A Look at the REX Homebuyer Program
In previous blog posts I've talked about the REX homebuyer program, and the short video below covers the main points of this equity share agreement. I'm pleased to report from recent experience that REX down payment funding is allowing buyers to reach up in price point, and where there may be more inventory, and qualify for homes that were previously thought to be out of reach. A buyer takes on no additional debt when using REX --- it is not a second mortgage. Remember these key thresholds for the REX program when pairing it with RPM's jumbo mortgage options. REX permits:
- A 10% down payment up to a purchase price of $1,562,500.
- A 12.5% down payment up to a purchase price of $2,000,000.
A buyer in California will be hard-pressed to get terms like these anywhere else and as these same homebuyers have begun to realize this, we are seeing an increased number of REX scenarios and approvals. Let me know if you have questions about REX down payment funding and enjoy the short video here:
Rob Spinosa
Mortgage Loan Originator
NMLS: 22343 CalBRE: 01297944
Cell: 415-367-5959 Fax: 415-366-1590
rspinosa@rpm-mtg.com www.rpm-mtg.com/rspinosa
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941
RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Lender.
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