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Announcement 2019-008 - Dream Big Updates

Effective immediately for new applications and loans locked today, February 13, 2019, NewRez is updating the Dream Big product to align with the investor’s requirements.

These changes are for 20-, 25- and 30-year fixed rate loans as outlined below. 

No eligibility changes were made to the 15-year fixed or ARM products. Please note that Loan Scorecard will be updated at a later date. Notice will be provided at that time.

Many expansions are occurring for owner-occupied including lowered FICOs and increased maximum loan amount for cash-out refinances. Investment properties will now allow 2-to 4-units, with increased maximum loan amount and lowered FICOs. Some contractions are occurring as well, with owner-occupied rate and term refinances updated to a maximum 80% LTV, maximum cash-out amount updated to $300,000 and no cash-out permitted on investment properties.

Please note as an alternative that Jumbo Series F and J allow rate and term refinances to 90% LTV, and investment property cash-out.

 

Please reference the Product Profiles page for full details of the changes outlined in this announcement.