A home purchase is one of the most important assets most people will acquire. There are many requirements, as such, that lenders have in order to qualify for a home mortgage. Income, assets, IRS and employment verification are all major components to any application these days. Compounding anyone's application is any history of bankruptcy and foreclosure.
There is not much, if any, exception-based financing available due to a financial history which includes a foreclosure or a bankruptcy. As it stands right now, there is a distinction, however, to the guidelines between applying for an FHA loan and a conventional loan backed by Fannie Mae or Freddie Mac requirements.
Fannie Mae requirements as of February, 2011 are as follows:
* Bankruptcy (Chapter 7/11) - A four-year waiting period...