Short Sale
Some agents say the good news for short sale sellers is the wait is much shorter before buying another home, and Fannie Mae guidelines in 2008 adopted new procedures.
Can a seller buy again in less than two years? Not really, says Coy, "It's an utter myth that a consumer 'can buy again in about 18 months at a good interest rate.' However, Fannie Mae guidelines now require only 24 months' seasoning, and that's good news for agents who specialize in short sales."
Note that Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current, had no delinquencies exceeding 30 days and did not agree to repay the debt relief. Moreover, it's the late payments that affect your credit report, not the short sale.
About.com
I get this question all the time out in the field. With all the guidelines changing so rapidly I won't be surprised if new programs will be available for buyers affected by a Short Sales. If a seller goes through a foreclosure they are looking at a 5 to 7 years before they can purchase again.
Angel Lynn
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