Announcement 2025-055 Closed End Second Updates
Announcement 2025-055 Closed End Second Updates
Newrez LLC "Newrez" Approved Correspondent Clients; Newrez is announcing updates to the Closed End Second Program.
Effective immediately with new locks on and after August 11, 2025 the Closed End Second Program eligibility has been expanded to include a 15 year term.
- Product Code 2591 – Closed End Second Standalone 15 Year
In addition, Second Homes have been added as an eligible occupancy type with a new Eligibility Grid:
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ELIGIBILITY MATRIX |
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|
Units |
Occupancy |
Loan Amount |
Credit Score |
CLTV |
DTI |
|
1 Unit |
Second Home |
$300,000 |
720 |
80% |
45% |
|
$250,000 |
680 |
75% |
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|
$150,000 |
660 |
70% |
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