No this would not be acceptable

Indicators of unacceptable credit.
The following indicators require documentation meeting the criteria of Section 10.8 to approve an applicant’s loan request for manually underwritten loans:

 Foreclosure within 3 years:
 Including pre-foreclosure activity, such as a pre-foreclosure sale or short sale in the previous 3 years (refer to Attachment 10-B for additional guidance);
 Bankruptcy within 3 years:
 Chapter 7 bankruptcy discharged in the previous 3 years;
 An elapsed period of less than 3 years, but not less than 12 months, may be acceptable if the applicant meets the criteria of Section 10.8 of this Chapter.
 Chapter 13 bankruptcy that has yet to complete repayment (repayment plan in progress) or has completed payment in the most recent 12 months.
 Plans that are completed for 12 months or greater do not require a credit exception in accordance with Section 10.8;
 Late mortgage payments if any mortgage trade line during the most recent 12 months shows 1 or more late payments of greater than 30 days.
 Late rent payments paid 30 or more days late within the last 12 months.

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