Best of Luck,
http://www.Century 21 Tenace
You did not specify what type of Bankruptcy you completed (Chapter 7, 11, or 13).
Therefore here are all of the waiting periods as of 10/2/12 via the Fannie Mae Selling Guide:
CHAPTER 7 or 11
A FOUR year waiting period is required and is measured from the discharge or dismissal date.
However, if there were documentable Extenuating Circumstances (defined at the bottom of the post), a TWO year waiting period is permitted and measured from the discharge or dismissal date.
A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed.
The waiting period required for Chapter 13 bankruptcy actions is measured as follows: 1) TWO years from the discharge date, or 2) FOUR years from the dismissal date. The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a FOUR-year waiting period.
However, if there were documentable Extenuating Circumstances a TWO year waiting period is permitted and measured from the discharge or dismissal date.
EXTENUATING CIRCUMSTANCES (defined)
Extenuating circumstances are nonrecurring events that are beyond the borrowerâ€™s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. If a borrower claims that derogatory information is the result of extenuating circumstances, the lender must substantiate the borrowerâ€™s claim.
Examples of documentation that can be used to support extenuating circumstances include documents that confirm the event (such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.) and documents that illustrate factors that contributed to the borrowerâ€™s inability to resolve the problems that resulted from the event (such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment), etc.).The lender must obtain a letter from the borrower explaining the relevance of the documentation. The letter must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate the borrower had no reasonable options other than to default on their financial obligations.
I would suggest you speak to a Mortgage professional so they can pull your credit report and review your options at this time. Contact me via email if you would like a non-retail broker/banking referral.
You say that you do not have credit but that is not true. Bankruptcy wipes out debts or restructures them, depending on the type of bankruptcy that you experienced, but it does not wipe out your credit. The financial difficulty that led you to go through bankruptcy will be reflected in your credit report and credit score. Steve mentioned foreclosure in his reply although you did not mention foreclosure. In the case of bankruptcy, your ability to obtain credit, including a mortgage, will be curtailed for some time to come. I suggest that you look into methods to save money for a future down payment and also how to build you credit score up to an acceptable level.