Collections and Mortgage loan

Collections and Mortgage loanCollections and Mortgage loan
PhilipWen asked 4 years ago
Hello, could I get approved for a mortgage loan under my current credit situation?
 
-594 fico Median Credit score
– 40k income
–  2 late payments on my federal student loans from a year ago ( during financial Hardships) no late payments on any of my accounts since then
– currently 8 collections and charge offs from 2010 totaling debt is 5K dollars. non are federal loans. mostly credit cards and medical bills.
 
I was advised to payoff all derogatory accounts or I wouldn’t get approved for fha loan, other tell me not to pay it as it would bring down my score and make them all current.
 
what kind of interest would I be looking at with my credit “as is”
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