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Waiting Period after Short Sale

I think I need to ask my question a little differently.   I want to get a VA or FHA loan.  I have a 700 FICO, $70,000 in annual income and $125,000 in my jeans.   BUT, I also  had a short sale about 16 months ago...NOT 2 years, but 16 months ago. (An investment property)  I have been told I can't get a new mortgage until that sale has "aged" two years.   Am I screwed?  If you are guessing, you are not helping me.  Anyone got a definitive answer?  Thanks

Debt Consolidation?


Thanks...Both very useful answers. Good information

Impact of Short Sale

Did a short sale on an investment property about 18 months ago. FICO is back to 700 at this point.  Will I have trouble getting a VA loan?

Debt Consolidation?

I am looking to buy a home within the next 180 days.  I have about $22,000 consumer debt and annual family income of $72,000.  I have been offered a $9,000 loan at 8%. I could lower the interest rate on about 1/2 my debt, but I would still owe the same amount.  Good idea or not?