Is it possible in my situation?

So I am not sure if my situation is unique or backwards or nothing special? I have a low credit score, 537. I have been through a real rough past 5 years and although I struggled and did my best this is where I sit. It seems a little backwards. I managed to pay off all of my credit card debt (32K) over the past 5 years, and although there were many 30 day late payments and what not I have nothing written off and nothing in collections. I do however have about 95K in student loan debt, with late payments. I even just discovered a loan today that I am 10 months behind on. Set up payments and will look positive from here on out but dang, that is a lesson learned for looking at your credit report for sure!! So everything is getting paid on time from here on out. The backwards part to me is that I have a debt to income ratio of less than 6%. With that said, I have finally paid my dues and have landed a very good paying position at the company I have been with for 4 years.. So here is what my stats are; Credit Score 537 Monthly Debt payments $538 (my credit report shows $468) Gross monthly income $6,200 Down payment $28,000 With that said I am looking to try and get a house in December. I am not sure how much I can repair my credit score in that time... Maybe 50 points? Is 10 months even a realistic time frame to be looking at getting a mortgage of around 150K? I understand the lower my score the higher my rate, but lets say I move my score up to 587 by December, do I even stand a chance with these numbers?I am looking in Mesa and Gilbert Arizona area. Thank you! by Welcome from Mesa, Arizona. Mar 19th 2011 Reply