In most cases, it can take 2 years from the date of discharge on a bankruptcy before you can become eligible to buy a home again. You may have additional options, but it would be important to first get you connected with a mortgage lender to help review your situation.
Syan Real Estate
Call/Text: (505) 730-8181
How did you lose your home? Did the lender foreclose? Did you do a short sale? Was it a normal sale? This will affect your credit and that affects your being able to qualify for a mortgage. How's your credit been since the chapter 7?
It's probably going to be pretty tough qualifying for a mortgage just 15 months after a bankrupcy and if you had a foreclosure it's going to be awhile longer before you can get a mortgage.
You can possible buy on owner financing but that is a small percentage of the market so you'll have limited selection and you will probably need 10-20% down. Also most owners that sell on owner financing will only carry short term, 2-5 years is typical, so you may still have to qualify for a mortgage in a couple of years.
I have a lot of experience with owner financing and I would recommend meeting with a mortgage lender to see how close you might be to qualifying and what you need to do to get there, even if you decide to try to find an owner financed home. Many years ago I was working with a lady that wanted to buy on owner financing. She had a credit issue that I knew would probabhly take 4-5 years to clear before she could get a mortgage. She wanted to make an offer on a property that the owner would only carry 2 years. I tried to talk her out of it but she didn't listen and bought it through another broker. She put $20,000 down and lost it two years later when she could qualify to refinance.
From one Vet (Army 82-86) to another thanks for your service and best of luck.
Feel free to contact me with any questions or to help. No pressure, no obligation.