You can buy a home a lot sooner than you might expect. The important thing is to know clearly that you're in a position to buy.

After bankruptcy, there are three factors that you will have to deal with:

• Your credit history prior to your bankruptcy
• The cause of the bankruptcy
• How you have handled your finances since the bankruptcy

For example, if you were in a business partnership that failed because of the economy, and your credit was good before and after the bankruptcy, the bankruptcy was unusual for your credit standards. In this case, the bankruptcy will not hold you back from getting a mortgage.

The time frame that you're looking at is two years after the bankruptcy was discharged. If, however, you have declared Chapter 13 bankruptcy (where you are actually paying back your creditors through a court approved plan), your approval for a mortgage may be quicker.

Don't hesitate, and give your mortgage professional a call. You can get a mortgage even after bankruptcy.