PETALUMA, Calif. & SAN FRANCISCO--(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 today a relationship that will bring FirstREX’s REX HomeBuyer program to First Cal mortgage customers. The REX Homebuyer program, which FirstREX is now rolling out for the first time in combination with conventional conforming and super-conforming loans, is initially available in California and Washington, with more states to follow.
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 an equity 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.
“First Cal Mortgage is America’s trusted guide in the home buying process since 1977, and this effort with FirstREX provides another great option for customers to attain the home they want,” 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, plus the innovative programs and technology resources that befit a San Francisco Bay Area firm. 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.”
“Nationally, home appreciation is outpacing many borrowers’ ability to get into the market. We are excited to introduce the REX HomeBuyer solution to customers, closing that gap and enabling them to achieve the favorable economics of buying with a full 20 percent down,” said Joe McKone, Executive Vice President for First Cal. “The REX Homebuyer program can help first-time buyers as well as current owners who want to move-up to a larger home. We believe independent mortgage brokers affiliated with First Cal will be enthusiastic about the First Cal / FirstREX program as well.”
James Riccitelli, Co-CEO of FirstREX, San Francisco, said systems are in place for First Cal to accept loan applications with a FirstREX down payment investment beginning August 15.
“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 Riccitelli. “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.”
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.rexhomebuyer.com, and consumers and mortgage brokers interested in the First Cal / FirstREX program in California 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.
San Francisco-based FirstREX is the leader in home ownership investment. Founded in 2004, FirstREX invests alongside homeowners through two programs: REX HomeBuyer, which contributes funds toward the down payment, and the REX Agreement, which lets homeowners tap into their home equity. This partnership gives homeowners the flexibility and control to buy and own the home that will enrich their lives. For more information, visit http://www.rexhomebuyer.com.