and job loss would probably qualify) I know a lot of lenders who will look at it a little more favorably - meaning you don't have to wait 4 or 5 years to qualify again. However, you're probably going to have to show at least a year or two of a clean track record with respect to credit and job stability to be considered. In the meantime your credit scores should get built up too.

Right now you're going to have a very tough time getting any financing that's not at a sky high rate with a large down payment required. I'd advise you to maybe rent for awhile or try to find a land contract or rent-to-own opportunity

Good luck Denise