Foreclosure stays on your record for 7 - 10 years. Depending on the laws of your state your lender may be awarded a deficiency judgement for the difference of what you owed and what the property sold for. You might want to learn more about the consequences of foreclosure in your state.
If you want to check out any of the homes available through our website for lease purchase feel free to contact me at 490-3542.
Best of luck to you in your search,
The only other alternative is to put a significant amount of money down, at least 20% and do a conventional loan.