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FHA greenhorn here in the midst of credit repair. I'm curious if my wife and I should start the FHA loan process or sit tight a year and give it a go next spring. Here's my scenario: -applying alone (wife only makes $20k a year and has signif. student loan debt) -fico: equifax 600 trans 594 experian 624 - my income 50k/yr ( have made this steadily for 4 years but recently was offered a new job that paid a little better so I took it. I've been employed for 4 months at new job. have bachelors degree) - my DTI 16% (fed loans of 60k and 1.5k in cc debt at about 8% util. Just paid all off this month from 65% util) - 19k of charged of private loan debt that was sent to collections and is now back to OC. Debt has been idle for 1 year. I have the money together to settle most of the private loan debt (15k worth) and intend to do so before September, OC made an offer which I verbally accepted. The remainder of the baddie I should have paid off by spring. I post this thread for two reasons: 1. I read some threads here from FHA applicants stating charge offs typically aren't considered into DTI ratio and factored little to none into approval process with some lenders, which makes me wonder if we should start the application process now as I know it will take quite a while. 2. I'd rather get honest experienced input from this excellent forum than waste the energy with a lender if we won't quite be ready financially until next spring.