Banks are more stringent in giving loans now than they were prior to the financial crisis that occured back in 2008. Not only will your current credit need to pass muster, you'll most likely need a 15-20% down payment and sufficient income to qualify for the motgage.

Instead of going through a broker, if you have the down payment necessary, just speak with and apply directly with local lenders. You may find one willing to lend to you.

There probably isn't a fine line, but the broker is probably near the mark about how long you'll have to wait. This is just an estimate, but it is a reasonable one. Some people who declare bankruptcy or experience foreclosure are unable to get new mortgages for over five years.

Unfortunately, it doesn't seem like your chances are that great if you've emerged from bankruptcy recently. Besides, many banks are far more stringent about their lending, and that extends to mortgages. I suggest you plan on waiting at least three years before applying. Hopefully, the bankruptcy wiped your slate clean, so you can start rebuilding your finances on a fresh track.

In the meantime, consider renting or staying with friends or family. Pay down any remaining debt as much as possible. In the meantime, bulk up your savings so that you have a larger down payment on the future home. The bigger your down payment is, the easier it should be to get a mortgage.