money in reserve. The lender might need to take a few extra steps to ensure that the buyer is going to be able to afford the house and make the payments. Those aren’t insurmountable obstacles, and that loan shouldn’t automatically get rejected. A good lender is able to get buyers who aren’t perfectly positioned to get a loan on the road to approval. There are many loan programs available to make it easier for consumers to get into the home they like. Here’s a short list of different loan programs that could help a buyer reach approval: • The Federal National Mortgage Association (FNMA) commonly referred to as Fannie Mae. • The Federal Home Loan Mortgage Corporation (FHLMC) commonly referred to as Freddie Mac. • A Federal Housing Administration (FHA) loan. • A Department of Veterans Affairs (VA) loan. • A US Department of Agriculture (USDA) loan. • Government bond programs Sometimes, buyers can get closing cost assistance from locally administered programs, government programs, or private programs. There are many different ways to get someone approved for a loan, even if the buyer is not loan-perfect in all respects. A good lender will work with a buyer to find a program that will help get them approved. It is not your job to know the intricate details of each and every loan assistance program available. That’s the job of the loan officer. However, knowing the basics of the available loan programs can help you, the agent, get a better grip on programs 35
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