Most mortgages companies frown on giving anyone a mortgage after bankruptcy. If you choose Chapter 7 then chances are you will not get a mortgage without a huge down payment. If you filed for Chapter 13 then you should wait 5 years until all of your repayments are made. You really have to understand why mortgage or lending companies will not work with you in this area. A home is a lot of money and when they run your credit report and saw you let it get to the point of where you had to declare bankruptcy then they may pass on helping you.
Now that you have declared bankruptcy and it has been discharged, you are thinking now is the time to buy a house. Aside from the obvious statement that after declaring bankruptcy, do you want to make a large purchase. Now, if you have trouble paying the mortgage, the bank will repossess your home, there is more at stake. But it you have considered all of the options and the consequences then here are some things you should know about mortgages and bankruptcy.
If you filed Chapter 7 and had a home already and you had to liquidate to repay your debts then chances are slim to none that you will not get a mortgage without a co signer. Even then chances may not be that great. You can try to contact a lender who specializes in bankruptcies and see what you can do and what they advise you to do. Whatever the advice they give you, try to adhere to it. They are there to help you.
There are mortgage lenders that will give you mortgages since a bankruptcy, the loan will be based on two things, the amount of income you have and if you are able to verify it. Then next thing that the mortgage will most likely require a big down payment. Lenders do not like to give a mortgage without two years has gone by form the date of the discharge. That would give you plenty of time to save enough money on a down payment. If you had a Chapter 13 bankruptcy then the lender will want to see that you are making your payments on time.
If you are impatient and are looking for the mortgage right away, then your credit history will have to be spotless from the date of discharge. A down payment will be required, depending on your credit history will determine the amount down they would ask for. Take your time and save some money so when you do go to look for a mortgage, the more money you have down the better off you will be.