Lender review
Newrez review: what Michigan borrowers should know
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.
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%
- MSHDA MI Home Loan
- Approved lender
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
The full picture on Newrez
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.
Reach for tricky files
Its RezSource program allows 1% down with up to 2% in lender assistance layered on top. Newrez also keeps an office in Troy and lends across all fifty states.
Go in clear-eyed on service
Complaints about actually reaching a human are well documented, and rates never appear online, so APRs can run above average once quoted.
Loans plus servicing are often transferred after closing. Newrez is a tool for a specific problem, not a default pick for a clean purchase.
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. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| 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.
Compare: Guild Mortgage Movement Mortgage New American Funding This week's Michigan rates
Newrez: frequently asked questions
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. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
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 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#3013). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.