There are two types of bankruptcy: Chapter 7 and Chapter 13. In Chapter 7, all of the debts are discharged and your slate is wiped clean. In the Chapter 13, you pay to a Bankruptcy judge monthly installments generally over a five-year period. In the Chapter 7, you will have to wait two years from the date of discharge in order to qualify for a conforming loan as Joe stated earlier. However, in the Chapter 13 (usually called the wage-earner plan), it's from the time of filing, which is typically two years. So, you would be able to apply for a FHA loan in the middle of a Chapter 13, provided you paid into the plan as agreed.
The question is which type of bankruptcy did you file? If you filed a Chapter 7, then, you would not be eligible until 1/25/13. If it's Chapter 13, then you would be eligible now. In the case of a Chapter 7, you could purchase a home on Seller financed, provided the Seller owns the property outright. Be sure to consult an attorney before entering this type of contract to ensure 1) that the Seller actually is the owner and 2) that there is language in the contract that protects you. More than likely the attorney will run a title search for verification purposes.
But, before you buy, be sure to analyze the reasons that you feel that you need to buy now. Do the pros and cons of buying now and the advantages of waiting the two years to get the right rate and term.
Best of luck to you!
Dianne Y. Ayala Steffey, MBA, CLU, ChFC, NMLS#267658
Your Personal Mortgage Consultant for Life!
Sterling Mortgage Services NMLS#373771
2929 Mossrock, Ste 222
San Antonio, TX 78230