You would need 3 years from a foreclosure/short sale to qualify for FHA 3.5% down or as low as .5% half percent down payment program from a minimum 580 fico score. Had you done a short sale you may have qualified to buy 2 years from a short sale with 20% down.
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In addition, you'll need to demonstrate that you have been ultra-responsible with your credit/finances since then. You'll need to prove that the foreclosure was due to a temporary bad situation and is unlikely to happen again.
It is also true that you may be able to find some hard money financing out there at an outrageous rate if you have a large (20% or more) down payment saved. But you're probable just best off waiting until you can qualify for an FHA mortgage in another year. Take that loan, then in 4 more years you can refinance it into a conventional loan.
Best of luck Edward!