Have 5% down, but have a short sale on my credit from 3/2009, middle score 640. Can I get a loan?

You can get a new FHA mortgage now if: All mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale and all installment debt payments for the same time period were also made within the month due. If not, there is a 3 year waiting period for FHA. For conventional Fannie Mae will allow you to purchase a home 2 years after a short sale with a 20% down payment and 4 years after with a 10% down payment, with re-established credit. If there were documentable, extenuating circumstances, you may be able to buy after 2 years with 10% down.