Lender review
Newrez review: what Michigan borrowers should know
Best for: buyers needing non-qm or very-low-down-payment options
- Headquarters
- Fort Washington, PA
- Founded
- 2008
- NMLS
- #3013
- Min. credit score
- 620
- Min. down payment
- 1%
Newrez is a large national lender and servicer with a Troy, Michigan office, notable for a wide non-QM menu and a 1%-down program (RezSource) that adds up to 2% assistance. That flexibility is real, but the tradeoff is well-documented customer-service friction and rates that aren't posted online.
Newrez earns its place on a Michigan list through flexibility on the files other lenders reject. It runs a broad non-QM menu for self-employed and unconventional-income borrowers, and its RezSource program allows one percent down with up to two percent in lender assistance layered on top. For a buyer whose paperwork doesn't fit the standard mold, that reach is the whole reason to call.
There's a local thread too. Newrez keeps an office in Troy and lends across all fifty states, so a Michigan borrower isn't dealing with a lender that has never heard of the market. The very-low-down structure, in particular, speaks to first-timers who have the income to carry a payment but not the savings to clear a traditional down payment.
The service record is the part to go in clear-eyed about. Complaints about actually reaching a human are well documented, rates never appear online so APRs can run above average once quoted, and loans plus servicing are often transferred after closing. Newrez is a tool for a specific problem, unusual financing needs, rather than a default pick for a clean, straightforward purchase.
What works
- 1%-down RezSource program with lender-paid assistance
- Broad non-QM and specialty products for tricky files
- Michigan office presence and nationwide licensing
What to watch
- Frequent complaints about reaching customer service
- No rates posted online; APRs can run above average
- Loans and servicing often transferred after closing
Loan programs at Newrez
Which core Michigan loan types Newrez offers, with the typical minimum down payment for each program. Program floors are industry standards — Newrez's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | ✓ Yes | 0% |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where Newrez's credit bar sits
Newrez's roughly 620 minimum sits in the good credit range. The marker below sets 620 against the four credit tiers and the 620 catalog median.
| Newrez | Michigan median* | |
|---|---|---|
| Editorial score | 3.7 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 5 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
How Newrez's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Guild Mortgage, Movement Mortgage or New American Funding, then compare Loan Estimates line by line. For context on where pricing lands, check our Michigan rate table.
Newrez: frequently asked questions
What are Newrez's mortgage rates in Michigan?
Newrez doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. It doesn't publish live rates online, so you'll need to request a personalized quote. The reliable move: pull a written Loan Estimate from Newrez and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is Newrez a legitimate mortgage lender?
Yes. Newrez is a licensed mortgage lender registered under NMLS #3013 and lending since 2008. Anyone can verify that number, and the company's complaint record, at NMLS Consumer Access. In our independent scoring it lands at 3.7/5 for Michigan buyers, with no paid placement.
What credit score do you need for a Newrez mortgage?
Newrez generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. Individual overlays can push that higher, so 620 is the opening bid, not the final word.
Does Newrez offer FHA, VA and USDA loans?
Newrez offers FHA, VA and USDA loans to Michigan borrowers. It covers the full government-loan menu. Its complete Michigan lineup is Conventional, FHA, VA, USDA, Jumbo.
Does Newrez lend in Michigan?
Yes. Although Newrez is headquartered in Fort Washington, PA, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
Will Newrez sell my mortgage after closing?
Possibly. Borrowers report that Newrez frequently transfers servicing after closing, so the company you pay may change even though your loan terms don't. That's common industry-wide, but if keeping one servicer matters to you, ask before you lock.
Independent and unpaid — Newrez did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#3013).