One 60 day won't kill you at 675, though you should make every effort to get it removed. You want to get a 680, though. They will give you a pass on a ding, but 680 is a happy-dance place for them. There's a program called Streamline that you can get @680, which reduces your paperwork load, too.
Your more compelling problem is your utilization. They will give you X payment at your income. Sooo...they are going to take that payment, and REDUCE it by all the other payments you have! At the 29/41 rule, you have very little wiggle room if you don't want one of those TinyHouses. BUT, it will still not be an impressive house, but it will be yours, and you can improve it in any manner that you wish after closing. I personally am a fan of biting the bullet and getting a better piece of land and a smaller house.
Is HFA Florida? Is there a reason your doing that, and is it free to you? If it isn't free, don't do it! Any Chimp can do USDA Direct paperwork.
Good news parts for you:
The lower your income, the easier to get---they spend 40% on VLI.
You can easily obtain a 680 by reducing utilization because your score is already good.
You MIGHT be eligible for a special interest rate program.
Bad news parts:
You MUST pay down cards.
The Ding needs to go buh-bye if possible.
Everyone who wants to do this you need to READ the USDA Direct field office manual!
Did you guys know that you can build new with USDA Direct, the construction loan part is handled between the USDA and the approved contractor, and the money is paid with an arrangement between them? Not like anything else we are used to.
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