When will I be able to qualify for a home?
by Mortgage Rates on Monday, November 8th, 2010 | 3 Comments
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A short sale should not affect your credit! The things that would affect credit are late payments (or a foreclosure). So if you did not have late payments, theoretically you should be able to buy a home right away if you have 3.5% down (FHA).
The short sale will have a large negative impact on your credit. No lender will touch you for 5-7 years.
It will take a few years at least, but yes you will be able to own again someday.
You could always look for owner financing.