The first thing I would suggest is to pull your credit report. I suggest "annualcreditreport.com". I am working with a couple clients that have done short sales and their credit reports do not reflect any updated information. The reason you want to make sure everything is updated as soon as possible is because a line item that hasn't had any negative reporting in the past two years isn't as bad on your score. If you wait the three years and then find out you need to fix it that line item will become a current reported line which will affect your credit score more. As for buying a new home it does depend on the type of loan you are looking for.
Please let me know if you have any other Questions, I am an Agent in Santee and also a Resident of Santee since 1972