Can I get a Mortgage with bad credit?

Me and My husbands credit scores are around 540ish, We have really bad credit. The only thing we havent had is a foreclosure or bankruptcy. The only good things on our credit is a small credit card and a car loan. We found the house of our dreams for 110000, the house appraised for 123000, so we would already have some equity. would we be able to get a loan with such bad credit and no money down?
Also, I have been in touch with the real estate agent about this house and we are meeting with her tomorro to sign the papers to make an offer. We know the people that are selling the house so they have already accepted the offer. I know just because our offer was accepted it doesnt mean financing is guarunteed but the agent from remax said she would do whatever to try to get us financed. I just dont want to get my hopes up for nothing.

My family and I fell on hard times when my husband was diagnosed with a un removable brain tumor (though not cancer) and lost his job in 2003. Technically he is unable to work due to problems associated with the tumor, but disability says that he’s not so bad off he can’t work. He’s tried to find many jobs and even applied to places like burger king, walmart and mcdonalds and was unable to be hired. I worked two jobs but couldn’t pay the $ 1000 mortgage and so we sold the house we had for less than it was worth to a company who kept it from being in foreclosure and on our credit. Still we were paying off credit card bills through Credit consolidation and I couldn’t pay them anymore. We have around $ 10k in cc debt following us around at the moment. A run down trailer was given to us and we have been here for the past three years but it is falling apart and we can’t stay here due to sanitary issues. I have two small little girls and they are begging to stay with grandparents to get out of this place. Simple fact is we must move! My husband and I have started our own businesses and make enough to pay a small mortgage fee so we are looking for a house in KS or MO for around 40,000.00 or less that needs some fixing up. I don’t know of a place that will help us with our credit as horrible as it is.
Any suggestions for places to help us get a small home loan on horrible credit is more than appreciated.

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