Short answer
How derogatories are treated by common loan programs.
Mortgage lates weigh heavier than consumer lates. Most programs want 12 months clean on the current mortgage.
Late payments
Mortgage lates weigh heavier than consumer lates. Most programs want 12 months clean on the current mortgage.
Collections and charge-offs
Some programs require payoff; others allow open collections up to a threshold. Medical collections are often excluded.
Bankruptcy and foreclosure waiting periods
Waiting periods vary by program — commonly 2–4 years after Chapter 7 discharge, and 3–7 years after foreclosure.
Key takeaways
- Program guidelines vary — a broker can match your file to the right one.
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Sources
Program rules change and individual lender overlays apply. Verify specifics with the agency or with a licensed NexGen Capital advisor before relying on them.
Reviewed by NexGen Capital Corp
Written and reviewed by the licensed mortgage team at NexGen Capital Corp, a Florida mortgage brokerage (NMLS #1766649). Verify our license on NMLS Consumer Access.
Last reviewed: 2026
This article is educational and is not a commitment to lend or an offer of credit. Speak with a licensed NexGen advisor about your own situation.