After a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV.

FORBES: Getting A Mortgage After Short Sale or Foreclosure

When informed of the short waiting period, Dr. Harris rose to his feet during a freshman orientation session and asked why it took so long for his health insurance to kick in.

FORBES: Conservative GOP Freshman Wants His Government Health Care-Now!