This would be considered a second home/investment property.? The down payment depends on the loan program and bank/investor, but you can expect to put 25% down on this home.
As far as the short sale, if you purchased a primary residence through the FHA?and not a vacation home, you would only have to wait 3 years from the title transference date of the recent short sale.? However, if it is a vacation home, then you will have to get a conventional loan, which requires you to wait 4 years from a short sale.
You will need a 660 or above for most conventional products.? However, a 620 is possible depending on other compensating factors.? The main things that underwriters do not want to see are late payments, defaults or collections on your credit after the short sale.
Unfortunately, short sales are considered foreclosures.
Source: http://www.zillow.com/advice-thread/Want-to-purchase-sole-residence-100-miles-away/498684/
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