Unfortunetly some real estate professionals will assume that you have bad credit because of your short sale 2 years ago. This is not always the case. How has all your other pieces of credit been outside of the short sale? It is very possible that you have a good credit score and history outside of the short sale.
The best thing you can do is, meet face-to-face with a Loan Officer and allow him/her to review your credit along with all other necessary documentation. This is the ONLY way you'll know for sure if you qualify today for a mortgage, or if you do not qualify, what needs to happen in order for you to be in a position to qualify. Once you know what type of loans are available to you, what rates would apply to you, etc, then you can determine if waiting or not is best for you and your family.
Trevor and the other real estate professionals below are correct. Private financing will cost you an arm and a leg, and I promise you, it will be extremely difficult to find someone who is thorough enough to trust and actually follow through with funding.
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797