Today there are very few FHA lenders who will approve a loan with a credit score between 580 and 600 so with a 499 you have some work to do and it may take a year or so. You need to work hard not to have any more lates and start paying down any thing you still owe. A mortgage professional can put you in touch with a good credit repair company if that is the route you want. They might be able to speed up the process some but it will cost you some money. Don't open any more credit accounts and if possible put some money in the bank. Hope this helps a little.