I filed for bankruptcy (discharged July 2010) and closed on house Oct 2012. For FHA loans, you have to wait two yrs after bankruptcy, they will ask for the discharge letter and list of creditors that were filed in bankruptcy case when you're submitting all the documents for loan. After bankruptcy is when the process of cleaning credit score is needed, they will not like seeing more debt or low credit scores or your debt already in collections, they look for financial responsibility basically. I was able to raise my score in those 2 yrs by getting a television from Conns first and making timely payments. I received a ton of credit card offers in mail that had $200-300 limits with $35 annual fees which I opened two and made timely payments each month, my limits were increased, etc. I made sure to have NO credit card debt or balances when I applied for FHA loan, they will request two months of bank statements so make sure your debt is clear and all final payments made 2 months prior to requesting loan. This is to help with the debt ratios, see link: http://www.fha.com/fha_requirements_debt.cfm
By the way, my interest is 3.375%, don't listen to PP or anyone that hasn't been through this and can give you accurate information, my credit score is mid-600s (see link for credit score info: http://www.fha-world.com/2012_FHA_loan.html), I only put down the required 3.5% down payment. They verify income, last 2 yrs of taxes, employment, credit score, they will also need a letter written by you on why you filed for bankruptcy in first place, I found some sample letters online that helped me write my letter, how I had been living beyond my means but completed the credit counseling certificate, etc. Make sure to check your credit a few months before applying for pre-approval/house searching to check your score, good luck !