Can I acquire approved for a mortgage beside collections on my credit report?

I would like to purchase my first home within the subsequent 9 months. I have saved for the down salary and have increased my credit score to 654 beside new accounts that I always remuneration on time and I never carry a symmetry on my cards. However I have 8 accounts that are about 5 years outdated that have all be charged off. Combined the charged off accounts total around $2000. I own read that paying these now will damage my credit evaluation. So if I don’t pay them is it still likely for me to receive a mortgage loan? Any advice on what my choices are?
Answers:
Save up for another 2 years. The charge offs will come off the report. Then you own no worries.
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yes paying them can effect your fico score however u can barter to erase the debt if u pay off contained by full. bottom line is collection agents want there $. dispatch them a letter saying u r prepared to pay in full if the erase the neg remarks theyll distribute u a reply letter of an agreement or dis agreement. if they agree it will take 30-60 days 4 it to be removed. catch everything in writing signed off within case they dont fixthe problem. pay individual after they sign your made contract. good luck :)

yes u still qualify 4 a loan in your situation lone because your score isnt bad.

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