eLEND expands credit eligibility for FHA cash-out refis, conventional loans

New Jersey-based mortgage lender eLEND is expanding credit score eligibility for Federal Housing Administration (FHA) cash-out refinances and conventional loans through a limited-time incentive designed to give borrowers with lower credit scores more financing options. The program, called CreditEdge, allows FHA cash-out refinance borrowers to qualify with credit scores as low as 500 and conventional borrowers to qualify with scores below 620, subject to approval through automated underwriting systems (AUS). The expanded guidelines apply to primary residences and are available through eLEND’s retail, wholesale and nondelegated correspondent channels. Loans must be locked by Dec. 31, 2026, to qualify. “The Fed held rates steady last week, and with inflation still weighing on the economy, affordability can’t wait on rate relief,” said Rob Pieklo, president and CEO of eLEND. “That’s why we’re focused on what we can control. Expanding credit score requirements, backed by AUS approval to evaluate each borrower’s ability to repay, gives our broker partners more ways to get deals done and helps more people get into homes.” For FHA cash-out refinances, the minimum credit score is 500. Fanni...