Fannie Mae revised it guidelines and now addresses separate waiting periods depending on the type of foreclosure. If you have documented extenuating circumstances, this will have a direct bearing on the number of years you will have to wait to get a conventional loan. Extenuating circumstances are things that happen beyond your control, which dramatically affect your ability to continue making payments on your mortgage.
Yes, you can finance another property, but your first step should be talking to a mortgage broker that can explore your financial options and advice you.
Best of Luck,