Florida teacher seeking a mortgage with poor credit?

I’ve just completed teaching my first year in FL. I want to buy my first home but my credit is poor (I took some massive hits last fall/winter when we moved down here – long story).
There are many incentives for teachers to buy homes:
I’m especially attracted to the loans that offer a 4% grant or loan for the down payment / closing costs.
It sounds like if I go for one of the high rates it fixes for 5 years, I’ll have to refinance again and pay all of those closing costs again (ack!). But in the same sense, I’m confident that my house will go up in value (it’s in a prime area and we’re in a housing slump).
Will they still give me that 4% loan with my credit score in the high 500s?
I don’t want to go fishing for loans because my credit will take hits and I’ve been very careful. It has gone from the low-to-mid 500s to where it is now.
I’m married and my husband makes a tad more than me but with a lower score

I’ve seriously considered being a teacher for the past 5 years and I’m always finding excuses. If it helps your answer at all, I’m a 28 year old white male. I currently sell mortgages for Chase in Florida and have been in the loan business since college. I have a theatre management degree and was a stand up comic for 6 months out of college.

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