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Chicago Land Chapter 7 BK: Very Unique Situation, looking for a mortgage

In Feb of 2012, we were discharged in a Chapter 7 BK.  We were sued, lost in court and were ready to appeal, we were advised that rather then fight to pursue chapter 7.  

Normally we wouldnt have qualified but owning a business we had a very heavy year involving multiple office leases.

In the BK we affirmed everything and have zero credit card debt going into it.  We reaffirmed our home, cars. 

1.5 years later, my middle credit score is right around 700.  We have plenty of equity in our home now and have a decent cash reserve.  We are considering do we try to find a credit union or bank that will lend to us now.  Which will probably entail a a little higher rate and 20% down  or will we qualify next Feb to go FHA at 3.5% down at a better rate.

Your opinions are appreciated and advice on lenders would be very helpful.
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June 04 2013 - Naperville
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The shortest Wait Period after Chapter 7 is 2 years with an FHA loan. A long-shot would be to see if you can get an exception to the wait period if the scenario that cause the BK was "catastrophic."  Definitely a long-shot.
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June 05 2013
 
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