Here’s a short list of different loan programs that could help you 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, you 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 you are not loan-perfect in all respects. A good lender will work with you to find a program that will help get you 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 get a better grip on programs you may qualify for. As an example, the United States government started the VA loan program in 1944 to help returning service members get mortgages without them needing to have a perfect credit or enough money in the bank for a down payment. If you are a member of any military faction, chances are good you can get assistance through a VA loan. Armed with that knowledge, you can let the loan officer know that pursuing a VA loan is likely in your best interest, and that can help the loan officer give you an accurate pre-approval letter. 41
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