We can approve a mortgage with no wait after Short-Sale or Foreclosure and only 2 years after BK discharge. You can even have a BK & Foreclosure or Short-Sale but only one in the past 5 years. It's a 20% down-payment and you will need a 620 mid FICO score. You can contact me on my website below if you would like more info.
I recently posted a great article about Fannie Mae changes on my FB page https://www.facebook.com/coloradolifestyle
In addition, there other programs or even options for you. Feel free to contact me and we can discuss various options available to you.
If you have a large cash deposit, you may be able to get into a lease to own property. Otherwise, I would recommend renting from an individual owner (so you can explain what caused the BK, etc) Most larger management companies will do a criminal and credit background check and may disqualify you do to the BK.
Please feel free to call me with any questions. 720-333-5363
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This is a hard question to give a definitive answer on as it is dependent on many things, most importantly, how clean you keep your credit from this point forward. You can get your credit score for free (really free with no signing up for anything) at http://www.creditkarma.com. The site will even give you advice on how to improve your credit score. It will probably take a while but once you get above 620 (640 would be better), you can seriously start applying for a mortgage.