Can I qualify with old chargeoffs/collections on my credit?

[Administrator]

Here's the situation; My middle score is just over 600, I have charge offs and collections on my report that are over 6 yrs old... They should fall off about the middle of next year, However I want to buy a home right now, I did not file BK and have no judgments. I was told by one mortgage broker, that lenders want all the derogatory marks removed or paid off before they would approve any loan.. This was for both conventional and FHA. I currently have Lexington Law working to repair my credit, I'm confident my score will take a boost, but I doubt I'll be able to get all derogatory marks removed anytime soon.... My question is; Are their loans out available I can get into with these marks on my credit?... If I'm able to bump my middle score to 680-710, can I still get a decent interest rate? The home I'm looking to buy is $250K and I can put 10% down + pay closing costs. Please let me know... Thanks! Nick


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(Source: mortgagefit.com)