Would like to purchase a condo after a chapter 13 BK. I have enough for a 20% down payment, but it has only been 14 months. Will this pose a problem?

Possibly.. FHA has a "Back to Work" program that allows you to purchase 12 months after a BK or foreclosure.. The guidelines are real strict, but if you qualify, it's possible.. Another issue you might run into is the condo part.. Condo projects must be approved by FHA and listed on their approved list.. if not, then you cannot get financing on that particular development.. Because of the past mortgage crisis, most condo projects within the US fell victim to investor grabs.. and as a result, most projects do not meet the minimum guideline requirements for conforming type of financing including FHA... so if you do qualify for the FHA back to work program, you might have to ditch the idea of a condo and go with a SFH.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

For most situations, even with 20% down, you will have trouble getting a mortgage less than 2 years after the BK - and it would be a FHA mortgage. If it was chapter 13 (not Chapter 7) and you have made at least 12 months on time payments,there is potentially more flexibility

FHA is a good option If you have made at least 12 on time payments on your BK 13. You also have to receive written permission from the bankruptcy court to get into a mortgage loan. The FHA case number cannot be pulled until 12 months of payments have been made. Of course it all depends on your total credit and income picture. Talk with a local loan officer or two, if you need a good referral I can give you one. Best wishes, Sean