If you are a Veteran or on Active Duty, the window for a foreclosure is 2 years from the actual date of transfer of your old home.
FHA financing requires a 3 yr. window from your foreclosure. In certain circumstances, a 2 year window will be allowed under FHA guidelines. Compensating factors must be present and a larger down payment may be required. You certainly have that based covered with your 20% that you mentioned.
Conventional financing will be the most difficult to obtain at this time. If your circumstance were surrounding a short sale or a deed in lieu of foreclosure, the time passage required would 2 years with a 20% down payment. Please note I mentioned a short sale or a deed in lieu... not a foreclosure. With a foreclosure, the time period for conventional financing is 7 years as of this writing. We hear that this soon will change to align more with FHA guidelines.
Feel free to contact me at 804-897-1000 if your care to discuss further. I believe an FHA loan is your best opportunity right now..... unless you are a Veteran or are on Active Duty. If you happen to be a VET or AD.. thank you for protecting me and my family.
Jamie Lee Chafin 804-897-1000 http http://.www.jamieleechafin.com