FirstREX and RPM Mortgage Introduce New Down Payment Solution for Homebuyers
San Francisco, CA (PRWEB) September 19, 2013 -- FirstREX, the leader in residential real estate equity finance, announced that it is now providing REX HomeBuyer down payment funding in combination with the loans of RPM Mortgage, one of the largest mortgage originators in the Western United States.
REX HomeBuyer increases the buying power of borrowers by providing funds for up to half of a borrower’s required down payment on a home purchase loan. Because the funding is an equity investment—not a loan or subsidy—there is no interest and the homeowner makes no monthly payments. Instead, FirstREX earns a return on its investment equal to a share of the gain or loss in value when the home is eventually sold, which can be up to 30 years in the future.
“RPM has become one of the largest and most trusted independent mortgage lenders because we solve home buyers’ real world challenges,” said Rob Hirt, CEO of RPM Mortgage. “In REX HomeBuyer, well-qualified home buyers have a financial solution that lets them clear the down payment hurdle and get into the home they really want today.”
“We are delighted to offer REX HomeBuyer in conjunction with mortgage loans from RPM,” says Thomas Sponholtz, co-CEO of FirstREX. “Buyers for whom a large down payment is a difficult or uncomfortable prospect now have the funding package that enables them to buy the home that meets their needs without sacrificing their financial peace of mind.”
The REX HomeBuyer program is available now throughout RPM’s California branches and will be rolling out in Oregon and Washington over the next two weeks.
About FirstREX
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. For more information, visit http://www.rexhomebuyer.com.
About RPM Mortgage, Inc.
RPM Mortgage, Inc., based in Alamo, California, is a private mortgage lender. Since 1986, RPM has used financial strength, knowledge, and a community focus to become one of the most trusted mortgage lenders in the industry. RPM works with borrowers, real estate agents, CPAs, financial planners, attorneys and financial consultants to provide homebuyers and owners with the best mortgage solutions in the market today. RPM is a retail only lender and a direct seller and servicer of Fannie Mae loans. RPM’s loan agents are specially trained to offer jumbo, conventional, FHA and VA loan programs to their customers. RPM has more than 60 branches and 800 loan agents and employees. RPM is licensed to lend in California, Nevada, Texas, Colorado, Oregon and Washington. For more information, please visit http://www.rpm-mtg.com, call 925-295-9300, or follow @RPMMortgage.
Warren Lutz, Strategic Vantage, http://www.rexhomebuyer.com, (925) 270-3941, [email protected]
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