Odds of being approved for a mortgage loan?

Here’s a little background on me:

I’ve previously owned and sold two homes and I’m currently renting. I was a federal government employee for 15 years but I was RIF’d last year and lost my job. I worked a few other positions after getting let go and as of two months ago, I now have my federal position back (making over 150k but in a high cost area).

My credit score sucked due to some poor decisions and it’s currently a 640. However, I received a settlement two months ago and literally paid off all my debt and I have 60k remaining in my savings but of course my credit score does not yet reflect these changes.

My question is, would I be qualified for a mortgage loan with my current credit score and only being back on my job for two months? I don’t have a problem with renting, however, I’ve found that my landlord does the bare minimum with upkeep and maintenance and it’s becoming difficult to accept that he doesn’t want to do anything but still wants his 3500 each month.

Thanks for any information you can provide.