The majority of mortgage banks require a minimum down payment of 20% for any loan that is determined a Jumbo Loan. In San Diego County a Jumbo loan is considered any loan amount that is over $546,250.00. There are a few mortgage banks that have access to purchase money Home Equity Lines of Credit options that will allow a buyer to purchase up to an approximately purchase price of $832,000.00 with a minimum down payment of 10%, but that is about the most amount of home a buyer can purchase with that low of a down payment.
What if you would like to purchase a home that listed for more than $832,000.00, but only have 10% down payment?
We are one of the few mortgage banks that can offer a mortgage solution to a buyer in this situation.
The REX Homebuyer Agreement offers a solution. You and REX each put up equal amounts of a down payment to provide 20% down payment on a home. You purchase the home, you are the homeowner and REX is a co-investor without ownership or occupancy rights. The REX Homebuyer Agreement is not a loan so you are not required to make a monthly payment. In exchange for putting up 50% of the down payment on your home, REX will receive 50% of the portion of the change in the value of your home up OR down, when you decide to sell or refinance your home in the future. If your home appreciates, you will make money and so will REX. If the value of your home decrease, REX will lose money and you will reduce your loss.
The REX program will allow you to stop saving and purchase now rather than continue renting. The program will also allow you to keep a cash cushion for repairs or reserves rather than tying up all of your money into a down payment.
Chad and his team were very attentive to all of my needs, they called , emailed and checked in often. No question was left unanswered! Maria was a superstar! taking all my calls no matter the time or day and walking me through every process. The follow through was amazing and I am just so happy that my realtor referred them to me. I was originally referred to another lender that pretty much had no time for me nor did they even bother to try and find me the right loan since I am a widow with one income and a first time buyer with so so credit. I am completely happy with my loan and everything they did for me! Thank you Chad, Maria and Karina for all you did!
As a first time home buyer, I wasn’t sure what to really expect, but Chad and his team made the process very clear and easy. Once the process was over, they didn’t just vanish either. They kept in touch and looked for opportunities that may benefit me. A couple years later, they found me a great refinance opportunity that saved me a lot of money! Once again, the process is long and grueling, but Chad and his team made it as painless as could be. Any barrier that I encountered, they found a quick solution to make it happen. Mortgages are a huge commitment and I wouldn’t pick any other team to help me make the right decisions.”
Great Job Chad Baker Team & Homepoint!
I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I would highly recommend Home Point for mortgage needs. Great Job! ”