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The standard wait time to buy a house after a short sale with a minimum of 5% down payment using a conventional loan is 4 years after a short sale (or 7 years after foreclosure).
A short sale will have less negative impact on your credit than a foreclosure. In the state of Washington, our lenders are quoting 2 years on a short sale and 7 years on a foreclosure-the latter has been true in the past. I would check with a lender as to how much your credit score will drop. It is true that a foreclosure can take up to a year or more to conclude.