You can buy a house immediately. If you do not have cash, then you will have to wait two to three years for conventional financing (this time frame is established by the lenders and changes on occasion). Or, if you can find a seller willing to do "owner financing" then it is up to the seller how it will treat your bankruptcy/foreclosure. You are a fairly good credit risk, since you have no debt and cannot file another bankruptcy for years.
The only reason you are not able to buy a house is due to not finding the right situation.
The only reason bankruptcy comes up is that lenders ask and discriminate against for filing.
If you can find a person who will do a carry back, you could buy today.
1845 S. Dobson Rd. Ste 201
Mesa, AZ 85202
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
Please contact me directly with document for a free 30 minute consultation to get more concrete advice. This is not legal advice. I don't have enough information to give actual legal advice. I can only take the limited information presented and provide a framework to know how your situation may turn out. I may have questions that bring up issues you did not think were important but make a big difference.
Before the credit crisis after doing a Chapter 7 most people could purchase a home after about 2 years after the bankruptcy discharge. Due to the credit crisis it is much harder to get a loan even if you have money to put down. If the credit markets open up and you have money to put down on a home then you should be fine in a few years.
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