Mortgage less than 2 years post discharge of BK7?

[chasmith]

I filed Chapter 7 in August 2009, discharged November 2009.  My mid-score is probably 649 (EQ), TU is lower, FAKO from Experian is much higher, and highest of the three FAKOs from USAA.  I qualify as a first time home buyer (more than 3 years since I've owned).  No bad TLs since, no mortgage debt discharged (I didn't own a home when I filed).

Looking at mortage calculators I should be able to to borrow what I need (up to $250K with 5% down). 

Is it even worth trying or should I wait?  I believe FHA requires two years from BK discharge so FHA wouldn't be an option.  Are there any conventional lenders doing 95% LTV, who would consider me with a recent BK on my record?

[Anonymous]

truth be told, most FHA loans are now requiring 3 years psot BK without very extenuating circumstances.

USDA I think is a year pst BL but again, they will want to see circumstances.  They also have alot of limitiations on area and to some degree on income.

In most cases, you will have to wait 3 years post BK.  IF you had 20-30% down you may find a local bank or someone to do a conventional loan, but FICO scores would have to be alot closer to 700.  No conventional loan will touch it for several reasons.  Conventional has even tougher BK rules than FHA, and FICO scores are too low to get PMI conventional.