Can you get approved for a mortgage if...?

...you have recent blemishes on your credit report, yet have no debt? I have four old things that went to collections, two of which were medical bills. They total $588, which I am paying off this month. I had a car that was totaled, and I had a bunch of life events which caused me to let it go. I have since... show more ...you have recent blemishes on your credit report, yet have no debt?

I have four old things that went to collections, two of which were medical bills. They total $588, which I am paying off this month.

I had a car that was totaled, and I had a bunch of life events which caused me to let it go. I have since settled the amount with the car lender, and the balance is $0.

Same life events, but I had to drop out of school a couple of semesters ago. I ended up owing some money for tuition, which I've paid. I paid the school the amount I owed. They haven't cashed the check yet. It did also go to collections, and they wanted $800 more for the debt. Not sure what to do about this one, except wait.

My credit card balances were all maxed out, but I owe less than $20 for all of them combined.

I had solid work history in the financial industry for the past 7 years. I've been employed since 2000 with no breaks, aside from last summer. I was off for 3 months, and am now on a contract with a temp agency in the same industry.

This is basically my situation. My credit score is bad right now, but all of these things were just taken care of this month, or are in the process of being taken care of this month. How long can I expect to wait before being able to get financed for a home? What should I work on? How much will my credit score increase from all these changes? I'm currently at a 581.

Thank you
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