my BK discharge is 08/2011 but my home was sold in Short sale in 04/2012. I included the mortgages in my BK7. Do I have to wait 2 years from BK date or Short Sale Date?

The FHA rule for this is interpreted differently from lender to lender. Most interpret the rule as saying that you have to wait 3 years from the date the property was sold and transferred out of your name.. There are a handful of lenders that say if the home was included in the BK, then they go by that date, however this only works with these select lenders if you did not live in the home past the date of BK discharge. If you continue to reside in the home past the BK, then even those few lenders wouldn't allow you to purchase again until after 3 years post short sale.. Now, there is a new program with FHA called the "Back to Work" program. Under this loan product, if you can document a 20% reduction in income, and prove that it was that reduction in income that resulted in you filing BK and short sale, then FHA allows you to purchase 12 months after the short sale, foreclosure, or BK.. You still have to have sufficient scores to satisfy the lender, and you cannot have any 30 day late payments on ANY obligation after the major derogatory event.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

There are so many new rules to this question. It would be a very good idea for you to contact a lender. I would be happy to help you. Steffnie Parsons with People's Bank and Trust Co. Steffnie@Peoplesbankusa.com or call 405-445-1091.

From what I have experienced, you will have to wait 2 years from the Short Sale even though the mortgages were part of your BK 7.

Later short sale date applies.

You need to meet BOTH dates. The bankruptcy date, and the foreclosure / short-sale date.

I agree, you'll likely have to wait until min 2 years from the later of the two but you are only a few months away from being there! pdumouchel@primelending.com