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Should I be able to qualify for an FHA loan?

I am looking into purchasing a home in November in Atlanta and am considering options. I have $0 credit card debt, about $11k left on my car loan and make 75k. I have been with the same company for 9 years. My fico score is 668 as I got into financial trouble in 2004-5. I had a foreclosure in 2005 along with several charged off credit cards. The foreclosure finally came off all 3 reports 2 months ago and I have 4 paid charge offs left on my report..nothing newer than 2006, and one paid medical collection from 2009. My price range is 150-170k and I have about 8k in accessible cash. I have 2questions for the experts. 1. Should I be able to qualify for an FHA loan? 2. I am a little nervous about spending most of my accessible cash on the down payment...would it be acceptable to go into my 401k and pull out the down payment money? My company has a loan program and there are no fees if used for a home purchase.
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September 03 2012 - Atlanta
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Most likely, 'Yes', however there are many other pieces of the picture.  I'd say to get pre-approved by a lender in Georgia who does not charge an application fee (shameless plug!).
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September 04 2012
Charge a tank of gas on that credit card and use your savings for the down payment.  You are eligible for an FHA loan but I wouldn't recommend using retirement funds if you didn't need to do so. 
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September 03 2012
 
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