Conventional loans just changed their foreclosure guidelines from 5 years to 7 years. (FHA is still 3 years) See below:
DU Version 8.2 Implementation
In response to Fannie Mae Announcements and Freddie Mac Bulletins with subsequent updates to DU and LP, please see the following guideline changes:
· The waiting period that must elapse after a borrower experiences a foreclosure will increase to seven years. If the foreclosure is reported within seven years of the credit report date, the loan case file will receive a Refer, and is ineligible for purchase.