HI - depending on what type of financing you are looking for, here are the current rules after a foreclosure:
1. Conventional financing - 7 years if no extenuating circumstances, but only 3 years and a 10% down payment if deemed extenuating circumstances.
2. FHA - 3 years. If less than 3 years, but more than 12 months, it might be okay with extenuating circumstances.
3. VA - 3 years. Or 12-23 months if credit re-established and paid as agreed, and caused by extenuating circumstances.
4. USDA- 3 years. Or less than 3 years with acceptable extenuating circumstances.
Extenuating is defined as a non-recurring event that is beyond the borrowers control that results in a sudden, significant and prolonged reduction in income, such as a serious illness or death of a wage earner. Divorce is not viewed as acceptable, however alot of serious medical conditions are.
I hope that helps and clears things up.