Newrez Home Mortgage

Newrez Home Mortgage Review

Newrez Home Mortgage is offered by Newrez LLC (NMLS #3013), a direct lender founded in 1996 and based in Fort Washington, PA. NewRez mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 4 different mortgage programs offered. Newrez Home Mortgage offers FHA, FHA 203k, VA, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Newrez Home Mortgage does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.

Newrez Home Mortgage Pros & Cons

NewRez mortgage FAQ

How much can you borrow via Newrez LLC?

NewRez mortgage allows borrowers to apply for loan amounts of up to $1,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What mortgage rates does Newrez LLC offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

NewRez mortgage offers home loans with APRs starting at 3.35% .

Do they charge mortgage origination fees?

Yes, NewRez mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, NewRez mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• FHA 203k: An FHA mortgage you can also use to finance home improvements.

What property usage types does NewRez mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. NewRez mortgage allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Newrez Home Mortgage is (888) 673-5521.