The new law states that you really can't get financing for a home (once you've had a foreclosure on your credit) for 3 years. You may be able to find an investor who's doing "owner financing" or a lease with the option to buy. However, they are typically looking for people with plenty of money to work with on securing a property and continuity of payments, a great job/income source and credit that's repairable.
Your best bet right now is to rent something and work on your credit. I can refer you to a debt consolidator (who help you negotiate pennies on the dollar with your creditors) and someone in credit repair. With all the foreclosures going on throughout the country (Money Magazine said foreclosures spiked 71% in the last quarter of '08), banks are being super cautious about making loans that could possibly foreclose in the future.
Hope this helps,
The Hayley Group, Keller Williams
I was once your age and a lot of years ago. I have had homes since then and unfortunately my credit went up and down over that time being single with 4 children. You have time and must learn from this now.
Start making your rent payments on time keep receipts and try to stay in one job and one place for a while and you will have better credit and a home before you know it.
You know you need to repair your credit. Start now. You can do it. Best of luck.
Working on your credit is the best use of your time and maybe the only hope for getting another property in the next few years. Beware as there are those who will use your situation to make a profit for themselves with out actually assisting you in any meaningful way.
I do wish you luck, Dunes