Can I get a home loan with a charge off on my credit report?

[Anonymous]

Take your comment and move on! They aren’t offering me $5000 cheaper anything. They want a payment of $5900 and a payment of $5000. If you’re going to be rude, I don’t need your input. My question was about my chances of being approved not if I should pay the debt.

[Anonymous]

I think you can still get approved if you enter into a payment plan for the charge off and make 3 ontime payments.  The payments would be factored into your Debt to Income Ratio.  Continuing to make the payments after you get the house is up to you, but it will destroy your credit if you decide not to make those payments.

[JVille]

Yes you need to pay this and do it ASAP. This will also drag your credit scores into unlendable territory. This needs to be dealt with now.
Sorry if you feel hurt by others comments but that is the reality of it. I was a lender and an underwriter for nearly 30 yrs. Once again I’m sorry you find yourself in this situation.

[Anonymous]

You don’t have to apologize. I know I need to pay the bill, I was just offended by the assumption that I was upset over it or somehow trying to avoid payment. But thank you for response. I’ll just use our down payment to pay it off.

[glockrunner]

My advise would be to pay off your debts before you buy a home. I would also improve your credit scores so you get a better rate. Paying your debts will raise your credit score. Personally I wouldn't be in a rush to buy a house. You don't want to have a new house and be strapped for cash. Wait a year.