[Rex V]

...bankruptcy or foreclosure to apply for a mortgage?

[CG]

No, you have to wait 10 years. A bankruptcy or foreclosure will remain on your credit report for 10 years. No bank or mortgage company will approve a mortgage (other than a subprime mortgage) with that on your credit report.

[877YouKeep]

no, it is not true you have to wait but you will have to be approved for a mortgage and your interest rate will be really high because you are a risky borrower.

[dvelasquez]

An FHA loan is the solution after 2 years from a Bankrupcy discharge and 3 years after a foreclosure. I've done many of them. (the loan is not fico driven but it has some rate adjustments below 600 fico with most of the lenders)