short sale for FHA loan

[monkatom]

Quick question does anyone know if a short sale carries the same rules as a foreclosure in regards to getting a new FHA home loan.

[HHM]

Yes

[monkatom]

Thank you very much HHM. You always have the answers. Thanks again.

[Logan]

Waiting Period Before Buying Another Home

* Foreclosure or Deed-in-Lieu of Foreclosure
Steep says a seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense.

Coy says, "The good news is a short sale will allow the consumer to obtain an institutional loan for a new home within two years".

For more information, see the Fannie Mae Selling Guide online. Click on the PDF link in the yellow box and see page 75.

* Short Sale
Some agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement.

Can a seller buy again under two years? Partially true, says Coy, "It's an utter myth that a consumer 'can buy again in about 18 months at a good interest rate.' However, new 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 and had no 60-day late pays or greater on record.

[Logan]

Link to another article

http://www.businesspundit.com/is-a-short-sale-better-than-a-foreclosure/

[monkatom]

It seems this article says 4 years for short sale if no extenuating (sp) circumstances? If so I would be better waiting the three from foreclsoure and getting an FHA as doesn't Fannie have a 5 year wait for BK now anyway?