HELOC-Currently Suspended
NEWREZ'S PIGGYBACK HELOC-Currently Suspended
A Perfect Solution For Those In-Between Borrowers!
- Revolving line of credit with a 10-year interest only draw period followed by a 20-year repayment period
- Full draw is required at time of closing
- Must be closed concurrently with a NewRez first mortgage in one of the following loan programs:
- Conventional DU or LPA, Jumbo Series (F, I, J), High Balance Extra, or Dream Big
Save your borrowers money by bundling a NewRez first mortgage with our new Piggyback HELOC.
- Provide options to increase borrower buying power up to 95% CLTV
- Offers a lower payment alternative on high LTV, high loan amount scenarios
- Give borrowers the flexibility to pay down principal and borrow that principal again if needed
- Help borrowers avoid MI payments
- Maximize borrowers’ cash out amount
Not available in Alaska, Hawaii, and Texas.