Lenders are looking to see that your credit problems are in the past and that you've been on the straight and narrow since then. i.e. it was a one time circumstance and not a recurring issue going forward that jeopardizes their chances of getting paid.
Sounds like the best course of action is just to put some time between you and the foreclosure and prepare for the future. If May of 2013 the earliest you can get approved, then start talking to a lender now. We can look at your credit now, identify any areas of concern, and make sure to put you in the best position come spring time to get that loan.
Best of luck
If the bankruptcy & foreclosure was due to extenuating circumstances, then shorter waiting periods would apply before you would be eligible for financing - 1 year for VA, 1 year for FHA, and 3 years for conventional financing (with a 10% down payment). However from what I've found, the majority of lenders are usually unwilling to make exceptions for a foreclosure due to extenuating circumstances, they are more lenient for bankruptcies with extenuating circumstances.
Shane Milne | Lending in all 50 states | NMLS #81195