Can I get approved with 0 balance Charge-off's on report

[Chinadoll]

Hi,

I've been doing a lot of research on this; but can't get a clear answer. I have 4 CC Charge-off's on my credit report with a $0 balance. They are all from 2006-2007. Two of my charge-off's say Payment after Charge off/Collection. I never paid them off but after disputing many times they updated to this status. The other two state Charged off as a Bad Debt. They weren't high balances either; the highest being $714. So; my question is can I get approved for a mortgage with these Charge-off's on my report.? Also; they report to be deleted in 2013 & 2014; but I want to purchase a home late this year/ beginning of next year.

 The only other negative I have is a Collection account from a junk debtor (Main Street Acquisition) for $740. I have sent them DV letters and they never responded and I have disputed with all three CB's who came back as validating the debt. I'm still working to get this off. I have one CC with a $0 balance and no late payments. The rest of my credit is my student loans that are also in good standing/ no lates. My Equifax score is a 695. I'm not sure what my transunion score is at this moment.

Any advice would be appreciated on whether I can get approved for an FHA loan.

Thanks

[DallasLoanGuy]

fha does not require collections to be paid. and we approve people everyday with collections.

some lenders will ask you to pay them. just find another lender

[Chinadoll]

Thanks for answering. Will the charge-off's hurt me at all? or is that a non-factor since they have a $0 balance.

[DallasLoanGuy]

they are part of your credit history an will be considered.

the age will make them not very important in the overall underwriting decision.

apply with confidence

[MBOhio2]

OP - I don't mean to highjack your post, but want to ask Dallas a quick question!

Dallas - you say that FHA does not require "collections" to be paid and that you often approve with unpaid collections. Does this apply also to "charge-offs" or are they considered different? I have charged-off SLs which I pay on monthly but there is still a balance. Even with high income, 640 score and some reserves, I have been told here that I'm likely unapprovable for an FHA mortgage. In your opinion, is this true?

[Chinadoll]

Thank you for answering my questions. I'm going today to see about getting a loan.

Thank you.

[cdtotten]

Charge offs and collections are the same thing for this purpose. A charge off, is just a collection they gave up on.

[MBOhio2]

I thought so, but wanted to check to be sure. I understand that "charge-off" is just an internal accounting label, but wasn't sure if lenders saw it as the same.

They gave up quickly - it was only 4 months late!

[DallasLoanGuy]

i consider charge offs and collections as the same thing for underwriting purposes.

[MBOhio2]

Dallas - so you approve people all the time with unpaid collection (or charge-offs)? Does the amount owed matter? For example, do you just ignore the small ones or would you also be able to approve a high-dollar collection/charge-off that the applicant was paying on monthly?