Wait time to buy a home after Short Sale or Foreclosure ?

Most people re-purchasing after a Short Sale or Foreclosure usually wind up in an FHA loan because it is the most accessible and forgiving after a major credit event. Mostly, If you had good credit before the event you will have good credit after. Credit scoring is not an exact science, but many people I help… had 700 ficos before the Short Sale or Foreclosure & a year or so later still had 680 to 700 scores. The key is maintaining open active accounts before, during and after the credit event. The foreclosure / Short Sale waiting periods are as follows. FHA Loan - 3 years and right away on a short sale with NO Late payments. 2 years with a special circumstance. VA Loan - 2 years, 1 year with a special circumstance Conventional – 5-7 years depending on your credit score and only 2 years on a short sale with 20% down. 3 years with an extenuating circumstance.