US News and World Report recently covered REX HomeBuyer as one of several creative ways to that people are using to buy homes in this challenging market. RPM loan advisor Rob Spinosa is introducing REX HomeBuyer to clients as a way to get over the down payment hurdle.
“Rob Spinosa, a Mill Valley, California-based mortgage loan originator with RPM Mortgage, says programs like REX can make sense for people buying in markets like the Bay Area who need a large down payment to keep monthly payments within their reach, or qualify for a certain size mortgage. “With home prices being high, coming up with a 20 percent down payment can be a challenge even for people who’ve saved,” he says. “By partnering with REX, you’re cutting down your investment initially. You’re not borrowing 90 percent, you’re only borrowing 80 percent.”
REX HomeBuyer is the one down payment program that is available to buyers of almost every income and location.
“For those determined to buy in a pricey market that might require a jumbo loan not available from Freddie, Fannie or FHA, options like the REX HomeBuyer program can help. REX is not a mortgage lender, but it offers down payment assistance in exchange for an equity share of the home’s appreciated or depreciated value when sold.”
Read the rest of the article>> US News and World Report -By Susan Johnston Feb. 3, 2015