Hi Debra,
Here are some general guidelines for those who have filed bankruptcy (chapters 7 & 13). The best thing to do right now would be to start a relationship with a mortgage banker/broker you trust. I can recommend a couple to you if you'd like.

In general, bankruptcies:
o need need to be seasoned at least 2 yrs
o cannot contain any accounts from the new lender in the bankruptcy, such as credit cards or mortgages
o If you’re trying to refinance, current payments to bankruptcy trustee must be made on time and be current prior to pulling money from refinance
o No late mortgage payments since filing
o Credit Score of 620+ (this can vary)
o 2 yrs work history in the SAME field or relating to job
o 2 yrs address history, does not have to be the same address
o 3 credit trade lines (credit cards, student loans, car loans, etc): 1 of them at least 24 months old for payment history

Remember, these are only guidelines and may not all apply to your particular situation. I would recommend meeting with an experienced mortgage broker/banker as soon as possible to get yourself back on the road to home ownership. Best of luck!

Debra

Yes you can buy a home.

Lending guidelines (FHA and conventional) have been 24 months after the discharge if you have re-established your credit and kept accounts current.
(An experienced mortgage broker or loan officer can fine tune that for you.)

Until then you have several options, espectially in this static or declining market.

Sellers wanting to sell or have debt service relief from their propertise are more open to terms than they have been in the recent past.

I suggest you work with a good experienced knowledgeable real estate agent.

Look for homes that have the capability of seller financing, lease-purchase, or lease-option.

If the seller has free and clear house, and is willing to hold financing, you will be able to purchase your new home now.

If the seller's property is encumbered with mortgages, they are often open to lease purchase or lease option. (Lease purchase is stronger for you but either are good choices.)

In L-P you rent the house until you can obtain financing. It is a good idea to work with a good loan officer with whom you review your position to purchase every 3-4 months to confirm that you are on track to re-establish your credit.

In L-O you rent the house and have option to buy at a pre-agreed price on or before the end of the lease. Often the tenant fronts non refundable "option " money. Again it is wise to keep in regular touch with your loan officer to see that you are on track to obtain loan to purchase.

In the eyes of a seller the LP is stronger than the LO. The seller feels secure that he has a "tenant/buyer" who will take better care of their property because they are on the path to purchase it and the seller can see the light at the end of that "sold" tunnel.

In both LO and LP you are locking todays price for tomorrow's purchase. In many markets, the property values should have rebounded (some markets significantly) by then

Best of luck.

don't give up i'm not my husband left me 1 1/2 years ago i am still trying try lending tree.com i am rebuilding my credit and i am getting closer to my goal. Good Luck

Debra,
Get in contact with a lender or a mortgage broker, better yet a mortgage consultant. As far as i know you may be eligable if your credit is back to an acceptable score. FHA could be one of the first doors to open.

IF it was a recent discharge, your options will be limited. After time, yes. Right now, I would suggest you start taking steps to rebuild your credit. That would include a savings backed credit card. Make your payments timely, above minimums, and don't use the full credit line. Get utiities established in your name, even if you have to put up deposits. Even if the utility companies do not report to the bureaus, you can show prompt and regular payments for lender consideration.

it might take a while B4 you can purchase, but you can start taking steps in that direction now.

If you do find a lender now, be wary of the terms or predatory lending practices.

I know with FHA you can purchase after two years. But in two years who knows what rules threre will be.