Newrez Launches 1% Down Payment Product For Low Income, First Time Buyers
Newrez launched a new conventional loan product geared towards low-income and first-time homebuyers, the company announced in a press release.
The product, RezSource, is designed to lower out-of-pocket costs for borrowers.
It allows qualified buyers to secure a 1% down payment, which can be sourced from various places including gifts, funds from family, support for non-profits, and assistance from government agencies, among other options.
At the same time, Newrez will contribute up to $5,000, based on the lesser of 2% of the appraised value or purchase price, easing the financial burden of homebuying.
“We are thrilled to introduce RezSource, a product that reflects our commitment to making homeownership a reality for individuals who may have thought it was out of…