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
- 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.
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.
FHA/VA and USDA Program Pricing Enhancements:
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.