Under the current policy of mortgage giant Fannie Mae, when a homeowner rids themselves of their home through a short sale, the homeowner must than wait four years before being eligible for another loan through Fannie Mae.  A new policy was created giving homeowners the opportunity to obtain a new loan through Fannie Mae after only two years, following a short sale, as long as the homeowner meets the qualifications.

One of the stipulations under the new policy is that the homeowner must make a 20% down payment unless the homeowner can prove the reason for the "deed in lieu of foreclosure" was due to job loss or other extenuating circumstances, in which case the down payment will be 10%.

Freddie Mac loans will remain on a four year wait after a short sale, however if the homeowner lost the home due to foreclosure the wait will take five years.