Hey there, fellow blogger! So, you've successfully navigated the world of short sales and now have your sights set on your dream house. Congratulations! We're here to fill you in on how soon you can embark on this thrilling adventure once again. Let's dive in!

After a short sale, the timeline for purchasing a new home can vary depending on a few factors. Typically, lenders require a waiting period before they'll consider giving you another mortgage. But fear not, this period isn't as long and arduous as you might think!

In most cases, if you had a short sale, you'll need to wait a minimum of two years before buying another house. However, there are some situations where you might be able to jump back into the housing market even sooner. Keep in mind that these guidelines are subject to change, so always consult with a mortgage expert to get the most up-to-date information for your specific situation.

Alright, let's take a closer look at some scenarios:

1. Your Credit Score is Rockin' and Rollin':

   If you managed to maintain a stellar credit score throughout the short sale process, you might be eligible for a shorter waiting period.

The lender first has to agree to a short sale for it to be a viable option. Once the house is sold, the proceeds are used to pay off as much of the seller's outstanding loan balance as possible. In some cases, any remaining debt (known as the “deficiency”) is then forgiven by the lender.

Short sales, like foreclosures, can remain on your credit report for as long as seven years. The silver lining with short sales is that your score is likely to begin improving more quickly, usually in about two years. But there are things you can do to speed the process.

Yes, you can get another FHA loan after you sell your house, even if it was through a Short Sale. FHA requires that at least three years have passed from the date of the short sale before getting a new mortgage. Under certain extenuating circumstances, it is possible to buy in less than three years.

As with other major derogatory events, it can take a long time for your credit scores to recover from a short sale. It may be several years before your score fully recovers if you previously had a good credit score. Or, you may have to wait the full seven years if you had an excellent score.

For a short sale to close, everyone who is owed money must agree to take less, or possibly no money at all. That makes short sales complex transactions that move slowly and often fall through. If you're a seller, a short sale is likely to damage your credit — but not as badly as a foreclosure.