If you have had a short sale with your home in the past, it is important to know your options when getting a new mortgage. For a conventional loan the minimum time line from when your Short Sale was finalized is 2yrs. But here are the specifics to know:
1. If your down payment is 20% or more, you must be 2yrs removed from your short sale.
2. If your down payment is 19%-10%, you must be 4yrs removed from your short sale
3. For less than a 10% down payment, you must be 7yrs removed from the short sale
Keep in mind these rules are different then the rules for a foreclosure. If you had a foreclosure you must wait 7yrs. If you have had a Deed in Lieu of foreclosure, the rules are the same as having a short sale. When getting a new mortgage after having a short sale make sure you know the specific rules.