- People who want to compare loan options
- People who need a bank statement loan
- People who want to invest in real estate
Newrez typically requires a 620 minimum credit score for conventional loans. However, the lender has options for borrowers with a credit score as low as 580 with as little as 3% down, including up to 2% down payment and closing cost assistance with a 1% minimum borrower contribution.
Borrowers with nontraditional income can apply for bank statement, Debt Service Coverage Ratio or asset-qualifier loans.
This lender also offers VA loans and FHA loans. Click to learn more about requirements for those loan programs.
Newrez is a national mortgage company offering various options for purchase, refinance and home equity. In addition to conventional, VA, FHA and adjustable-rate mortgages, it offers renovation loans and specialty loans for investment properties. Borrowers with nontraditional income can apply for bank statement loans.
Newrez offers online preapproval and application with a loan portal for documents, but you can speak with a loan officer over the phone.
You can start by getting preapproved, then apply for your loan once you have an accepted offer on a home. You’ll provide the required documents, including your income verification and bank statements, which can be uploaded to the online loan portal or via email or mobile app.
Newrez offers homebuyers a closing credit of half a percentage point – or up to $1,000 – of the home sales price when buying a home, though this offer isn’t available in all states.
If your loan doesn’t close on time due to a lender delay, Newrez will pay qualifying homebuyers up to $5,000.
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It rated an “excellent” 4.4 out of 5 stars based on over 1,500 Trustpilot reviews.
The Consumer Financial Protection Bureau received one mortgage-related complaint in 2024 about Rithm Capital Corp., the parent company of Newrez. The complaint had to do with issues paying the mortgage. The company offered a timely response and closed it with an explanation.
Homeowners can refinance with Newrez, which offers cash-out, fixed-rate, adjustable-rate, FHA and VA refinance options. The lender also offers home equity loans and home equity lines of credit, with loans of up to $400,000.
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Selecting Mortgage Lenders
We selected the largest U.S. commercial banks by asset volume, according to the Federal Reserve, and analyzed Home Mortgage Disclosure Act data to identify the top direct-to-consumer mortgage originators by portfolio volume. Additional lenders were included based on their relevance to our users, using metrics like monthly search volume.
Rating Mortgage Lenders
U.S. News scores lenders based on multiple factors in three major categories – affordability, eligibility and customer service – identifying the highest overall performers. Factors are weighted based on a nationwide survey of consumers’ top considerations when choosing a home loan.
Collecting and Reviewing Data
U.S. News uses Home Mortgage Disclosure Act data for actual loan costs and terms, typically from the previous calendar year. We also gather information from lenders’ websites and conduct direct surveys to fill gaps. Clear, transparent website information benefits consumers. Lenders may update their offerings quarterly, so we fact-check our data each quarter for changes.
An initial payment made when the home is bought.
The amount of time you have to repay the mortgage.
The APR (annual percentage rate) you pay to the lender, which can be found in your loan agreement. The default displayed represents yesterdays national average APR for 30-year fixed mortgages.
