alot fo the FICO drop depends upon if it went late, and what the rest of your credit score shows prior to it. IF you have a 800 FICO and miss a payment or two, followed by a shortsale, you could easily see a 200 point drop. If you are at 620 and have been behind on the mortgage and other things, you may only see a 50-75 point drop. It just depends.
As far as a shortsale and a new mortgage goes, in most cases you will need to wait 2-3 years before purchasing again. If you were able to stay current on your mortgage prior to the shortsale and can show strong compensating factors, there are some programs that may show some leniency.
