Best of Luck,
Maria E. Cipollone
With FHA financing it's 3 years from the short sale. However if you were current at the time of the short sale, and not late on the mortgage & other debts for the 12 months prior to the short sale, and not buying a similar or superior home for a reduced price within commuting distance, then just 1 day is acceptable. Exceptions can be granted to homeowners who were in default at the time of their short sale if documented extenuating circumstances exist (such as death of primary wage earner, long term un-insured illness, etc.) and credit was satisfactory prior to such circumstances.
Fannie guidelines on financing after a short sale: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/se
FHA guidelines on financing after a short sale: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi
Shane Milne | Lending in all 50 states | NMLS #81195
In the meantime, work on fixing your credit.
Or...you can go private lender but they are requiring a minimum of 30% and want mostly nonowner occupants (just my experience)