Right now, there are 55 homes with 4 bedrooms and three baths in that Zip Code, beginning at $180,000, all the way to over $1 million. Yes, you can likely obtain financing, but you may need a larger down payment, and the interest rate will likely be a bit higher. The amount you can qualify for depends on many factors, which a competent loan officer can determine.
The other question you need to answer is how much cash you have. Assuming that you can qualify for FHA-insured financing with the minimum 3.5% down, you'd likely need somewhere between 6% and 8% of the home's price to cover your up-front costs. So if you're pre-approved for $180,000 you'd have to show about $11,000 to $14,000 in liquid cash. Sellers may contribute toward your closing costs, but there's no guarantee. If you're a qualified veteran, or purchase a property in a designated Dept. of Agriculture area (generally rural) there is 100% financing available ... but that's it.
Of course, owning a home involves more than paying the note each month ... as Mark noted, rental charge does not necessarily equal mortgage payment. You should have a cash reserve in the event that something goes wrong ... and believe me, it will. What I suggest my buyers do is figure out their monthly expenses to the dollar ... then add 15%. If those numbers work, it should be reasonably safe to proceed. The worst mistake anyone can make is to purchase a home on a shoestring.
One more thing ... once you're preapproved for a loan and begin looking for a home, ask yourself if you're really happy with what's available in that price range, or if you're simply settling for what the numbers say you can afford. Then take a look at homes that are a step over your limit, and determine whether it's worth the wait to get something a little better. If you conclude that it is, then postpone the move until you can buy a home that you really want and can afford.
You've obviously had some credit issues along the way, and have moved forward ... congratulations. The last thing you want is to head back to where you've been ... the wrong home can easily do that to you. There's lots to consider here besides numbers. If I can be of assistance, please feel free to contact me. I wish you well.