John,

Sounds like you are on your way back to financial stability and you are to be commended for what sounds like “proactive” moves to help get off the instability treadmill and move on to firmer, more predictable ground. When looking into your question, I consulted James Pulsipher, Regional Manager at Fidelity Mortgage here in Grand Junction. He has some simple, yet sound advice:

The good news with credit, is that time tends to heal all wounds, and you have had some time.

For the foreclosure itself–for conventional financing it must be 7 years old, but FHA will allow financing with a foreclosure after 3 years. FHA also allows financing with credit once you have had one year without late/derogatory payments.

The best bet is to take a look at your credit and see what needs to be done, but out of hand, the credit is not something that would prohibit you from buying a new home.

There are  a few specific things you can do now, if you are not already doing them to help boost your credit score in fairly short order…six months or so.

1. Payoff remaining debt.
2. Use your credit cards less by charging less.
3. Don’t be late on any more payments.
4. Consolidate your debt at lower interest rates
5. BE PATIENT!