Bad Credit Mortgage in Colorado….is it possible or should we just file Bankruptcy?

We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)

We are trying to see if this is even possible or if we should just be content renting for several more years.

We are expecting a higher interset rate. I have heard of "B loans" & "sub prime lenders" and have been trying to look into them.

We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?

Will we need 20% down with this bad of credit, or can filing bankruptcy help that?

Our Mortgage is too high, Will i be eligible to co-sign with my mom to lower our mortgage with bad credit?

My dad is in process of filing Bankruptcy. He is filing by himself, and his lawyer says my mom won’t get affected. Our Mortgage is going to increase in two months. Since Obama has released this new system on lowering interest rates on mortgage payments will I be allowed to co-sign with my mom and remove my dads name with a credit score of bout 590 and an income of 00/month? I also do have a bad debt ratio, but I do pay my bills on time. Our house is worth 0,000 and my mom makes about 00 – 00 a month. What do you guys think? Do you think they’ll lower our interest rates if my dad is in process of filing bankruptcy? Or take him off and have me take over instead?
So if I do a joint, will be able to be approved? On a side note, my mom has really good credit.

Bad Credit Mortgage in Colorado….is it possible or should we just file Bankruptcy?

We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)

We are trying to see if this is even possible or if we should just be content renting for several more years.

We are expecting a higher interset rate. I have heard of "B loans" & "sub prime lenders" and have been trying to look into them.

We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?

Will we need 20% down with this bad of credit, or can filing bankruptcy help that?