Should I pay my charge off before applying for a home loan?

I want to close on a new home by Oct 2011. My credit is currently in the 500’s & I have recently paid my credit cards below 30% of the credit limit. Should I pay my three charge offs in order to boost my credit score or does it matter? The charge offs are over 2 yrs old, so will it make a difference to the mortgage company whether a charge off is paid or not? Also, can someone explain to me what is included in the debt to income ratio. Will car insurance, cell phone, & day care be included in the ratio?

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