If you have a foreclosure in January of 2012, there is a 7 year waiting period on a new Conventional loan, a 3 year waiting period on a new FHA loan, and a 2 year waiting period on a new VA loan.
If one person was NOT on the loan when the foreclosure took place, than they can go on the loan pending their income qualifies, but if not, here is the situation:
If either spouse is a veteran, they can purchase in January of 2014. If not, they can purchase in January of 2015 under FHA guidelines.
Any questions, let me know...