For FHA and VA loans you must wait two years from the date your Chapter 7 is discharged. You can also get an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments along with court approval.
For USDA loans you have to wait three years from the discharge date of a Chapter 7 bankruptcy or after 12 months of making Chapter 13 plan payments, with court approval, or at least one year after the Chapter 13 is discharged
Conventional loans are the longest you will have to wait for after bankruptcy. If you want a conventional loan, you must wait four years after receiving a Chapter 7 discharge and two years after receiving a Chapter 13 discharge. If your Chapter 13 case was dismissed without a discharge, you must wait four years from the date of the dismissal.
Hope this helps! If you have any further questions or if you would like a loan, feel free to contact me with the information on my profile page!
Sr. Mortgage Banker
NMLS # 659743
Vienne - you state your agent is estimating $19k in closing costs on the home you're selling, I'm assuming this amount doesn't include the realtors commissions you're also paying? This estimated amount works out to be roughly 6% of your sales price, which happens to be the maximum amt a seller can contribute towards buyer's closing costs for an FHA loan............
And if you're also purchasing another home, and you're being asked to pay those closing costs, I wouldn't blame you if you felt like you're getting a double whammy!
However, closing costs, and the perception of who should pay for what, don't tell the whole story. If the prices you're paying and receiving on your respective homes seem fair, if not great deals to you, and if your buyers can actually close on the home your selling, then consider these strong compensating factors.
If after you've stepped back and looked at your picture, and the closing cost matter still doesn't seem fair, then make sure to let your agent(s) know your feelings!
good luck, and let me know if I can provide any further details relative to your situation!
best, Jeff Marr