FORT WASHINGTON, PA — Newrez, a prominent player in the financial services sector, has unveiled its latest initiative, RezFund. This Affordable Lending program is designed to dismantle financial barriers for qualifying borrowers in eligible census tracts within Metropolitan Statistical Areas (MSAs).
RezFund will provide up to $8,000 in assistance for down payments or closing costs, aiming to support first-time homebuyers and foster sustainable homeownership. The program doesn’t impose any applicable income limits, further broadening its potential reach.
James Hecht, EVP Retail Lending at Newrez, said, “Our goal is to bridge the gap between the desire for homeownership and its realization.” He added, “RezFund is a testament to our commitment to empowering underserved consumers by providing accessible credit options.”
This initiative is set to make a significant impact in the housing market. By offering these substantial contributions, Newrez believes that RezFund will make homeownership more achievable for first-time homebuyers in targeted MSAs.
The initiative aligns with Newrez’s mission to foster inclusive, sustainable homeownership and address historical disparities in access to credit. This move comes as part of a broader industry trend to address inequality in the housing market, with a focus on providing more opportunities for first-time buyers and individuals from underserved communities.
RezFund is available for qualifying homebuyers residing in specific census tracts in an array of MSAs, including Atlanta-Sandy Springs-Roswell, GA; Baltimore-Columbia-Towson, MD; Brownsville-Harlingen, TX; Chicago-Naperville-Elgin, IL-IN-WI; and Cleveland, OH, among others.
This initiative underscores the growing recognition within the finance services industry of the need to create more inclusive lending programs. As the sector continues to evolve, efforts such as RezFund will likely play a crucial role in ensuring that the dream of homeownership becomes a reality for more Americans.
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