I had a client with the same situation, and the lender could not start the process until the exact date of the sheriff sale. To top it off they were able to use MSHDA funds for down payment assistants. Make sure you find a great lender and an excellent agent.
Hope this was helpful, and best of luck.
All the agents below have posted accurate information on the time line to buy after foreclosure. It is 3 years from the sheriffs' sale date and longer if it was a FHA foreclosure. I also wanted to tell you that after 3 years of no home ownership you qualify as a first time buyer again. I work with a great loan officer who is a FHA certified lender as well as an FHA trainer, I would be happy to give you his contact information. After all they are the ones who write the loans and would be able to give you an exact answer for you situation. I know that the 680 credit score is above the needed requirements for loan. If you have any questions please do not hesitate to contact me.
Have a great weekend!
(734) 444-5323 cell
Here is an accurate restatement of the regulations of several government mortgage programs and waitings periods:
I list and deal with this situation often -- let me know if you want some help getting ready to buy your next place! I'm in Plymouth :)