I agree w/ Roger.....I think you would be better renting for a while. Lenders will look for you to rebuild your credit. Pay your utility bills and rent on time. Apply for a deposit backed credit card....don't take it to the limit, pay it promptly, and more than the minimum payment. I would be surprised if you will be able to purchase within a year. It will probably be a few years before you can purchase again. If someone is able to offer you financing, the rate may be very high...and you will want to give that serious consideration. A few years does pass quickly, so don't throw in the towel. There will be consequences for the bruised credit......but time will allow you to rebuild. You will have to weather through a few denials, higher rates, and limited choices in the upcoming future. However, after a few years, you can again be a homeowner, and have a good credit score.
You have probably been through a lot of stress lately, given financial stress and divorce. Keep your expenses low, manage things so you keep stress down, and breath a little.
Best of luck in rebuilidng!
I'm wondering why you would want to buy a house given your current difficult situation. Renting sounds like the better option to me, because your rent might well be considerably less than any mortgage payment you'd qualify for given your FICO score. You could save money and rebuild your credit, and in a few years you'll be in a much better position to obtain a mortgage on better terms.
I don't know the rental and purchase market in your area, though, so I'd suggest talking to a professional.
Chrissy is pretty much right on, but most banks will not do much for people with scores under 580 is what I am told... or with a BK or repossessed house on record. However.., there are sellers in many areas right now that are virtually desparate to sell at any cost. - Some will or may, hold a private note or owners contract on a home for you if you have some kind of down payment.
You are not in my area, but I personally helped two such families negotiate a rent-to-own contract for homes that they wanted to buy. Its best to have some kind of professional help from a Real Estate Attorney or knowledgeable Realtor in your area... when doing any of this kind of stuff. It can be a bit tricky and you don't want to be taken advantage of after all you have been through.