Would I be approved for a Mortgage?

[TexasBound]

Hello,

I have several charged off paid in full closed accounts about 4 years old on my credit

Two in collection.  Fighting both.  One with attorney on board to adivise of plans to litigate if not taken off credit.  Balance: 1065 Sent to collections Feb 2013.

Only other item outstanding and derogatory is $795.  Collection company says they will have it removed if i pay it and that a rapid rescore will remove it.

My income is 60k salary and 20-25k in commish.  Never had a mortgage.  I dont think we would be a lot of risk for a bank as we are going to put 200k down and are hoping for a 250k loan. 

With these two derogatory items hopefully off my report with a rapid rescore in mortgage process, do you think I would be approved?  My debt to income is like %18 currently. Am i missing details i should be providing?

[kimmiller112]

I would say to pay the outstanding one and make sure it comes off your reports.  You want to take care of those other two issues that are in collection.  Try to get them to remove those before you apply for a mortgage.  The ones that are four years old should be fine, but have you tried having them deleted?  

With such a large down payment, you may be able to get a loan a little easier than those of us who are only putting 3-5% down.  You aren't going to be as big of a risk, but try to get what you can paid and removed.  Your salary and DTI look fine.

[oscar_actuary]

with over 40% down; I'd finance you.   But, I don't know about banks  I gather they just hate the process of repo and resaling so much that it takes sufficient credit as well

[TexasBound]

Thanks guys. We are very fortunate to have the significant down payment that's for sure.

Do you know anything about turnaround from when collection co is paid for removal and when a rapid rescore would reflect the items removal?