How Long until I can purchase a new home after a short sale or forclosure?
 
New Fannie Mae Guidelines for "Derogatory Events" - Short Sales and Foreclosures
 
Up until now, a buyer who had had a short sale could buy a home in 3-7 years past the date of the short sale, depending on circumstances. Fannie Mae has now adjusted that requirement so that borrowers who have had a short sale must wait a FULL 7 years before they'll be able to obtain a new mortgage UNLESS they can document acceptable extenuating circumstances causing the short sale.   This will impact borrowers who are choosing to walk away from their mortgage, even though they can afford to make the payments.