Chapter 7 Bankruptcy wait periods vary pending on the loan program you are hoping to be able to obtain.
Conventional financing requires 4 years from a Bankruptcy discharge.
FHA requires 2 years.
VA requires 2 years.
USDA requires 3 years.
Those waiting period could be shorter if there were extenuating circumstances at that time or not. The guidelines for extenuating circumstances vary per program. Also, if there was a home loan / mortgage included in the bankruptcy, the waiting periods extend.
My advice would be to:
1) Rent - be prepared to show your payment history for your housing. (Start collecting 12 mo cancelled checks.)
2) Start to re-establish credit. Track your payment histories. You'll need traditional or non-traditional tradelines (your ability to show you can pay monthly to creditors).
3) Start to save your down payment & closing costs -- if you're not eligible for 100% financing then you'll need at minimum 3.5% down for an FHA loan. Also, if the seller (whomever you buy from) isn't willing to help cover some or all of your closing costs then you'll need to have funds available. You willl need funds for any inspections as well as for an appraisal at the very least.
So once two years have passed, you'll have a better credit score and you'll have the ability to negotiate the purchase if you have the funds to do so. ** Gift funds are allowed on some of the programs.
If you find you have add'l questions let me know. I'd be happy to walk you through.
Licensed Ohio Loan Officer
Licensing: NMLS: 5601 OH.LO.004495.000
First Priority Financial, Inc.
"Where Open Minds Close More Home Loans"
748 N Court St Ste 201
Medina, OH 44256
MBMB.850147.001 NMLS: 3257
We are an equal opportunity lender.