Ch 13 only requires a wait of 1 year following the filing of the bankruptcy. FHA allows for you to purchase a home, even while you are still making payments on the bankruptcy.
Ch 7 requires a 2 year wait from the date of the discharge, unless you qualify for a shorter wait of 1 year due to extenuating circumstances.
Short Sale. If the mortgage payment had been made on time prior to the short sale, and the sale was made due to job change or move out of the area, then FHA does not require a wait time following a short sale.
Have a blessed day.
Bryan, the low to mid end properties in Memphis are doing very well in my opinion.
Conventional loans (Fannie Mae) require 7 yr wait after short sales if you have less than 10% down and only a 2 yr wait if you have 20% down. Chap 13 is a 2 yr wait after discharge. Chap 7 is a 4 yr wait.
Hope this helps!
btw - how are property values doing on the low to mid end in Memphis? thanks, Bryan