Waiting period to buy again after foreclosure or short sale
a) If you did a short sale for your last house, you normally have to wait for 4 years before you can qualify for a loan to purchase a house again. However, with Extenuating Circumstance, you might be able to get a loan after 2 years.
b) If you let your last house go to foreclosure with a valid hardship, then you still need to wait only 4 years to qualify for a conforming loan to get back to becoming a homeowner.
c) If you let your last house go to foreclosures with no valid hardship (i.e. strategic foreclosure), then for both conforming and non conforming loan, you will need to wait 7 years
For an FHA loan, you only need to wait 3 years.