FHA guidelines indicate that you will be able to purchase again within two years after having gone through a short sale. As you know, two years can fly. Just make sure you keep your credit good going forward and manage your debt. Best to you.
Sorry to hear you had to short sale your home. This is not an easy situation for you. Fannie Mae has established guidelines which I have blogged about on Trulia for someone just like you. You are able to purchase again in two years as long as you are up to date on all of your payments and your credit score is high enough.
For now, just concentrate on renting and building up your equity and credit score.
Susan Penn, EWM Realtor
2000 Main Street
Weston, Florida 33326
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