Program offers up to $8,000 in lender contribution
Newrez, a mortgage servicer and lender, has launched its latest affordable lending program aimed at facilitating homeownership for qualifying borrowers in select Metropolitan Statistical Areas (MSAs).
The new program, RezFund, primarily targets first-time homebuyers in designated census tracts, providing them with crucial financial assistance to cover down payments and closing costs.
“Our goal is to bridge the gap between the desire for homeownership and its realization,” said James Hecht, executive vice president of retail lending at Newrez. “RezFund is a testament to our commitment to empowering underserved consumers by providing accessible credit options.”
RezFund doesn’t have applicable income limits, with a lender contribution of up to $8,000 for down payment and/or closing costs.
The program is currently available in numerous MSAs across the United States, including: Atlanta-Sandy Springs-Roswell, GA; Baltimore-Columbia-Towson, MD; Chicago-Naperville-Elgin, IL-IN-WI; Detroit-Warren-Dearborn, MI; and Miami-Fort Lauderdale-West Palm Beach, FL, among others.
“Newrez believes that by offering these meaningful contributions, RezFund will make homeownership more achievable for first-time homebuyers in targeted MSAs,” the non-bank lender said in its press release. “The program aligns with Newrez's mission to foster inclusive, sustainable homeownership and address historical disparities in access to credit.
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