Fannie Mae recently release new guildelines that can be found on their website as to how long it has to be from the time of foreclosure to time of new loan application. If you went through a full foreclosure, you are looking at 5 years, if you did a short sale or deed in lieu, 2 years. As for improving your credit, try http://www.lexingtonlaw.com, they are suppose to be really good at helping to restore credit but no guarantees. Unfortunately you are not alone but you will be able to buy again in a few years. For the best advise, call a local lender or bank that you deal with they will be able to help you best. Good luck hang in there this is a big problem for tenants these days do your best to find a home that was not purchased in the height of the markets because many of those owners are going into "strategic default" Sad but true.
Senior Loan Officer
I am sorry about your situation. You are not alone.
It may take at least 3 years before you can apply again for most lenders, maybe more. Keep on tryhing to restore your credit, save for the down payment.
In the meantime if you have a family member that can help you with a guarantee on a loan, this may be a possibility.
There are rent to own possibilities, however the purchase price may not be locked in. On a lease option to buy, you may not get the best price, but it is a possibility. At the end of the lease term, your purchasing abilitiy could be better. However, this arrangement costs more per month...plus hard to find.
May I wish you the best.
Jeff Masich, Realtor