VA guidelines require 2 years from the foreclosure to be eligible again.
Here's where things can get a little tricky for some lenders that don't understand the 2nd tier or bonus entitlement available on VA.
As long as you entitlement wasn't used on the mortgage that you co-signed on this shouldn't be a problem but if you did use your entitlement, it will show up on your VA Certificate Of Entitlement and that would reduce the amount of entitlement you have available.
For example: Let's say you used $36,000 of your entitlement on the previous mortgage. The amount of entitlement available to you will be 25% X the VA county loan limit which in most cases is $417,000 so that would give you a total entitlement of $104,250. Now subtract what was used, $104,250 - $36,000 = $68,250. This means you would have enough entitlement left to allow you to buy a home for $273,000 with no money down.
Like I said though, if you didn't use your entitlement on the previous mortgage, it doesn't matter.
Please feel free to contact me for more information or help. You can also find more info on my VA website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust