Conventional Mortgage with Charge Off

[Anonymous]

Hello, and thank you all for your advice and input on this forum. The information is really helpful. 
I have a question regarding conventional loan approval with a 5+ year old charge off. Mid credit score is 705. No other negatives on credit. Credit card utilization at 48%, so could easily decrease this if needed. Charge off is $26k auto that I co-signed for in 2013 - stupid and will never do again. Charge off is past SOL, though I've read here that underwriters don't seem to take that into account. I also have read that charge offs are not required to be paid by Fannie Mae, but lenders still usually add the overlay. 

I have 5-10% down payment cash available, first time home buyer. Do I have a chance that ANY lender would offer a conventional loan approval without the need to pay off the old debt? 

[SamsungHDTV]

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@Anonymous wrote:

Do I have a chance that ANY lender would offer a conventional loan approval without the need to pay off the old debt? 

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Usually its the larger lenders that add more overlays. So you might have luck with smaller lenders or brokers who can find you a lender that wouldnt require you to payoff. 

Also, find out when the DOFD (date of first delinquency) is on the charge off. Negatives will fall off 7 years after DOFD. 

[Anonymous]

Thanks for the reply! First date of delinquency was November 2015, so just past the 5 year SOL, but I've got another 2 years or so until this falls off of my credit report.