Yes, if you work at it.
After you have suffered a short sale, a homebuyer can qualify for a conventional mortgage loan after only two years, with 20% down payment. If you only have 10% down, you may have to wait four years to qualify for a conventional loan. And with a down payment of less than 10%, it can take seven years to get a new home loan.
But if you qualify for an FHA loan, you can get mortgage financing as little as 3 years after a foreclosure or short sale, with as little as 3.5% down. And if you can explain to a lender the extenuating circumstances that caused the problem, perhaps even sooner.
Are you a veteran or do you qualify for a V.A. loan? You will only have to wait two years after a foreclosure or short sale, and you don't have to pay a down payment.
If you are serious about buying a home, get your credit score as high as you can. The best mortgage rates go to people with a 720 or higher credit score. For our former bankruptcy clients, we provide a free "7 Steps To A 720 Score" educational course that guarantees that they can get your credit score to 720 in as little as 12-24 months. This course usually retails for $1000.00. This is a limited time offer.
Also, if you do a short sale instead of allowing your home to foreclose, be sure it shows on your credit correctly. Lenders would rather see a short sale, than a foreclosure, if possible.