Our discharge (Ch.7) is scheduled for 4/19/08 and we have decided to surrender our home and rent. We are paying 1$1900/mo in rent and I, too, would rather have my home. But through the advise of our mortgage broker & attorney, they suggested that we wait 2 years and rebuild our credit. He mentioned after the discharge, to go and get 3 secured cc's and charge small items and pay them off every month. He said in a matter of months, we cold raise our FICO by 50-100pts. We are going to "tuck" away $1k every month for a down payment as 100% financing wont do. There will be unscrupulous brokers & lenders for you when you discharge but you will pay VERY high interest rates and points. Why get yourself into debt, again? Save some money and reestablish your FICO score so you won't have that happen. Do your research and make a proper decision based on what's best. Owning a home might not be in your best interest, right now. Take a look at the market...things won't be getting better for a long time. Save some money, rebuild the credit and buy later.
For a secured CC that reports monthy to FICO: http://www.orchardbank.com/