The credit hit is mostly from the amount of late payments (and how late they are)..
We can finance borrowers with a Foreclosure or Short-Sale the next day if there mid score is above 660 (620 with exception) under our 2nd chance loan.
Under conventional financing you would have a waiting period of 2 years after a Short-Sale and 7 years after Foreclosure. FHA would be a 3 year seasoning.
The link below has it all laid out on a grid..