Combining REX HomeBuyer with our mortgage loans provides a great solution for clients with sufficient income but who lack cash on hand for a down payment, and any homebuyer who’d like to reserve some cash after closing for peace of mind.
San Francisco, CA (PRWEB) April 02, 2013
FirstREX, the industry leader in residential real estate equity finance is now offering down payment funding on home purchases in combination with loans provided by CS Financial. Buyers now have a financing solution that can help them buy their dream home today.
Under the REX HomeBuyer program, FirstREX will fund up to half the down payment required by a mortgage lender. The down payment funding from FirstREX is not a grant, subsidy or loan. It is an equity investment, so there is no interest and homeowners make no monthly payments to FirstREX. The company earns a return on its investment when the home is eventually sold, up to 30 years in the future. If the home has increased in value, the company earns a profit. If the home has decreased in value, FirstREX typically suffers a loss.
“REX HomeBuyer is a perfect complement to what we do,” says Jeff Seabold, CEO of CS Financial. “We’ve built a tremendous business by servicing the needs of borrowers inside and outside of the conforming loan space. Combining REX HomeBuyer with our mortgage loans provides a great solution for clients with sufficient income but who lack cash on hand for a down payment, and any homebuyer who’d like to reserve some cash after closing for peace of mind.”
In many areas of the country, the median home price can be as much as three times the national average. “Even modest starter homes frequently require a jumbo loan,” says James Riccitelli, Co-CEO of FirstREX. “Absent help from a family member, many buyers have a hard time coming up with the required down payment. Others have the cash but want to hold on to some of it in order to furnish or improve their new home. REX HomeBuyer closes the gap and gets them into the home they really want.”
About FirstREX (http://www.rexhomebuyer.com)
Founded in 2004, FirstREX provides homeowners and homebuyers with smart new financing alternatives to home equity loans and mortgages. Neither a lender nor a bank, FirstREX makes long term investments in individual residential properties through two innovative home equity sharing products: REX HomeBuyer, which helps people purchase homes, and the REX Agreement, which allows current homeowners to tap their home equity without interest or monthly payments. FirstREX’s consumer solutions have earned national recognition from prominent newspapers and magazines including the Wall Street Journal, Business Week and the New York Times.
About CS Financial, Inc. (http://www.csfinancial.com)
CS Financial, Inc. is California’s leading independent residential and commercial mortgage brokerage firm. Headquartered in Beverly Hills, CS Financial has funded over 20,000 residential and commercial loans since its inception in 1998, valued at over $15 billion.