I have a program that requires NO down payment, NO closing costs and NO perfect credit is required.
If someone can show 24 months of a clean payment history (including alternative credit for those that have no established credit accounts), they are well on the way to getting approved.
I marvel at how few agents ask about this program; I guess almost everyone on here never runs into anyone that doesn't have a 640 FICO or $10,000+ in cash but pays their rent and bills on time.
If you've had a client that your normal LO cannot approve in the last 90 days, I would suggest that you take a look at http://www.naca.com, and get them to a workshop to learn about the program. We are also having a workshop for agents on May 7 at my office, 7220 S. Westmoreland, Dallas, TX 75237 from 9am-Noon.
Mortgage Counselor - NMLS 280951