Not really as there isn't a lot of data I've ever seen regarding multiple negatives of different types, but the collections will keep you in the dirty buckets anyway and even a recent poster had a tax lien come off which moved his FICO 8's 3 points. Don't worry about it, take the BK exclusion and run. especially when we're talking mortgage trifecta that seem to count old derogs more harshly.
Unless you have virtually no credit history which sounds a little suspect from your description, getting a negative removed is typically neutral or positive; neutral when there's other derogs on the report, and positive (usually by a large amount) if it's your last.
Looking at it rationally, if you need downpayment assistance to get the mortgage you've nothing to lose anyway.
What are your mortgage scores? Might be able to give you a little better answer on how things'll look if you want to share some of your report data... for reference I have a 30/60 late, a paid collection, and a paid tax lien from late 2010 and managed to break 720 for a mortgage mid-score.
@kgwinn wrote:Current scores are:
EXP 618
EQ 624
TU 645
I'm pre-qualified for the 1/2% down program which requires a middle score of 620. If I hit 640, I qualify for the Home in Five grant which doens't require repayment, so it's worth trying for but I definitely DO have something to lose if my EQ score drops below 620.
I definitely still have some negatives including 4 Cap One accounts that were charged off in 2012 and sold to Portfolio in Oct 2014, so they appear new.
Just like everybody else here, I can't tell you what you should do, but when my own BK7 finally dropped off, my scores all increased a bit, buckets aside.
If it were me, I would need to trust the person who was helping me make what's likely the largest purchase you'll ever make. If you don't/can't trust your mortgage person enough to take his/her advice on helping increase your score, possibly you should look for someone else who you can trust.
Also, as a side-note, your mortgage person doesn't get paid unless your loan closes, so they have an interest in leading you the right way. It wouldn't be in his/her self-interest to take an unreasonable chance with your approval. 
@UncleB wrote:
@kgwinn wrote:Current scores are:
EXP 618
EQ 624
TU 645
I'm pre-qualified for the 1/2% down program which requires a middle score of 620. If I hit 640, I qualify for the Home in Five grant which doens't require repayment, so it's worth trying for but I definitely DO have something to lose if my EQ score drops below 620.
I definitely still have some negatives including 4 Cap One accounts that were charged off in 2012 and sold to Portfolio in Oct 2014, so they appear new.
Just like everybody else here, I can't tell you what you should do, but when my own BK7 finally dropped off, my scores all increased a bit, buckets aside.
If it were me, I would need to trust the person who was helping me make what's likely the largest purchase you'll ever make. If you don't/can't trust your mortgage person enough to take his/her advice on helping increase your score, possibly you should look for someone else who you can trust.
Also, as a side-note, your mortgage person doesn't get paid unless your loan closes, so they have an interest in leading you the right way. It wouldn't be in his/her self-interest to take an unreasonable chance with your approval.
Other than the LO's who frequent this and a few other places, I wouldn't trust any of them with optimizing my own file; the ones I've talked to have had some awfully goofy ideas... one recently told me I should have an open auto loan as an example, um no, my itty bitty secured loans do just fine for FICO thank you!
@kgwinn: BK's are arguably the worst derog you can have on your file; if it were me I'd remove it but if you're ragged edge tier and worried, then hold pat and get qualified. Have you prettied up the rest of the file already?
@Revelate wrote:
@UncleB wrote:
@kgwinn wrote:Current scores are:
EXP 618
EQ 624
TU 645
I'm pre-qualified for the 1/2% down program which requires a middle score of 620. If I hit 640, I qualify for the Home in Five grant which doens't require repayment, so it's worth trying for but I definitely DO have something to lose if my EQ score drops below 620.
I definitely still have some negatives including 4 Cap One accounts that were charged off in 2012 and sold to Portfolio in Oct 2014, so they appear new.
Just like everybody else here, I can't tell you what you should do, but when my own BK7 finally dropped off, my scores all increased a bit, buckets aside.
If it were me, I would need to trust the person who was helping me make what's likely the largest purchase you'll ever make. If you don't/can't trust your mortgage person enough to take his/her advice on helping increase your score, possibly you should look for someone else who you can trust.
Also, as a side-note, your mortgage person doesn't get paid unless your loan closes, so they have an interest in leading you the right way. It wouldn't be in his/her self-interest to take an unreasonable chance with your approval.
Other than the LO's who frequent this and a few other places, I wouldn't trust any of them with optimizing my own file; the ones I've talked to have had some awfully goofy ideas... one recently told me I should have an open auto loan as an example, um no, my itty bitty secured loans do just fine for FICO thank you!
@kgwinn: BK's are arguably the worst derog you can have on your file; if it were me I'd remove it but if you're ragged edge tier and worried, then hold pat and get qualified. Have you prettied up the rest of the file already?
I agree not all of them are worth their salt, just like there are doctors I would never let treat me even though they have "M.D." after their name. Same for lawyers, heck, even moreso for lawyers... YMMV is an understatement.
This is why it's important to vet your mortgage person well; for me, I asked my friends who had recently closed on a house who they used, and narrowed the field from there. Also from my time in real estate years ago, I can personally say that not all lenders are suited for all clients. Some lenders might get a better deal for a 800+ FICO than somebody else down the street, but they would stumble with a client who had experienced credit difficulties. Other lenders would be a good fit for the 'less than perfect' client, yet their offerings for someone who was a 'slam-dunk' were slightly sub-par. The only way to know this, of course, it to either ask around, or compare yourself, which it seems the OP is doing.
While there are some 'loonies' out there, I still say this is the most important purchase you'll make for years to come, possibly for life. You owe it to yourself to be comfortable with the person that will be responsible for seeing the process through.