Zillow Advice: Rent vs Buy - short sale/ getting approved to buy http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ Zillow Advice | Zillow Real Estate The two year time requirement ... http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ The two year time requirement only applies to mortgages purchased by Fannie Mae or Freddie Mac. There are already lenders on the West Coast that allow purchases one day outside of a short sale. I feel confident that these programs will soon spread Eastward, as most real estate trends do.&nbsp;<br/><br/>I would speak to 2 or 3 mortgage lenders, have them run your credit, and give you an idea of what you need to do. Also - I work with a company that does a tremendous job with credit restoration and you may be able to get the short sale removed from your profile in as little as two months.&nbsp;<br/><br/>&nbsp; Mon, 11 Nov 2013 22:16:00 GMT http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ 2013-11-11T22:16:00Z Things are changing a bit ... http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ Things are changing a bit regarding&nbsp;short sales.&nbsp; It is not as cut and dry as it was in the past.&nbsp; It all depends on the nature of the hardship and if you paid your mortgage until the end of the short sale or whether the hardship was not of a financial nature, but rather a job transfer, etc...&nbsp; I suggest that you have a word with at least two mortgage brokers who can look at your financial profile, in many cases you are able to buy right after you have completed the short sale. Fri, 07 Dec 2012 19:17:00 GMT http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ 2012-12-07T19:17:00Z I think there may be things ... http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ I think there may be things that you can do to position yourself to buy sooner than 2 years.&nbsp; I agree with the other response that it all depends on some of the other factors mentioned about late payments, debt, income etc.&nbsp; I work with a local lender who does a tremendous job of helping future bbuyers get on the right track with their credit concerns so they may buy sooner.&nbsp;&nbsp;I would be happy to provide his information. Thu, 06 Dec 2012 22:50:00 GMT http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ 2012-12-06T22:50:00Z Whether or not you may be ... http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ Whether or not you may be approved to buy depend on a number of factors, such as whether you had any late payments, the amount of down payment you have available, your credit score, debt to income ratio, income and other factors.<br/><br/>As you qualified for a short sale just three months ago, chances are good you told your previous lender that you'd suffered a financial hardship so couldn't afford to pay them the amount you'd agreed to pay.&nbsp;&nbsp; Hence, lenders aren't so happy to leap into lending again immediately.&nbsp;&nbsp; You will need to stage yourself very carefully to move forward with future home ownership. <br/> Thu, 06 Dec 2012 21:21:00 GMT http://www.zillow.com/advice-thread/short-sale-getting-approved-to-buy/470608/ 2012-12-06T21:21:00Z