You may be able to get a mortgage from someone who wants to give their money away, but you won't get a conforming or FHA mortgage unless you can show extenuating circumstances as the cause. (Which is extremely hard to do)
Obtaining an FHA-insured mortgage after chapter 7 requires at least two years since the date of the discharge of the bankruptcy. During this time, the borrower must have
â€¢ re-established good credit, or
â€¢ chosen not to incur new credit obligations.
An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower
â€¢ can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
â€¢ has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.
For conventional, conforming financing bankruptcy (Chapter 7 or Chapter 11) requires a four-year waiting period measured from the discharge or dismissal date of the bankruptcy action.
Exceptions for Extenuating Circumstances A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.