Q. I want to purchase another home, and my credit score is 750. But we had a foreclosure 18 months ago. Is there anything we can do?

A. Lenders are understandably cautious about giving mortgages to borrowers with recent foreclosures.

Most banks and mortgage companies won't approve a new loan until four years have passed and your credit reports show a consistent effort to keep up with all of your other bills during that time.

You can shorten the wait by qualifying for a federal program in which the government guarantees the lender will be repaid if you default again.

If you're a veteran or are currently serving in the military, your best bet is a VA loan. The Department of Veterans Affairs allows you to obtain a new mortgage only two years after a foreclosure.

The next best bet is an FHA loan. The Federal Housing Administration will consider helping you only three years after a foreclosure.