How likely am I to be approved for FHA loan?

[red77michele]

First time home buyer wanting to buy a home within 90 thousand to 110 thousand dollar range

$5000.00 available for down payment

13 years same job

$32500 per year

2 student loans $52500 currently paying and they are good no late payments since I started paying them in 2011

1.5 years good rental history (I have other periods with good rental history over the past 10 years but nothing solid because there were times in which I lived with someone else and did not pay rent.

I have two auto loans that are and they were completely paid off no late payments or anything. I am not sure if these are even something to consider because one is 5 years old and the other one was paid/closed in March 2013

Now for the bad stuff

3 credit card charge offs these are both about  2 years old. They have low amounts each under $1000.00

2 Collection accounts for medical bills both low amounts under $100.00

1 charge off for a collection company for an old cable bill $544.00 this is about 4 years old

The only revolving debt I have on my credit are my student loans. I don't have any credit cards right now. 

My fico credit score is showing to be 600

Would I have any luck applying for pre approval or should I work on things for awhile so that I improve my chances of qualifying?

[ShanetheMortgageMan]

What are the payments on the student loans?

FYI... Revolving debt = credit that you can pay down and use again, like a credit card.  Installment debt = credit that is paid off in monthly installments, cannot be used/borrowed against on again.  Student loans would fall in this category, same with car loans, personal loans, or any sort of loan (other than a mortgage).

It seems like the delinquent marks are old enough, but I suspect your score isn't higher because you don't have any credit cards.  Credit cards really help your score recover because even if you don't use them, they report an on time monthly payment to credit.  Most lenders are looking for at least a 620 score, so I'd make that your goal.