CLOSE YOUR NEXT DEAL WITH OUR EXPANDED AGENCY SOLUTIONS
Newrez’s agency products can structure qualified loans for more borrowers – which means you can close more loans. Our position as a direct seller/servicer to Fannie Mae, Freddie Mac, and Ginne Mae allows Newrez to pass the pricing, expanded guidelines, and smooth process – from application to funding – on to our partners.CONVENTIONAL
Many companies limit their conventional loans to 95% loan-to-value (LTV) – not us. A 97% LTV is just one of the things that make Newrez’s conventional loans a better choice.
HIGHLIGHTS
- 580 minimum credit score
- Up to 97% LTV/CLTV for fixed-rate mortgages when at least one of the borrowers purchasing the property is a first-time homebuyer
- 10-30 year fixed-rate mortgages 5/6M, 7/6M, 10/6M ARM mortgages
- Eligible property types include 1-4 units, condos, co-ops, manufactured housing, modular homes, and PUDs
- Purchase and refinance options available
- Temporary buydowns available on fixed rate purchase loans
HOMEREADY & HOME POSSIBLE®
Help more borrowers achieve homeownership with this new, flexible conventional mortgage product. Fannie Mae’s HomeReady™ and Freddie Mac’s Home Possible® programs are designed to provide affordable mortgages to creditworthy borrowers with low-to-moderate income. Offer your customers greater flexibility, expanded guidelines and higher loan-to-values (LTVs).
HIGHLIGHTS
- 580 minimum credit score
- Down payments as low as 3%
- Gift funds, grants, and Affordable Second® can contribute to the down payment
- Flexible income requirements: Rental income from accessory dwelling units and incomes
- Lower mortgage insurance (MI) requirement: 25% for 90-97% loan-to-value (LTV), compared to 30% and 35% respectively
- Borrower income eligibility: 80% of area median income (AMI)
