FHA recently rolled out their "back to work" program." In a nutshell, if you've had a foreclosure, bankruptcy, or short-sale at least 1 year ago and can prove this was due to an event of economic hardship (i.e. loss of job/income), you can be eligible for financing.
This event would need to result in a minimum of 20% loss in household income. And the borrower(s) would also need to complete an FHA housing counseling class.
With Fannie Mae increasing their down payment requirement to 5% (from 3%), FHA is still a viable option. Here's a little more on the topic:
Also, don't forget their streamline refinances require no appraisal and usually are pretty quick to turnaround.
Please contact me with any questions...