If it was a BK 7, you have to wait 2 years from the discharge date. If it was a BK 13, you don't have to wait, but you must have a satisfactory BK 13 payment history.
Flagstar Bank will approve a loan for a borrower whose BK 7 was less than 2 years if an "approve" or "accept" is received through the Total Scorecard system and significant extenuating circumstances exist. They will not approve the loan if it is less than one year though, regardless of the Total Scorecard response.
For FHA, its a 2 year wait after a Chapter 7 BK. If its a 13, you may be eligible after 12 months so long as the courts allow it. For Conventional Financing (Fannie Mae) the period is 3 years after a 7 BK. I'm not familiar with any lenders that are doing no score financing. If there are, you can expect to pay a heavy premium.
My suggestion would be to restablish your credit scores and history first. Sounds like you have the time.
Start now by opening a secured credit card via your bank or other local bank/credit union. You could also be added onto someone else's card as an athorized user or co-borrower to get an even greater jump start.
There other considerations to take into account with all thes methods and a LO experienced in credit repair should be able to assist at no up front cost.
Elva is correct. The principle for obtaining a loan after a BK is 2 years unless there is extenuating circumstances. If there is you also need to make sure you do have new credit established. I hope this helps...
Senior Loan Originator
Ardain Mortgage Corp.