I have three recommendations for you, check with BofA, Wells Fargo and a broker friend of mine George Pires of Princeton Capital, his email address is firstname.lastname@example.org. Your only real choice is an FHA loan, they will look at the credit scores and may be able to help you with a loan. Most brokers and loan companies are not making money avvailable to anyone with less than a 680 credit score. BofA and Wells Fargo are going to be rolling out FHA loan programs in a big way. I just attended a seminar and Wells Fargo is going all out with FHA loans.
I wish you the best of luck on buying a home and getting your credit back in line.
I would also like to recommend that you check out Dave Ramsey and his program for fixing your financila problems. His book called Financial Peace and The Total Money Makeover will help you re-establish your credit rating, get your financial life in order and they are available at most book stores.