You should be able to obtain financing but subject to the 5 yr old collection debt maybe having to be satisfied. A mortgage lender must review to make statis decision. The 680 credit score is fine, the 78,000 income is subject to how much you spend to buy a home. Then you need to have a down payment? FHA requires min of 3.5% dn. If you happen to be a veteran you can do it with zero dn but remember, you still need funds for closing cost and that is subject to the sale price but a rough estimate, for Phila property, above 75,000 sale price, would be around 7 to 8%. Sometimes a sale can be structured with seller paying some of the closing cost if you are light on savings. State Grant funds can also be available but bottom line is unless you are a Vet, you will need some skin in the game. If you contact me I can go over in more details.