early enough, we can determine what loan program will work best for you. For example, if you don’t have a large down payment, I can offer you various loan programs that are designed for people in your situation, perhaps an FHA loan or VA loan. If you shop for a property in a USDA-designated rural area, I may be able to direct you to a USDA loan. You may be able to get a grant or some sort of down payment assistance. The point is, if I know your circumstances early in the process, we (as in you, the agent, and I) can conduct a more targeted approach in selecting homes to show the client. This will likely increase the probability of the borrower obtaining a loan, and possibly shorten the amount of time the process takes. There are different techniques available to the savvy loan officer to get buyers approved for a loan, even if they don’t have a large down payment. It is a similar situation in the case with a borrower/home-buyer who has a low credit score. A diligent lender can work with a borrower who has a credit score all the way down to, in some cases, a 550 FICO score. The FHA program allows this. It is not easy to do, and some borrowers will dissuade or turn such borrowers away. That’s because working with a score that low is challenging. However, it can be done. I have even found loans for buyers who did not have any credit score — they were able to get approved for a loan based on solid documentation of long-tenured job history, solid rent and utilities payments over a number of years, and the fact that the borrower had no negative credit score. Sometimes, a little creativity can help a client without a solid credit score. There was one buyer I dealt with who had almost no credit — no cards, no loans, nothing. What I suggested he
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