Effective immediately, the maximum cash-out amount is being reduced for the SmartSelf product The maximum cash-out limits are as follows:
- Primary residence and second homes: $500,000
- Investment properties: $350,000
As a reminder, the maximum cash out amount includes debt consolidation and HELOCs with draws within the past 12 months. If the borrower is financing multiple Smart product loans, the maximum cash out is cumulative for all properties being financed, not each individual loan.
Please reference the SmartSelf Product Profile and Smart Guide in the NewRez Lending Library for complete product details.