Going this route is a guarantee for you to purchase a home. After a year or two you can refinance to a better loan. You will have payment history and you have past the penalty period for filin bankruptcy. You should use a credit repair guy during this time too to make sure you can refi.
The alternative is to wait 2 year and get the help of a credit repair guy so you can qualify for a conforming loan. The interst rate will still be higher though.
The Michael Group