Key facts
- eLEND's CreditEdge allows FHA cash-out refinance borrowers to qualify with credit scores as low as 500.
- Conventional loans are eligible with scores below 620, but a minimum score of 600 applies when private mortgage insurance is required.
- Loans must receive an Approve/Eligible finding from Fannie Mae's Desktop Underwriter or an Accept finding from Freddie Mac's Loan Product Advisor.
- eLEND said the program is available through its retail, wholesale and nondelegated correspondent channels.
- American Financial Resources, which rebranded to eLEND last year, has produced a year-to-date volume of $405.7 million, according to RETR data.
New Jersey-based mortgage lender eLEND launched a program called CreditEdge that expands credit score eligibility for Federal Housing Administration cash-out refinances and conventional loans, the company said. FHA cash-out refinance borrowers can qualify with credit scores as low as 500, and conventional borrowers with scores below 620, subject to approval through automated underwriting systems.
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. For conventional loans backed by Fannie Mae and Freddie Mac, a minimum score of 600 applies when private mortgage insurance is required. All loans must receive an Approve/Eligible finding from Fannie Mae's Desktop Underwriter or an Accept finding from Freddie Mac's Loan Product Advisor.
"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. "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."
Michael Brenning, chief operating officer of eLEND, said broker partners report credit score requirements are one of the main reasons they turn borrowers away. eLEND said the program pairs expanded credit score requirements with automated underwriting to maintain its lending standards, evaluating income, assets, debts and payment history rather than relying solely on a credit score.
CreditEdge is part of a broader effort by eLEND to expand its product offerings for mortgage brokers and lending partners. Recent additions include an expanded renovation lending suite featuring the AI-powered Ready4Remodel platform, eXPRESS HELOC and debt-service-coverage ratio loans. The company also said jumbo AUS is coming soon. American Financial Resources, which rebranded to eLEND last year, has produced a year-to-date volume of $405.7 million, according to RETR data.