Your credit score needs to be 620 or higher. It's still very low now. As much as you hate paying rent, you need the following to buy a home: cash for a down payment (at least 3% of the purchase price) + cash to pay for closing costs (about 1% of the purchase price) + cash for moving and miscellaneous expenses.
To qualify for a mortgage loan, lenders need to verify the following information:
Employment and Income - Salaried? Hourly? Full time? Independent Contractor? Self Employed? If self employed - you need 2 years work experience. Do you receive a W2 or a 1099?
Savings or Investments - 401K? Savings account? Annuity? Where is the money for the down payment and closing costs coming from?
Credit Score and Credit History - Most lenders want a credit score of 620 or higher. Some lenders will go down to 580 BUT you will be charged a higher interest rate, higher fees, etc. Why spend extra money when you can wait until your credit score is 620 or higher.
Outstanding Debt - credit cards? student loans? medical debt? car loans?
Debt to Income Ratio - your outstanding debt should be 30% or less of your income.
Tax Returns - the last 2 years.
Hopefully this helps.