Polly. Depending upon where your property is listed there may be some special programs. Many cities have grants available for purchasing distressed properties. You have FHA programs, and USDA Rural Housing Programs available for certain areas. There is a 204K program available through FHA mortgages that allows you to borrow enough to rehab a home if you have reliable estimates from contractors, but the cash is not availalbe for you to do your own work and the funds are only available as a mortgage product when you are purchasing a home. My biggest concern is your income, past bankruptcy, debt to income ratios, and your credit score all of which will make it very difficult to finance a home. I would talk with a local mortgage advisor in the Denver area to see if you can qualify for financing. There is a 1st time homebuyer tax credit in the amount of $8000 currently out there but you must have a home under contract by the end of April 2010 to qualify for that program.
Good luck but not sure you can do much of anything with a past bankruptcy but that depends upon how long ago you filed.... more