After 3 years, you can buy a house using an FHA loan. I believe you have to wait 5 years for conventional lending. Your rate will not be affected. You'll just need to write a letter of explanation to the lender as to what happened. Make sure that you have at least 3.5% down payment and scores are above 620. Most lenders are now at 640 minimum but there are still some left with lower score requirements. Make sure also that you have at least 3 lines of credit reporting to the bureau and they are at least a year old each. They must be active within the last 12 months. Debt to Income ratios should stay below 45% of gross or adjusted gross income (if self employed).