Refinance with Bad Credit

[Emilio Ramirez]

A couple of friends have approached me for help.

#1 SFH FMV $408k
two mortgages at about $215k at 6.5%
credit score 602 550 550
$48k annual income

#2 SFH FMV $650,000
one mortgage at $450K at 6.5% interest only
credit score 550
$100k annual income

I spoke with two mortgage brokers and a local bank on their behalf. The mortgage broker told me that no one will qualify for a loan without a 620 score. The bank told me that no one will qualify without a 640. I'm pretty sure both of these folks are SOL, but thought I would double check with the experts here. Any one know of any programs that might help these people?