PETALUMA, Calif. & SAN FRANCISCO & ROCKVILLE, Md. & ANNAPOLIS, Md.--(BUSINESS WIRE)--First California Mortgage Company (First Cal), a leading home lender for nearly 40 years throughout the U.S., and FirstREX, the industry leader in home ownership investment, announced an extension to an innovative program that bridges the home down payment gap. Building on FirstREX’s “REX HomeBuyer” program that has established a strong track record for jumbo-loan borrowers across the U.S., now home buyers in Maryland will, for the first time, be able to use the investment program to double their down payment in combination with conventional conforming and super-conforming loans. The program is available through First Cal loan originators in Maryland including:
-- Topaz Mortgage, Rockville, MD
-- America Trust Mortgage, Rockville, MD
-- Redwood Mortgage Services, Annapolis, MD
-- BMIC, Rockville, MD
-- Garland Mortgage, Marriottsville, MD
-- Primex Mortgage, Rockville, MD
-- BancStar Mortgage, Bethesda, MD
-- Eagle Creek Mortgage, Gaithersburg, MD
The REX HomeBuyer program contributes up to half of the down payment on a home purchase. For example, if a buyer has 10 percent to put down, FirstREX can match that to make a combined 20 percent down payment. The combination of REX HomeBuyer investment with a First Cal mortgage loan means a buyer can borrow less, make a smaller monthly payment and avoid paying the mortgage insurance required if they had put down less than 20 percent. A buyer using the solution can get more home with less down payment and a lower monthly payment.
The money from FirstREX is a home ownership investment not a loan, so there are no monthly payments or interest. Instead, the company hopes to earn a return on its investment from a portion of the appreciation when the homeowner sells – up to 30 years later. And the homeowner can buy FirstREX out after three years.
“Maryland is one of the first places on the Eastern Seaboard where we’re rolling out Rex HomeBuyer, following our growing national footprint,” said CEO Christopher Hart, the second-generation leader of First Cal. “First Cal has the people and service you expect from a 40-year-old lender. The REX HomeBuyer solution is particularly helpful for buyers who have the qualifications for the home of their dreams, but can’t muster a big down payment.”
“Rex HomeBuyer is a real win-win scenario,” said C. Stuart Kiehne, President of Redwood Mortgage in Annapolis, “because it allows someone to afford true homeownership, in choices that are important for years to come. With more down payment, you have many more options in location, neighborhood, size of the home, and proximity to work and schools.”
The REX Homebuyer program can help first-time buyers as well as current owners who want to move-up to a larger home. The National Association of Realtors reported Maryland home prices went up another 2.5 percent in August. “Home buyers are looking for alternatives to help them get the home they really want,” added Hart.
“Through the REX HomeBuyer program, FirstREX invests alongside the buyer, enabling them to consider a wider choice of homes without taking on more debt,” said James Riccitelli, Co-CEO of FirstREX. “Applying for REX HomeBuyer is easy. We work with the lender to process the application and approval in tandem with the mortgage loan. Together with our lender partners we deliver a financial solution that gets the buyer the home they really want.”
Currently available in partnership with First Cal in Maryland, California, Oregon, and Washington state, the REX Homebuyer program is available on single-family homes, condos and townhomes in combination with conventional loans meeting conforming and super-conforming guidelines. Multi-unit and rental properties are not eligible.
General information on REX HomeBuyer is available at www.1rex.com, and consumers and mortgage brokers interested in the First Cal / FirstREX program in California, Maryland, Oregon and Washington should contact First Cal at 855-592-LOAN (855-592-5626), or visit www.firstcal.net/loan-types/rex-homebuyer.
About First Cal
Founded in 1977, First California Mortgage Company (First Cal) is a full-service home mortgage lender whose family-run roots instill a personalized approach to its commitment of offering the best loans and customer service in the industry. First Cal, NMLS #24055, is an approved seller-servicer with Fannie Mae and Freddie Mac, and an approved I&II issuer with Ginnie Mae. Based in Petaluma, Calif. and active in more than 30 states, First Cal is ranked as a Top 100 lender by Mortgage Executive Magazine. Its innovative Diamond Lane™ service for qualified borrowers enables closing within 21 to 25 days, sometimes faster. For more information on First Cal and its loan products, call 855-592-LOAN or visit us at www.FirstCal.net.
FirstREX is a home ownership investment company. Founded in 2004, San Francisco-based FirstREX makes long-term investments in individual residential properties through two innovative programs: REX HomeBuyer, which provides a portion of the down payment needed to purchase a home, and the REX Agreement, which allows current homeowners to tap into their home equity without interest or monthly payments. Managed by a veteran team of financial experts, and backed by major pension funds and endowments, FirstREX is committed to providing consumers with the partnership and support needed to buy and own the home. For more information, visit www.1REX.com or follow FirstREX on Twitter, LinkedIn, Instagram or Facebook.