OK, here is the situation. The short answer to your question is: no. Here is why. Right now, the mortgage market is pretty tight. Banks are limiting exposures and that means not finacing more than 80% of the value of a home. Now you could get PMI, but in today's market that is going to be pricey especially with the credit issues. For a 119k home, you would need to come to closing with about 24k plus closing costs. So I figure about 27k in cash. Unfortunately, you're pretty far off from that.
However, the real issue is your credit worthiness. Let's face it, just like when you lend your friend money, the bank is going ask itself whether or not you are likely to be able to pay it back. based on your FICO score, you have had issues with paying back loans/credit in the past. People with low scores used to be able to get subprime loans, but that is one of the main causes of the economic meltdown.
The problem is that, negative information can hang around on your credit history for up to 7 years. So you may have some time before you see that score tick upward in a big way. In the meantime, start saving for that downpayment. Also, even though it will not help your history, make sure that you don't have any past due or collections on your report. The first thing mortgage bank is going to look at is who you owe money to. If there is a chance that someone could file a judgement against you and hurt your ability to pay your mortgage, they will not finance you.