Bulletin 2023-073 Smart Series Updates
Newrez LLC "Newrez" Approved Correspondent Clients; effective with applications on or after October 23, 2023.
Smart Series Product Summaries
|
Previous Guidelines:
|
New Guidelines:
|
|
SmartEdge, SmartSelf & SmartVest
Maximum Cash Out:
Cumulative for all properties simultaneously being financed, not each individual loan
Ineligible States:
Alaska
|
SmartEdge, SmartSelf & SmartVest
Maximum Cash Out:
Cumulative for all properties simultaneously being financed with Newrez, not each individual loan
Eligible States:
Alaska
|
|
Previous Guidelines:
|
New Guidelines:
|
|
SmartEdge & SmartSelf
Condotels & Non Warrantable Condos:
Maximum DTI 45%
|
SmartEdge & SmartSelf
Condotels & Non Warrantable Condos:
Maximum DTI – 50%
- If the DTI is > 43%, residual income requirements must be met
- If the DTI is > 45%, residual income and three months reserves are required in addition to product requirements
|
|
Previous Guidelines:
|
New Guidelines:
|
|
SmartVest
First Time Investor
- A first-time investor is a borrower with less than one year of landlord experience, and is permitted if all of the following are met:
- Minimum 700 credit score
- Maximum 75% LTV
- Borrower currently owns a primary residence for at least 12 months, and has a 12-month housing payment history (current or prior payment history) on their primary residence.”
- Must have a 36-month credit history including the 12-month housing payment history
- Maximum one investment property financed with the Company SmartVest product if the borrower has less than three years of landlord experience product if the borrower has less than three years of landlord experience
|
SmartVest
First Time Investor
- A first-time investor is a borrower with less than one year of landlord experience, and is permitted if all of the following are met:
- Minimum 700 credit score
- Maximum 75% LTV
- Borrower currently owns a primary residence for at least 12 months, and has a 12-month housing payment history (current or prior payment history) on their primary residence.”
- Must have a 36-month credit history including the 12-month housing payment history
- Maximum one investment property financed with the Company SmartVest product
|