Your credit history should be fine for FHA financing, outside of BK's/foreclosures/short-sales FHA is really just concerned with the last 12 months of your credit history, so delinquencies 6-7 years ago won't be of concern. Credit scores aren't the best but can still qualify for FHA.
The $39k collection will have a monthly payment equal to 5% of it's balance, or $1,950/mo, added to your debt payments when calculating your DTI though, which increases your DTI by 13%. That 5%-as-a-payment rule is only for non-medical collections with an aggregate total $2k+ though, so charge-offs don't require the same. FHA can qualify up to 46.99% for the housing payment & 56.99% for the total debt payments, so depending on how much you are looking to finance that could be inhibiting. With 10-20% down, even with your current mortgage scores, a DTI up to the maximum that FHA is able to approve would be likely. What price range are you looking in?
With the most recent derogatory marks 6 years ago and 4 forms of revolving credit with low balances, I'm surprised your mortgage scores aren't higher than the low 600's. Have you had a lot of recent credit inquiries or do you have a lot of new accounts in the past 12 months? Are the charged-off accounts constantly reporting late payments each month?
With the 10-20% down conventional financing might even be possible, it'd be good to have your eventual loan officer check into that as an option. Conventional financing wouldn't require the collections or charge-offs to be paid nor does it apply a monthly payment to collection accounts.
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