I've been going round and round about if you can buy FHA after having just done a short sale. Yes, you can IF:
- you have not had a late mortgage payment in 12 months
- you are forgiven all debt and no other deliquent or deficiency amount exists
of course all other standard qualifying terms still exist. You must have a 580 fico (differs with each lender), qualify based on income and debt ratios, and other lender overlays.
Read it for yourself here:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/.../09-52ml.pdf
Get out there and invest in your future while the market is down and get rid of that burden you are carrying now. Just KEEP MAKING YOUR MORTGAGE PAYMENTS UNTIL ESCROW CLOSES!!
