Credit Issues
I need some advice. I've got 3 charge offs on my record from a divorce. The date of last activity on all 3 are early 1999. I've had nothing negative since then. I do have quite a bit of credit card debt, but nothing late in the last 5 years. I want to buy a house. Do I have a chance? I do have someone with impeccable credit willing to co-sign. 
I'm no expert here but here are my thoughts:
1. Your debt to income ratio needs to be less than 50%. The lower the better. Figure out how much you make vs. what your PITI montly payment will be.
2. There are lenders that don't care about collections when the last activity is over a year ago as long as the amount is less than XXXXX (recent loan for a buyer of mine was $2500).
3. I'm hoping your scores are at least 550. If yes you could probably get a loan with no cosigner. Not every mortgage broker knows how to do these. You'll need to find someone good.
Be sure to keep good records with respect to those COs and their DOLAs.
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp
Junk Debt Buyers love to re-age old accounts and try to keep 'em on your reports. You'll have to fight 'em every now and then, and the fight will suck for you unless you have records to back up your claims of obsolescence.
With several lines of open credit and a good payment history you will not have a problem getting a loan, providing that your debt to income is not to high. There are things that you can do to help out your credit score in several months time.
Hit my profile and I will send you a credit repair package.
Good Luck,
Robert
I would advise that you try to contact the creditor(s) of the charged off accounts and try to negotiate something with them......they have aged, so you might have a bit of leverage after 5 years.........In my experience I would say that the lenders would want to see any collections or charge-offs showing as "paid", with a zero balance.
Good Luck :-D