I can't open the link that you provided, but I can provide you with this link:
Fannie Mae Announcement 08-16 FAQ
"Question 7: If a borrower has completed a short sale and was never delinquent on that
mortgage and is now attempting to purchase a new primary residence, will Fannie
Mae purchase the loan?
If the borrower is purchasing a new property and the previous mortgage history complies
with our excessive prior mortgage delinquency policy and does not have one or more
60-, 90-, 120-, or 150-day delinquencies reported within the 12 months prior to the
credit report date, the loan is eligible for delivery to Fannie Mae, provided the lender or
servicer who completed the short sale has not entered into any agreement that obligates
the borrower to repay any amounts associated with the short sale, including a deficiency
judgment."
My interpretation of this if a short sale is complete without a person being late on payments - for example, if someone relocates for a new job but their home has lost value - then it is possible to buy immediately, without waiting two years as long as the limitations above are met. However, the short sale itself, regardless of delinquency, is going to have a negative effect on your credit score.
