My lender told me last year that the lender guidelines are 2 years on a short sale and 4 years on a foreclosure. I heard recently that it has been shortened to two years on a foreclosure with a good explination letter.
I think you are going to be fine with two years under your belt, especially if you are a good risk before and after. I also heard that Wells Fargo is lowering their acceptable credit scores.
Time is your friend. See.... it's already 2 years and a few minuites.... more