High-Rate Mortgage

• If you really need a mortgage fast after your bankruptcy, you may be able to qualify for one as little as six months out from your discharge. However, you'll need to shop around diligently to find a lender who's willing to take a risk on you, and you should also expect to pay an astronomical interest rate. If you're not under pressure, it is better to rent for a while until you can repair your credit.
  
  

FHA Loan

• You should be able to qualify for an FHA-backed mortgage about two years after your bankruptcy, provided you have been responsible with your credit in the interim. This type of loan is typically about a half-point more expensive than regular mortgage rates.
  
  

Conventional Loan

• If you want to get a really competitive mortgage rate, you will usually need to wait for four years after your discharge. Your bankruptcy will still appear on your credit report at this point --- it remains there for 10 years --- but if you have handled credit wisely and you have not built up large unsecured debts once again, your score will have improved and lenders should now see you as a credible risk.
  
  

Repairing Your Credit

• The best thing you can do to speed the process is to take every step you can to improve your credit score. Check your credit report and make sure that all the debts discharged in your bankruptcy have been removed. Dispute any inaccuracies in your report. Sign up for a secured credit card --- one that is backed by a cash deposit from you in the amount of your credit limit --- and use it responsibly. Make purchases without reaching the card's limit, and then pay off the full amount on the card each month. Above all, make a realistic household budget and be sure to pay all of your bills on time each month. All of these actions will improve your score so that when you feel ready to take on a mortgage, you'll be in a position to take advantage of good rates.