Will I qualify for an FHA loan?

I will be getting laid off in January of 2012, and I will be getting about $12K in severance package (taxes calculated). My plan is to buy a house using the money from my severance package as down payment if I find a new job in January. Will I qualify for an FHA loan? Last time I checked my credit score, I had 620... show more I will be getting laid off in January of 2012, and I will be getting about $12K in severance package (taxes calculated). My plan is to buy a house using the money from my severance package as down payment if I find a new job in January. Will I qualify for an FHA loan? Last time I checked my credit score, I had 620 and I think it's higher now. The house will be from $250K - $300K (I live in Northern California), and I will make at least $50K a year. Will the $12K be enough for down payment and closing costs?

Also, what is a USDA loan, and will I qualify for that? Thanks!
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