Yes you can buy a home even if you've had a bankruptcy in the past.
The basic requirements are as follows.
FHA requires a 2 year wait after a chapter 7 BK discharge to be eligible - If you included a mortgage in the BK the wait time changes to 3 years and the clock does not start until the bank takes back title to the home. If you filed a chapter 13 FHA & VA allow you to purchase 12 months INTO the BK but you'll have to wait for one year after the chapter 13 is discharged to be eligible for an FHA or VA mortgage.
VA also requires a 2 year wait from the discharge of a chapter 7 BK even if you included a mortgage.
Fannie Mae requires a 4 year wait from the discharge of a chapter 7 BK.
You really need to focus on re-establishing your credit post BK & your credit has to be clean for at least 12 months,
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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