I too found myself reading some articles on this topic and found this old thread with current responses. I am writing this response in hopes that someone out there who is looking for a little ray of hope, will stumble upon it so I can share some good news. Although the answers below are surely correct, there are some missing loan options that are hands down the best and most effective way to become a homeowner after a short sale. I have been very successful in helping countless people get into homes after a short sale. Irregardless if you had a string of missed payments (in order for your lender to consider your situation a hardship), or you maintained a perfect payment history, you can buy another home. If not immediately, for sure within 1 year after your short sale. That's Right! 1 year. The only problem is this program isn't for everybody. Although this is a nationwide government program, there are some restrictions. If you would like some additional information or to find out if you qualify for this special government program, please contact me. Unfortunately, I am only licensed in CA, but we do have branches in Idaho, Nevada, Oregon, Texas, Utah, Wisconsin and will soon be licensed in Arizona, Hawaii, Illinois, and Washington. I would be more than happy to refer you to branch in your State. For additional information please visit my website.
Best of Luck!