How long after foreclosure before I can qualify for a mortgage?
It's a question real estate agents are hearing more often as the housing market recovers from the spiral that started in 2007. While my answer usually goes something like, "Check with a mortgage professional," I also know that there are guidelines. In fact, updated guidelines were published by Fannie Mae on July 29, 2014. The definitive document is called "Significant Derogatory Credit Events — Waiting Periods and Re-establishing Credit," and it can be found HERE.
"Derogatory Credit Events" include bankruptcy (in its various forms), foreclosure, pre-foreclosure sales (short sales, in other words), deed-in-lieu, and mortgage charge-offs. 
Extenuating circumstances can, if documented, reduce the amount of time between foreclosure and qualifying for a new mortgage. More information about that topic can be found HERE. Job loss, medical issues, and divorce are examples of nonrecurring, sudden crises that might constitute extenuating circumstance.
It's important for would-be-buyers to know that even when the waiting periods have elapsed, they are still going to have to meet current credit and underwriting requirements. The past issues must be resolved. If the buyer claims extenuating circumstance led to the original derogatory event, for instance, the buyer is going to have to prove that the condition no longer exists. Current credit history must demonstrate changed circumstances and income that will support the new mortgage.
"I've been making my rent payments on time for a year and I have no debt, so I am a GOOD credit risk, now," is probably not going to be sufficient.
To get an idea of when they might be able to reenter the market, buyers can consult the following chart (from the Fannie Mae guide):
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