The time period is 3 years from the date that your home transferred either back to the bank (as in a foreclosure) or to the new buyer in the case of a short sale. The clock starts as of the transfer date and is counted until the application date for the new mortgage. This is for FHA financing.
For conventional financing the time period is 7 years unless you have 10% down and extenuating circumstances, then it is 4 yrs. If you put down a minimum of 20%, then it is 2 yrs.
For VA financing it is 2 yrs for a foreclosure or short sale, unless you had no late payments on either your consumer debt nor your mortgage for the 12 months leading up to the short sale, then there is no waiting period.
For USDA it is 3 years for foreclosure or short sale, unless you can show extenuating circumstances.
Most people can not show extenuating circumstances.
