Newrez Launches RezFund: Providing More Affordable Lending Solutions for Historically Underserved Communities

FORT WASHINGTON, Pa.--(BUSINESS WIRE)--Newrez, a top nonbank mortgage servicer and lender, is thrilled to announce the launch of its latest initiative, RezFund, an Affordable Lending program designed to eliminate barriers for qualifying borrowers in eligible census tracts in Metropolitan Statistical Areas (MSAs).

RezFund provides borrowers up to $8,000 in down payment and/or closing cost assistance. This First-Time Homebuyer program aims to foster sustainable homeownership.

"Our goal is to bridge the gap between the desire for homeownership and its realization," said James Hecht, EVP Retail Lending at Newrez. "RezFund is a testament to our commitment to empowering underserved consumers by providing accessible credit options."

Key features of RezFund include:

• Lender contribution of up to $8,000 for down payment and/or closing costs.
• No applicable income limits.

Newrez believes that by offering these meaningful contributions, RezFund will make homeownership more achievable for first-time homebuyers in targeted MSAs. The program aligns with Newrez's mission to foster inclusive, sustainable homeownership and address historical disparities in access to credit.

RezFund is available for qualifying homebuyers currently living in specific census tracts in one of the following MSAs:

• Atlanta-Sandy Springs-Roswell, GA
• Baltimore-Columbia-Towson, MD
• Brownsville-Harlingen, TX
• Chicago-Naperville-Elgin, IL-IN-WI
• Cleveland, OH
• Dallas-Fort Worth-Arlington, TX
• Detroit-Warren-Dearborn, MI
• Houston-Pasadena-The Woodlands, TX
• McAllen-Edinburg-Mission, TX
• Memphis, TN-MS-AR
• Miami-Fort Lauderdale-West Palm Beach, FL
• New York-Newark-Jersey City, NY-NJ
• Oklahoma City, OK
• Orlando-Kissimmee-Sanford, FL
• Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Phoenix-Mesa-Chandler, AZ
• Riverside-San Bernardino-Ontario, CA
• San Antonio-New Braunfels, TX
• St. Louis, MO-IL
• Tampa-St. Petersburg-Clearwater, FL
• Washington-Arlington-Alexandria, DC-VA-MD-WV

For more information about RezFund and how it can benefit homebuyers in underserved communities, please visit www.newrez.com.

About Newrez

Newrez is a leading nationwide mortgage servicer and lender that believes in making homeownership more accessible for all. With a commitment to innovation and inclusivity, Newrez provides a diverse range of mortgage solutions tailored to meet the unique needs of borrowers across the country.

Disclaimer:
Property type and geographic restrictions apply. At least one borrower on the loan must be a first-time homebuyer. Other terms and restrictions may apply. Contact Newrez for more info.

© 2024 Newrez LLC, 1100 Virginia Dr., Ste. 125, Fort Washington, PA 19034. 1-888-673-5521. NMLS #3013 (www.nmlsconsumeraccess.org). Equal Housing Opportunity. This is not a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.