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Credit.com: Some lenders are giving second-chance loans to those with bad credit

Brenda Woods didn’t want to move and leave the garden she had tended for 40 years. But the roof was falling in. And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home.

Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community Loan Fund-a Community Development Financial Institution (CDFI). It let the Woods replace their home with a new, safe, affordable, energy-efficient manufactured home.

Nearly 700 families financed homes through the Community Loan Fund, which won a $5.5 million award from the Wells Fargo WFC, +0.54% NEXT Awards for Opportunity Finance.

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