In the event of a foreclosure, the borrower has three years from the date the the home was resold by the lender until you are eligible for another FHA loan, unless the foreclosure was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit.

Chapter 7 bankruptcy requires the borrower to wait at least two years from the date of discharge. And must have since reestablished good credit.

Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, and the borrower must also receive court approval to enter into the mortgage transaction. Once the bankruptcy has discharged however you may be eligible for a FHA loan as of the discharge date.