I disagree with both of the answer so far; this question is a lot more complicated and doesnâ€™t contain enough of the facts to answer specifically. If you are going to use an FHA loan it depends on when the next lender can you can get a CAVIRS number. That date depends on the type of mortgage you had on the home that went in default. There are two timelines to this question; the date will be the longer of the two. The first date is based on the BK the second on the disposition of the home or payment of loss if it was an FHA loan. Example, if you had an FHA loan on the last home and the lender filed a claim with FHA, the date they paid the claim to the lender is the start date of the second timeline.
Here is a couple of paragraphs from the guidelines regarding the surrender of the last home:
A borrower is generally not eligible for a new FHA-insured mortgage if, during the previous three years:
his/her previous principal residence or other real property was foreclosed, or
he/she gave a deed-in-lieu of foreclosure.
Exception: The lender may grant an exception to the three-year requirement
if the foreclosure was the result of documented extenuating circumstances
that were beyond the control of the borrower, such as a serious illness or
death of a wage earner, and the borrower has re-established good credit since
Divorce is not considered an extenuating circumstance. An exception may,
however, be granted where a borrowerâ€™s loan was current at the time of
his/her divorce, the ex-spouse received the property, and the loan was later
Note: The inability to sell the property due to a job transfer or relocation to
another area does not qualify as an extenuating circumstance.
I hope this info is helpful, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.