The short answer is no. Nor do I think a person just having filed a Bankruptcy should.
To buy a home, is a major financial undertaking. You want to be in the best position possible, and this requires having at least "OK" credit and some cash in the bank.
Buying a home without any cash saved up places you in a bad negotiating position from the get go, and with bad credit on top, you interest rate (provided you could find a loan) would be through the roof.....
That's just the basic financial side.
There has to be a moral dilema here as well. You have just legally declared you are broke. Unfortunately, many more people are forced into this position due to downsizing, and business debt for the owners. It's not saying you are a bad person, but it should be worth noting that renting may be the right way to go for now.
If a stranger came to you with a BK, would you loan them money?? Or wait till they had rebuilt their credit line by making their other payments on time such as utilities, insurance and rent payments?
I take my financial advice from Dave Ramsey, and cannot recommend him enough. He has a talk radio show where the advice is free!! And helps folks get on the road to financial recovery by living debt free except for the house.
I might not sign up for "Credit Repair" services either. They charge you to do what you can do for yourself. Make your current payments in full and on time. Check your credit report and challenge anything that doesn't look right. Do this at least twice a year! You would be surprised at what might be on there incorrectly.
Best of luck on your future endeavors, and always feel free to ask questions here...the answers are usually good if not entertaining!!
Essentially banks are only concerned with your ability to pay your debts. Declaring chap. 7 will lower your credit, and that is the main basis for people lending you money, obviously income and current debts play a role. But if you just declared it and your credit if low and it comes up when the bank searches your credit, chances they will not, until your credit is substantially increased and you can prove you are capable of repaying loans. Long and short of it is, you will be able to get a loan someday but not for 2-3 years with perfect behavior the whole time.
The answer is no.
The agents who are advising you that it will take either a bad hard-money loan with lots of cash or many years in waiting are correct.
I am just sorry that it sounds like you were not advised of that reality prior to filing.
Many people are opting for bankruptcy by default or upon bad recommendation by others because it appears to be a quick fix to a tough dilemma. However, bankruptcy is viewed by most financial advisers as a last resort when all else - credit counseling, budgeting and other efforts have failed.
As you are being advised, it has far reaching consequences which make every day life very difficult for many years. Over the next few years you will find that it will impact your credit, finding employment, impact every day tasks like renting a car, and other necessities of life. Notwithstanding the fact that whether you are allowed a loan in a few years or not, your credit report will still wear the bankruptcy label for the next seven to 10 years depending on how you filed.
Why am I going on about this? Because Jaycee you are now in a position to tell someone how to avoid what has happened to you. I am certain that if those who have had to file could do it again, with better counsel, they would not file or would not place themselves in a position to have to file.
Now that you have some time on your hands while you await the bankruptcy discharge, there are great free online tools to help you in beginning again and staying on track in preparation not only to purchase but to also establish spending disciplines that lead toward a healthier financial future.
I personally recommend sites such as http://www.mint.com and http://www.crownfinancial.org, wonderful and easy to understand tools that I use myself and have referred to family and friends.
Also, please don't go the hard money route. There is no guarantee of what the market will do and you are in no position to take such a financial risk.
My best to you,
Please see my blog on obtaing a mortgage in todays market
Fannie, Freddie, and FHA will not back a home loan to you now but you might want to search out a hard money loan that you could pay off with an FHA backed loan in a couple of years. The interest rate will be high but if you want to take advantage of a great buying opportunity now in the market, it might pencil out in the long run. The extra 10% in interest that you might pay for lets say 2 years might not be as much as the potential appreciation that you might realize if you buy now and sell in 4 or 5 years or longer. Most traditional mortgage professionals can refer you to a local Hard Money lender. Although, The one bad thing is I hope you can borrow or be gifted some money as Hard Money loans do require a much higher down payment.