"If you short sold your home without ever missing a payment (this is possible, I have short sold quite a few homes where owners never missed a payment), you could buy after 12mos"
Emily, that is not the guideline. If you are going to quote guidelines, please do so correctly. I happen to do a lot of these mortgages and I would appreciate it if you didn't turn away people who actually qualify because you are uninformed.
From HUD: 4155.1 4.C.2.l
Borrower Current at the time of Short Sale
A borrower is considered eligible for a new FHA-insured mortgage if, from
the date of loan application for the new mortgage, all
â€¢ mortgage payments on the prior mortgage were made within the month due
for the 12-month period preceding the short sale, and
â€¢ installment t debt payments for the same time period were also made within
the month due.
That does not mean there is a 12 month waiting period, it means all payments on all accounts must have been made for the 12 months preceding the date of application. They can qualify the day after the short sale.