New Program: WesLend Jumbo

Lenox/WesLend is excited to offer our New WesLend Jumbo program. This program will give our broker partners yet another jumbo/non-conforming program option. Some highlights include:

  • 90% LTV/CLTV for purchases
  • $2.5 million max loan amount available
  • Up to $500,000 cash out amount
  • Texas 50(a)(6) transactions – Allowed
    • Up to $250,000 cash out limit

     

    HomeReady and Home Possible

    Lenox/WesLend is pleased to announce the addition of Lender Paid Mortgage Insurance (LPMI) to our WesLend Agency Affordable Mortgage option programs, HomeReady and Home Possible. This will give the option to the borrower to have one inclusive payment and provide our broker partners various options of MI for their borrowers.

    New available LPMI programs:

    Program / Product                                                                         Product Code

    HomeReady / 30 year fixed LPMI                                                1024-00

    Home Possible / 30 year fixed LPMI                                           1028-00

    Home Possible Advantage / 30 year fixed LPMI                    1028-00

    Note: Home Possible Advantage Plus products do not offer LPMI at this time.

    FHA/VA High Balance Program

    Effective immediately, Weslend is reducing the minimum credit score requirement from 620 to 580 on our FHA/VA High Balance program.

    See guidelines for details.

    Pricing Update:

    FHA/VA and USDA Program Pricing Enhancements:

    • FICO Adjustor – Effective on Monday, May 1st, various FICO score adjustors were modified to better reflect current market conditions.
    •  Loan Amount Adjustors – Effective on Monday, May 8th, various loan amount adjustors were also modified to more align with the current market.

    These pricing changes as well as the new FHA/VA High Balance program to a 580 credit score are currently available on the daily rate sheet and in Broker Connection.

    Please contact your Account Executive with any questions.