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Varied Loans Suit All Potential Needs

Read Time: 3 Minutes Date Published: October 24, 2018
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There are loan types to cover every need. Conventional or jumbo home loans can help you move into the house of your dreams. Special loans designed for purchasing special kinds of properties, such as condominiums or investments, deliver terms that suit the situation. Niche borrowing situations are also covered by parts of our generous and expansive line of loans, such as using a "piggyback" home equity line of credit to increase your buying power for high-value properties.

The following are the loan categories we offer, describing the situations in which each type of loan is ideal. Whatever your needs as a borrower or objective, there's likely a loan in there for you.

Traditional loans

Conventional loans, whether on fixed or adjustable rates, are one option for borrowers interested in buying or refinancing homes. With loans available at loan-to-value ratios up to 97 percent (as opposed to the common 95 percent), this could be the option you're looking for. There are specialized programs within the umbrella of conventional loans - Home Possible and Home Possible Advantage are Freddie Mac programs aimed specifically at millennials, low-to-moderate income buyers and people purchasing their first homes. Federal Housing Authority backed loans differ from one lender to another, so you can seek out FHA Loans and Streamlines that suit your circumstances. If you've served in the military VA Loans and IRRRLs may offer you unique value.

Jumbo loans

When it's time for a high-value house purchase, you may need a Jumbo loan. We can help, in more ways than one. The Dream Big Jumbo loan has expanded guidelines beyond a standard loan to make larger financing available to a wider selection of borrowers. The High Balance Extra is specifically for borrowers looking for funds in excess of maximum conforming loan limits. There's a full Jumbo series to inspect and choose from. 

Niche and specialized loans

Loans designed for specific circumstances can deliver the best results in a pinch. For example, a piggyback HELOC is the right choice for borrowers who want to avoid mortgage insurance or improve their buying power on a high-value property. There is a whole range of custom loans available. Compare your situation and circumstances to the array of loans on offer, and you're likely to find one that offers terms that suit you. Getting exactly what you need is possible.

 


See full breadth of loans we offer on our Loan Options page.


 

Learn more in our other educational series.

We’ve assembled a treasure trove of jargon-free information to demystify home-financing and arm you with valuable insights and actionable options.

Why Newrez?

Newrez believes the lending business shouldn't just be about home loans - it should be about homeowners. That's why our employees get to know our customer's real needs, through final closing, and beyond.

Industry leading loan options
Simple pre-qualifications and application processes
Loans for everyone, from seasoned investors to first-time buyers
Putting power back into underserved communities

Disclosures

By refinancing an existing loan, the total finance charges may be higher over the life of the loan.

††The rate on your existing mortgage will not change. The Newrez Home Equity Loan program requires borrower to obtain a second mortgage at current market rates. Loan amount based on underwriting guidelines. Minimum 660 credit score. Minimum and maximum loan amounts apply. Program financing only available on properties with one existing mortgage lien and subject to maximum loan-to-value ratio. Not available in all states or territories. Other terms and restrictions apply. Please contact us for more information.

^ This HELOC is an open-end line of credit, available on owner occupied properties, where 75% of the approved full credit limit (minus the origination fees) will be drawn at the time of closing. Additional draws may be available after a 90-day period within the first 3 years not to exceed the available credit limit. Actual rates available to you may vary based on several factors including your credit score and combined loan-to-value. Loan amounts range from $50,000 to $350,000. We may determine home value and resulting equity through independent data sources and automated valuation models. An appraisal may also be required. Only available for eligible borrowers and property types. Not all applicants will be approved, pre-approval is based on data you have provided and certain assumptions that must be verified and subject to underwriting approval. Not available in all states or territories. Contact Newrez for more information.

This is not a commitment to lend. All loan programs are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.