If you can document "extenuating circumstances" the required waiting period is reduced to 2 years for Fannie Mae conforming loans (Fannie Mae Selling Guide, p.511-513).
Since you have a 20% down payment, a 640 suffices and no reserves are required (Fannie Mae Eligibility Matrix, p.4).
"Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations." To prove extenuating circumstances, you must provide "documentation
such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.; and
documents that illustrate factors that contributed to the borrower’s inability to resolve the problems that resulted from the event
such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment), etc.
The lender must obtain a written explanation from the borrower explaining the relevance of the documentation. The written explanation must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate that the borrower had no reasonable options other than to default on his or her financial obligations. The written explanation may be in the form of a letter from the borrower, an email from the borrower, or some other form of written documentation provided by the borrower."
So it is possible to get a conventional loan after 24 months, but finding a motivated loan officer and a lender without their own overlays is whole different story. Hope this helps!
Starting Score: 590
