You should check with a local mortgage company or bank for that specific information. Realtors are not experts on finance but do have a good working knowledge of the process and know the local lenders to refer you too. You will need to know your credit score and payment history before you call the lender to speed the process. Good luck.... more
In the eyes of a Lender, a 'short sale' is viewed the same as a 'foreclosure' in that the original 1st lien lender did not recover 100% of their principal amount back from their original loan.
That said, it would be a minimum of 3 years and you would have to re-establish good credit for FHA financing.
3 years is the minimum and each Loan Application is underwritten seperately so you could be eligible at 3 years plus a day or it might be longer depending on why you entered into a short sale in the first place.
We all have been hit by this market melt down but it has effected some more than other. Dont give up hope. I do understand you want to keep your house and you are heading toward the bank foreclosing on your house. One option is your can move out of your house and rent it and find you a place to rent a lower than your current mortgage until you get back on your feet. The last option is instead of the bank foreclosing on your home, you can let me do a short sale your house. A short sale is where I can get the bank to take less than what you owe on the house. I am a realtor and I can list your house for sale for what the bank will accept. Please feel free to call me at 256-650-2004 or 508-2554... more