NewRez Introduces 1% Down Mortgages

Dec 04, 2023

Senior Editor

RezSource targeted to low-income borrowers and first-time homebuyers.

Newrez has unveiled a new product called RezSource, a conventional loan product that improves accessibility for low-income borrowers and first-time homebuyers. RezSource enables low-income borrowers and first-time homebuyers to enter the housing market with only a 1% down payment.

In addition to offering a minimal down payment requirement, Newrez helps the borrower by contributing the lesser of 2% of the appraised value or purchase price or $5,000. The offer is only available for 30-year fixed-rate loans. Income limits and property type restrictions apply. The minimum loan amount is $25,000 in all states but Michigan ($10,000).

Newrez created RezSource with added flexibility in meeting the 1% down payment contribution. Borrowers can use various sources including gifts, funds from family, support from eligible nonprofits, and assistance from government agencies, among others.

Baron Silverstein, president at Newrez, said, "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."

Down Payment Assistance

Newrez

About the author

Keith Griffin

Senior Editor

Keith Griffin is a senior editor at NMP.

Link copied

Published

Dec 04, 2023

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

The September jobs report gave the mortgage market something it hasn't had much of lately: downward pressure on Treasury yields.U.S. employers added just 29,000 jobs in September, while the unemployment rate edged up to 4.2%, according to the Bureau of Labor Statistics. The ...

Wholesale

The Loan Store Rebrands As Averra Financial

The wholesale lender is adopting a new identity three years after acquiring Homepoint’s wholesale business and rising to No. 4 in industry rankings

The Loan Store has a new name after a three-year expansion that transformed the once-small wholesale lender into one of the largest players in the broker channel.The Tucson, Arizona-based lender has rebranded as Averra Financial Inc., effective immediately, the company annou...