From the FHA guidelines:
A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.
If you have a foreclosure and then file bankruptcy in order to eliminate any potential deficiency judgments from the foreclosure, the longer waiting period would apply (see my blog article about buying a home after bankruptcy). For example, if you file bankruptcy and then your house is sold at foreclosure a year later, you would have to wait three years from the date of the foreclosure sale in order to qualify for an FHA mortgage again - even though it's only a two year waiting period after a bankruptcy.
