Some Lenders will not allow you to purchase for four years. I have one lender that may allow you a loan, depending on specific answers to some questions pertaining to your situation. Feel free to call me to discuss.
I'm working with several buyers right now who went thru foreclosure 3 years ago and are now qualified and looking to buy again. The market should still be down for awhile and if you end up waiting the remaining 18 months, you should still be in a good position as long as interest rates stay low and prices stay level.
I would recommend speaking with a good lender now to get the whole picture of where you are now and what you need to be doing to get back on track so you're ready when the time comes to buy again! I have a great lender so let me know if you'd like to speak with him.
Either way, good luck.
Realtor/Certified Preforeclosure Specialist
Keller Williams Realty
Unless the banks change their waiting / seasoning periods, you will be looking at about 3-4 years before a lender will consider you for a loan. With the banks having so much inventory, you would think that they would shorten the waiting / seasoning time frames. However.....there is way to purchase a home without having to go through a bank. I deal with several investors who are purchasing properties to "flip" and others to rent out. In some cases, they sell the properties while assuming the bank's position as the lender. In other words, they will "carry" the loan...
If you would like more info on the issue, feel free to give me a call or email me back in order to discuss further....