NewRez is pleased to announce the Dream Big product is available for new applications as of April 5, 2021. Dream Big is Jumbo product designed for borrowers with strong credit, reserves, and disposable income. Due to the strong credit characteristics associated with this type of borrower, the Dream Big product may provide for more flexible financing solutions.
Product Highlights include:
- Available for primary residences, second homes and investment properties
- Maximum loan amounts available up to $3,000,000
- Minimum loan amount is $1 over the general conforming loan limits (High-cost areas eligible)
- LTV/CLTV up to 89.99%
- Minimum credit score 680
- Cash out amunt up to $300,000
- Maximum 43% DTI ratio
- DU Approve/Ineligible or LPA Accept/Ineligible is required with the only reason for ineligibility being for loan amount
Please reference the NewRez Lending Library for the Dream Big product for the changes outlined in this announcement.