Buying a house soon! Need some advice on whether we might qualify for FHA loan or not!?

My husband and I are starting the pre-approval process for a home loan. We'll be first-time buyers. We live in Texas, so we'll be able to use the $8000 tax credit as a downpayment on a FHA loan, if we qualify. We make almost $85,000 a year between the two of us and want to purchase a $165,000 home. Our... show more My husband and I are starting the pre-approval process for a home loan. We'll be first-time buyers. We live in Texas, so we'll be able to use the $8000 tax credit as a downpayment on a FHA loan, if we qualify.

We make almost $85,000 a year between the two of us and want to purchase a $165,000 home. Our credit scores are 599 and 555 right now, but we have a bunch of items on our credit reports that we are disputing currently to try to clean it up.

Does anyone think we'll qualify for a FHA loan?
Update: Army Wife - I'm not sure where you looked, but here it is. You can get a bridge loan and use the entire tax credit as downpayment.

http://www.fha.com/fha_article.cfm?id=82
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