Being in the business as an investor, someone who had their business wiped out by hurricane Katrina and saw their credit score drop from low 700's to low 600's when the money ran out after paying on vacant properties for over 2yrs waiting for insurance claims to get paid, I'd say you should be in good shape.
No telling if guidelines will change, but the economy is going to get worse due to coming wave of Alt-A, Option ARM, and commercial property defaults in the next few years.
Be prepared that guidelines might change but back up is there is going to be a ton of inventory on the market and sellers are and will be highly flexible. Estimates are next year approx. 70% of properties for sale will be distressed (REO and short sale) so although you should be a good risk with that size down payment, great debt/ income ratio, etc you could always fall back on owner financing if you find a good deal and FHA guidelines change.
We don't have a crystal ball, but we're all bracing for things to get worse before they get better since all the data points that way.
Hope that helps and if you haven't already been through the foreclosure and finalized the Ch13 we could most definitely help. If you are already past that start rebuilding credit withi a secured credit card and find things to buy on short term crredit and pay off, but only buy them if you would have purchased for cash and you don't spend the cash on anything else.
hope that helps.
