I was reading a little about the HUD 203(k) program and wanted to institute something similiar to obtain cra credit. What kinds of loans has everyone been making to get CRA credit that have worked well?

We have used a combination of Fannie and Freddie products that are part of their community lending portfolios. Those products usually have reduced underwriting and downpayment requirements. We also have an in house product that mirrors those programs to an extent.

Specifically what products have you used of FNMA?

We have used the My Community Mortgage Suite of products. The two biggest are the FNMA Community 97 and the Community 97 Section 8 to Homeownership. Those products only require 3% down and have flexible underwriting. Also they allow for multiple sources of downpayment assistance. Another product they have that is worthwhile is the Timely Payments Mortgage. This is for a person that is more credit challenged. If they make 24 consecutive on-time payments, the rate on their mortgage is dropped by 1%. That is only available one time during the life of the mortgage.