Hey everyone! I'm looking to apply for a loan and possibly use the Home Possible program with 5% down to purchase a duplex property to live in and rent out the other unit. Is my current 693 score too low or will it cause any issues with the loan process? 

Sidenote: I have a 7 year old charge off that's due to fall off of my credit report in October. However, I was hoping to purchase a home by the summer of this year. Do I have to wait for that to fall off? Any help/advice would be appreciated. Thanks!

Some background: I never keep a revolving balance on any of my credit cards. I don't have any debts apart from student loans. I have some old charge offs - 1 is 7 years old the other is 5 years old. I always make my credit payments on time.