If you got enough money from the settlement you can buy as soon as you have your funds in the bank (proof of funds will be require by the seller).
If you want to use a loan you need to wait 3 years and make sure to re-build you credit, if you have credit cards continue paying them, that will help you re-build your credit.
There are lenders that will help you if you have a large amount as a down payment, those are hard money loan lenders which will give you a higher interest rate.
I will suggest you to take your time and make a decision in which way you want to go, I will hate to see you getting into a bad loan again.
Good luck !!
Ruth E Feast