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 are fantastic!
Chad and his team assisted me with the financing of my condo. Every member of Chad’s team was extremely professional, highly competent, super responsive, and friendly. They realize that financing a home can be a stressful experience and they do their best to alleviate that stress by keeping you in the loop on everything. They were great about giving me frequent updates on the status of my application. In addition, they happily answered my questions. At one point, when I felt like I was pestering Chad with questions, his response was a friendly, “keep them coming!” And he meant it!!! Likewise, Maria and Karina were just a pleasure to work with as well! This team is like a fine-tuned machine. Thank you so much for all of your help!!!
Thank you, Chad. You have been amazingly responsive to all my questions, and you have a great staff assisting you. Thanks so much for all your help!
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! ”