Please follow this link to my website and take a look at this short video on credit repair http://wisconsinloantips.com/7creditrepair.htm -
I can provide you with some help to get your scores up and on your way to homeownership with historically low interest rates.
The short answer is NO! You may be able to find a private lender but they ususaly require a large down payment. You may want to try a lease with the option to buy within a three year period. That should give you plenty of time to raise your credit scores if you are serious.
FHA requires a 580 not 780 credit score and many lenders are requiring 620.
I know how hard it is to build up your score after going through a tough time, it takes time and perseverance. Your local lender can help you, but there are NO quick fixes for bad credit and a lot of people and companies that will try to take advantage of you by saying otherwise. If you don't see any option to either buy directly from the owner or do a lease to buy purchase (which will cost a lot more in the long run, but would be an option), you might be better off renting for another year. But go to YOUR lender first (notice I didn't say A lender, go with the one you're familiar with), and get their take on it. It might not be as bad as you think. Good luck!