One requirement for an FHA loan is that you cannot be late on any payments in the past 12 months. I had items in collections as recently as September 2008 and they were in collections for a excellent 2 to 3 years. I have paid them off in September, do the items in collections count as late payments, or is FHA referring to current open accounts.
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It depends on if there was a reasonable explanation for the collection.
FHA is all about things making sense. If you can make it make sense an underwriter may approve it, if you just didn't feel like paying your bills, you'll have to wait more time to prove that you can be responsible.