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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).
However, you have the legal right to remain in your home until the foreclosure process is completed. This process can take a few months or, in some cases, as much as a year (or even longer in states with a large backlog of foreclosures, such as Florida and New York).