Good question. Glad that your husbands credit score is strong.
Per Ryan Hallidorson:
"Waiting Periods for BK/FC/SSale
A common question from borrowers and homeowners these days is how long they will need to wait to buy again if a negative item appears on their credit report. Different loan programs have different disqualification periods for Bankruptcy/Foreclosure/Short Sale. Once the automatic disqualification period has elapsed, the normal income/asset/credit requirements typically apply. It is also important to remember that if a mortgage account is included in a Bankruptcy, then foreclosure waiting periods apply with all loan programs. Here is breakdown by loan program:
Bankruptcy = 4 years
Foreclosure = 5 years
Short Sale = 2 years
Bankruptcy = 2 years
Foreclosure = 2 years
Short Sale = industry standard is 2 years
Bankruptcy = 2 years
Foreclosure = 3 years
Short Sale = industry standard is 3 years unless no mortgage lates in the past 12 months and buying in a different geographic location (out of state job transfer for example)."
With the job and improving credit score, you may find a owner that would be willing to carry a mortgage in a private situation sooner. Having a down payment would be very important. If you have access to a down payment, ask me and I may be able to locate some homes in this scenario depending where you are looking.
If one of you are a veteran, the wait would be shorter with the VA loan.
Feel free to contact me if you have any questions.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
You can possibly search for a private "investor" to loan monies to purchase a home. Their interest rates usually are higher but if it's a good investment for them, they may consider backing you with a loan.
Many require a substantial down payment though.
If you do not have any other credit concerns it can be early as two years.
I would reccomend conacting a lender that I know and trust and my buyers appreciate. Hes on my site under the lender tab.
There are also some sellers willing to do a seller carry back!
Feel free to contact me with any questions!