Is there a reduction in the waiting period for purchase loans after foreclosure of an investment property?

We lost an investment home to foreclosure due to a legal mess with the people who sold it to us. That was just over a year ago. Our credit score is still in the high 600s, because it was excellent (mid 800s) before the foreclosure. Is there reduction in the time to get a loan again after foreclosure if it was an investment property and our primary and all other credit accounts remained current? To our credit, we won a lawsuit against the sellers of the property, but were still unable to work out a solution to make saving the property feasible. We'd like to rent out our current home and buy another one. We have enough for a 20% down payment. by dncpee_788_506 from Yucaipa, California. Aug 27th 2011 Reply