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How much time must pass through foreclosure before I am eligible to buy a house?

I had a foreclosure in November 2007 due to extenuating circumstances. I've been told 2 years have passed and they told me 3 years must pass. My credit score is around the area of the 620 needed for approval. Any advice would be appreciated.

Conventional Loans: Conventional loans can be conforming or non-compliant. As the loans are provided in accordance with the guidelines established by Fannie Mae and Freddie Mac loan providers do not comply may not comply with these guidelines. As for Fannie Mae and Freddie Mac guidelines, the borrower must wait 5 years after completion of a foreclosure to take advantage of a new mortgage, subject to create the desired credit score. A minimum FICO score 680 and requires that the borrower has to pay 25 percent of the purchase price of the house as payment, in the absence of private mortgage insurance that becomes necessary. In the case of short sales, the waiting period is 2 years. These relate to short sales the sale of the house at a price that does not cover the balance due on a loan (for which the home is the collateral). In case of extenuating circumstances, the waiting period can be less than 5 years. Loans insured by the FHA: FHA-insured loans are government insured mortgages. The government is committed to making the mortgage payments, if the owner stops making payments. This insurance, which protects the lender from loss in case of default, is a substitute for PMI or private mortgage insurance. PMI is a need if the amount of payment for a mortgage is less than 20 percent. In the case of FHA insured loans, the borrower has to wait 3 years after completion of a foreclosure sale, to get a new mortgage to establish the desired credit score. A minimum credit score of 580 is needed to qualify for an FHA insured loan and the borrower has to put 3.5 percent down payment. To qualify for an FHA insured loan, the borrower's income, assets and debts must be fully documented. The home must be physically inspected and must meet the desired standards. VA Insured Loans: Mortgage loans guaranteed by the Department of Veterans Affairs (VA) are similar to FHA loans, except that they are intended for veterans whose eligibility is based on the number of days of active duty and service requirements. In order to get a mortgage after execution, a period of 2 years of waiting is required. In case of extenuating circumstances as determined by the Department of Veterans Affairs, the waiting period can be reduced. The VA guarantees loans with no down payment required and not have to pay premiums for mortgage insurance. However, the 2 percent of the loan should be paid as a share of funding. Work on improving the credit score, avoiding credit card debt, budget spending and therefore help people to reestablish a good credit score and time make them eligible for a home loan despite having a foreclosure in its

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