eLEND Launches CreditEdge Incentive to Expand Credit Score Eligibility for FHA and Conventional Loans
National residential mortgage lender eLEND has introduced 'CreditEdge,' a limited-time incentive designed to lower credit score requirements for specific loan products. Under this program, the company will accept FHA cash-out refinances with scores as low as 500 and conventional loans with scores below 620, provided they receive Automated Underwriting System (AUS) approval from Fannie Mae or Freddie Mac. The initiative aims to assist mortgage brokers in serving a broader range of borrowers during a period of housing affordability challenges. By leveraging AUS findings like Desktop Underwriter (DU) or Loan Product Advisor (LPA), eLEND intends to expand access to home equity and first-time homeownership while maintaining responsible lending standards through comprehensive profile evaluations.
Topics: conventional loans credit score requirements FHA loans mortgage lending refinancing