Newrez LLC, a national mortgage lending and servicing organization, said Monday it will now offer Freddie Mac BorrowSmart Access, a mortgage program designed to assist first-time homebuyers.
"We're thrilled to work with Freddie Mac to bring BorrowSmart Access to market," said Baron Silverstein, Newrez president. "Our mission is to expand access to mortgage credit and advance economic opportunities for minorities and low- to moderate- income communities. With BorrowSmart Access, we're delivering on that mission by providing ways to reduce cost in the homebuying process.”
BorrowSmart Access is also available through Caliber Home Loans, part of the Newrez Family of Companies.
Under the program, first-time home buyers can receive $3,000 in closing cost assistance if they meet the following qualifications:
- Make a 3% minimum down payment (credit may cover part or all of this);
- Complete one-on-one homeownership counseling;
- Qualifying income must be less than or equal to 140% of the median income in the area, and
- Borrowers can utilize additional sources of funds from gifts, family, and other approved down payment assistance programs to gain even more purchasing power.
BorrowSmart Access is available in 10 metropolitan statistical areas across the United States, including:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
- Detroit-Warren-Dearborn, Michigan
- El Paso, Texas
- Houston-The Woodlands-Sugar Land, Texas
- McAllen-Edinburg-Mission, Texas
- Memphis, Tennessee-Mississippi-Arkansas
- Miami-Fort Lauderdale-Pompano Beach, Florida
- Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
- St. Louis, Missouri-Illinois
“At Newrez, we are committed to being the premier provider of affordable home financing solutions to help all borrowers achieve the dream of homeownership,” said Cristian Correa, SVP of national diversity lending at Newrez. “Joining forces with Freddie Mac on the BorrowSmart Access pilot is a testament to our mutual commitment to expanding access to credit and supporting underserved communities. We look forward to making a positive impact on the lives of many families across the country."
Newrez and Caliber offer a variety of affordable loan programs, including non-qualified mortgage (Non-QM) products, to help customers make smart moves through the lifetime of their mortgage loans.
Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the Rithm Capital Family of Companies.
