NewRez Introduces Enhanced Downpayment Assistance Program In Collaboration With Freddie Mac

Mortgage News May 17, 2023

On Monday, NewRez, a mortgage lender and servicer, introduced a unique credit program in collaboration with Freddie Mac. This program aims to support first-time homebuyers who meet the eligibility criteria by offering them closing cost assistance of $3,000 or higher.

NewRez borrowers will have access to Freddie Mac’s BorrowSmart Access program, which will be facilitated through Caliber Home Loans’ extensive network of branches across the country.

This program provides qualifying borrowers in specific metropolitan areas with closing cost assistance of $3,000 or more. To be eligible, borrowers must meet certain criteria, including making a minimum 3% downpayment, participating in personalized homeownership counseling, and having an income equal to or less than 140% of the area median income (AMI).

Baron Silverstein, President of Newrez, expressed in a statement that their objective is to increase the availability of mortgage credit and promote economic opportunities for minority groups and individuals in low- to moderate-income communities. He further stated that the BorrowSmart Access program aligns with this mission by offering means to lower costs during the homebuying journey.

NewRez also mentioned in a statement that borrowers have the option to leverage additional funding sources such as gifts, assistance from family, and approved down payment assistance programs. This flexibility allows borrowers to enhance their purchasing power even further.

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