Poor credit and refinancing

[Account Closed]

Can anyone recommend a lender for poor credit in Texas? DTI will be solid, but the FICO is 615. Would love to avoid FHA.

[Shanna Bechtel]

Kevin,
Check with local banks and credit unions about their CRA programs. CRA stands for Community Reinvestment Act. You can locate a CRA area at FFEIC.gov. If the said person makes less than 80% of the median income or is financing a home in a CRA area, there are federal programs they may qualify for even with sub-prime credit and little money down. The FFEIC website should also be an overall resource about the program.

The act was basically set up to prevent institutions from discriminating from certain lower income or less "desirable" areas and it is federal. They are required to do so many CRA related loans every year so they may be motivated to put something together.