Credit Advice

Technically you can but you won't have the best rate. You may also consider looking at FHA loans.

Yes, you can. USDA, VA, and FHA will give you a loan with scores at 620 and sometimes even lower. Technically Conventional will also give you a loan with your 686 credit score but mortgage insurance won't so you'd need to be putting 20% down or getting a 2nd lien for any amount above 80%

I you have sold a home as short sale this considered a volunteer forclosure and will you will have to wait at least 3yrs before you can purchase using the traditional method of finaning such as usda fha or va as one of the underwriting guide lines even though your credit score is above what is required. I have seen 720 credit scores get turn down because of forclosure of bankruptcy that is not at least 2 to 3 yrs old get turn down and I have seen if that home owner didnt do a purchase before that shortsale close, they were not avialble to buy afterwards because of the short sales. You will about to get past that with most private money lenders. There fees can be a little more higher.

Good additional data August16 IF they've had a short sale but nothing indicated that was the case.

Most people aren't aware that a short sale is just a voluntary foreclosure - what used to be known as a Deed in Lieu (of foreclosure). The media has made it trendy to have a short sale but they never warn the people of the dangers and consequences.

The new buzz words are Strategic Foreclosures. That's where you can pay the house payment but choose not to by using the economy as the scapegoat. New guidelines have been announced to make those the toughest hurdle to overcome when the time comes to get another home loan.