Disregard the first answer you received.
You may repurchase after Chapter 7 with FHA if at least two years have elapsed 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.
You may repurchase with conventional, conforming financing after four-years, measured from the discharge or dismissal date of the bankruptcy action. 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.
Just make sure you are getting advice and accurate information from a licensed loan officer and not an agent.