I think you are in pretty good shape once your middle score goes up a bit. Purchase price is reasonable for your DTI.
The medical collections and the one CO might pose a concern. If you can PFD the unpaids and GW the paids that would boost your score even more. Don't pay without deletion...it will hurt your score when the collection is updated as paid.
If you don't PFD or GW, it is likely the underwriter will want them all paid off. If so, ask to pay at closing so the score ding occurs after the final credit check for clear to close. If it was just one collection or one late and your score was low 700's, the UW would most likely let one slide. But with multiple derogs, be prepared to pay them.
Since you want to move in May you need to get a jump on it as it takes 30-45 days to close. Worst case, they tell you to wait 6-12 months or until the collections, etc. are paid. I had to wait a couple of times before getting approved. So don't get discouraged if you are asked to wait.
Check with your housing authority for special loan programs and look into new construction inventory homes that are move in ready as many builders will pay your closing costs for you. Our $8000 in closing costs were paid by the builder. And I found a great program through our housing authority that rolled the 3.5% down required by FHA into a second mortgage. So we essentially got a $347,900 home for zero down. We paid $2000 in earnest money. We paid for our inspection and that was it. We moved in 2/7/13 and our home already has $20K in equity because home values soared in the subdivision where Lennar is building out here. Demand is higher than supply and because of that, home prices are going up so 100% financing isn't too bad right now.
Good luck and I hope this info helps you.
The medical collections and the one CO might pose a concern. If you can PFD the unpaids and GW the paids that would boost your score even more. Don't pay without deletion...it will hurt your score when the collection is updated as paid.
If you don't PFD or GW, it is likely the underwriter will want them all paid off. If so, ask to pay at closing so the score ding occurs after the final credit check for clear to close. If it was just one collection or one late and your score was low 700's, the UW would most likely let one slide. But with multiple derogs, be prepared to pay them.
Since you want to move in May you need to get a jump on it as it takes 30-45 days to close. Worst case, they tell you to wait 6-12 months or until the collections, etc. are paid. I had to wait a couple of times before getting approved. So don't get discouraged if you are asked to wait.
Check with your housing authority for special loan programs and look into new construction inventory homes that are move in ready as many builders will pay your closing costs for you. Our $8000 in closing costs were paid by the builder. And I found a great program through our housing authority that rolled the 3.5% down required by FHA into a second mortgage. So we essentially got a $347,900 home for zero down. We paid $2000 in earnest money. We paid for our inspection and that was it. We moved in 2/7/13 and our home already has $20K in equity because home values soared in the subdivision where Lennar is building out here. Demand is higher than supply and because of that, home prices are going up so 100% financing isn't too bad right now.
Good luck and I hope this info helps you.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014