I agree with Shane there is no reason to wait. I would shop around and find the Lender that you are comfortable with and has a program that you are interested in. Most lenders have similar programs but there are different programs out there with specific lenders. If you would like names of Local Chattanooga Lenders let me know and I would be happy to give you a list of names and numbers.
It sounds like you're working with an inexperienced loan officer. Everyone knows that an underwriter will deny a file on the spot if there are any derogatory hits on your credit after a bk.
Your only hope is to get the late payments or the bankruptcy deleted from your credit report.
When was your bk discharged and when were the late payments?
You can try calling the creditors that reported you late and asking them if they'll do a one time courtesy delete. It doesn't always work but it's well worth the effort. If they agree to delete the lat payment, ask them if they will send you a letter of intent so you can use that letter for a rapid re-score.
Feel free to contact me for more information or help.
Senior Mortgage Banker
Entrust Mortgage with Crye-Leike will look at a credit score as low as 500 with a 10% down payment. If the score is a little higher they may approve with 5% down payment. I would be happy to refer you to someone with Entrust for prequalification. thanks... more
Julia seems to have provided the most comprehensive answer.
If you are looking for a co-signer they have to be comfortable with relying upon you to make consistent, timely payments. Likewise if you are planning on being a co-signer you may want to make certain that you are in a position to absorb any consequences such as late payment and the reduction of future mortgage credit available to you.
EEM loans are Energy Efficient Mortgage program that help homebuyers or homeowners save money on utility bills by allowing them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase or refinancing mortgage--Any qualified loan officer(s) can help you. Also see links.
If you are looking for property under $30,000 in Chattanooga area, click here