No you really need to be around 640 right now to qualify for FHA financing. Even VA needs to be around 620, and conventional would be the wrong route.
What you can do is find a loan officer that does something called a "Rapid Re-score". This is a software program that analyzes your credit profile and then tells you exactly what to do over the next 30days to bump the credit score up. It also gives you an idea by how many points.
Most loan officers will just give you their professional opinion on what to do, but then you have to wait 90 days before the credit report gets pulled. This system will be faster and more efficient for you, and just part of the lenders service.
If you would like a reccomendation check out Charles Daily over at iloan. He has a profile on Trulia and just tell him Chris sent you. If you are looking to buy in the next 12 months you will want to get started with the financing now.