So hubby and I are looking to purchase our second home (currently in the processof selling town home) in the latter part of the year when we have saved enough for substantial down payment, my rehabbing of student loans will be complete, and we fix a few credit issues (maintly DTI). somewhere around OctNovDec ish lol. So. Plan to go FHA since we went that way to purchase our town home. I know about the 12 months of no lates and I have a question. Do charge offs count as lates? I have a $400 first premiere account that got charged off in Oct. I have not paid it yet and I just wondered if it will be reported every month like a late? If so we might be waiting until this time next year to apply since I haven't paid it yet and the earliest I could do it would be at the end of the month. I have heard about not paying and charge offs not being a big deal if under $1000. i would really like some info as we are working diligently to improve our credit in hopes of purchasing our dream home this year!!!
