Could I qualify?

[fezwhy]

Long story short I only have 1 negative on my credit which is a private student loan in default that I had cosigned on.  The SOL has expired as of last month however they keep dinging my score by reposting as a charge off every month.  

My scores are in the 645-650 range.

Foreclosure passed 7 years as of last year and has fallen off.

The only debt I have right now is my car for $300 a month.

I have been renting for quite some time for around $800 a month.

No lates in the last 2 years except that charge off listed above.

I also have 2 credit cards but they are paid in full every month.

My bills are all paid on time every month.

There is a house I am looking at for 55k and I could easily put 20% down on it or maybe more. 

My income is about 45k a year.

Is there any hope or do I need to wait until the private student loan completely falls off my report next year?

[DallasLoanGuy]

Depends on the lender. 
Most whoesale lenders like myself do not require those chargeoffs to be paid. And they are usually not a problem.

But for that small of a loan, you will not be dealing with a wholesaler. You will need to go directly to a bank

[Lemmus]

...SO10 has posted lately that Chase Bank has a small home loan program that has worked for some of her clients ...other than the SL debt you should have no problem qualifying ...Chase will have its own policy in regards to that and you'll have to ask the LO but I suspect its manageable ...you're past SoL, have a good dp, and a good LTV ratio ...that cures many ills in the mortgage arena.

...have you visited the Rebuilding Credit forum here? ...lots of info there on how to deal with CAs and get your scores up quickly ...hth

[fezwhy]

Thanks for the info.  I will defiinitely check that out as well.

I have been rebuilding for the last 3 years or so.  The forums have been a great resource for me.   I started with a 510 credit score and with everyones help I qualified for my first car loan last spring.