Tanya, to be sure I just checked Fannie Mae's guidelines directly - they are four years wait time from a chapter 7 BK discharge, two years from the discharge of a chapter 13, and four years from the dismissal date of a chapter 13.
FHA has been 24 months for as long as I can remember.
In all cases the passage of time also assumes adequate rebuilding of good credit.
Both conventional loans and FHA mention considering shorter wait periods for "extenuating circumstances" but honestly I believe that is false hope. Declaring an "extenuating circumstance" by the Underwriter is not very likely in this market. Not impossible, but unlikely.
Regards FHA and 24 months Tanya - I know those work because we've gotten them approved without any "credit repair" garbage or any exceptions from Underwriting.
Regards having to wait longer - I know what came up in another conversation on the forums was the the real estate agent's clients had a BK AND a foreclosure. The foreclosure trumps the BK and yes, there is a longer wait period.
Thanks for making me check my facts!