FORT WASHINGTON, Pa.--(BUSINESS WIRE)--Today, Newrez proudly unveils its groundbreaking product, RezSource, a conventional loan product that redefines accessibility for low-income borrowers and first-time homebuyers (FTHBs). This innovative program allows qualified individuals and families to secure their dream home with an incredibly low down payment, while also benefiting from a generous lender contribution to further ease financial burdens.
Key Features of RezSource:
- Even Lower Down Payments: RezSource enables low-income borrowers and first-time homebuyers to enter the housing market with only a 1% down payment, a game-changer for those facing financial constraints.
- Lender Contribution: In addition to offering a minimal down payment requirement, Newrez helps the borrow by contributing the lesser of 2% of the appraised value or purchase price or $5,000. This lender contribution serves as extra support for the borrower, further reducing the financial commitment.
- Minimized Out-of-Pocket Costs: RezSource is meticulously designed to minimize out-of-pocket costs for the borrower, ensuring a smoother and more affordable homeownership journey.
- Flexible Funding Sources: Newrez recognizes the diverse financial situations of potential homeowners and created RezSource with added flexibility in meeting the 1% down payment contribution. Borrowers can utilize various sources including gifts, funds from family, support from eligible nonprofits, and assistance from government agencies, among others.
"We are thrilled to introduce RezSource, a product that reflects our commitment to making homeownership a reality for individuals who may have thought it was out of reach," said Baron Silverstein, President at Newrez.
"With RezSource, we aim to empower low-income borrowers and first-time homebuyers by providing an unprecedented combination of very low-down payments and substantial lender contributions."
RezSource is the latest addition to Newrez’s affordable lending product suite that already includes programs like Freddie Mac’s BorrowSmart®, Freddie Mac’s Home Possible®, 3-Step Reno and more. These products put homeownership at the forefront of underserved communities around the nation and help to support the ultimate goal of making homeownership accessible to all—regardless of income or background.
For more information about RezSource and how it can make homeownership a reality for you, visit www.newrez.com.
About Newrez
Headquartered in Fort Washington, Pennsylvania, Newrez is a leading mortgage company, dedicated to reimagining the homeownership journey. Combining mortgage origination and servicing, Newrez is uniquely positioned to offer a streamlined, customer-centric experience, catering to our clients when and where they need it most. Newrez’s customer-first strategy empowers homeowners to optimize their investment, guiding them towards their most beneficial financial decisions every step of the way.
Freddie Mac®, Freddie Mac Home Possible®, and Freddie Mac BorrowSmart® are registered trademarks of the Federal Home Loan Mortgage Corporation. The previously mentioned companies and programs are not affiliated with Newrez LLC.
*Offer only available for 30-year fixed rate loans. Income limits and property type restrictions apply. Minimum loan amount $25,000 in all states but Michigan ($10,000). Other terms and restrictions apply. Contact Newrez for additional details.
