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, Juliann and the team were great in helping me get through this process. It is not an easy process but they stayed with me the entire time and I am truly grateful. ”
Excellent customer service – highly recommended!. I was referred to Chad by one of my friend. During our initial meeting, Chad walked me through the lending process and provided multiple ideas to start the home search. He got me pre-approved in couple of days. After looking for months, we finally liked a house but it was over our budget. He came up with an intelligent financing strategy and provided an excellent rate that let us purchase our new house. Chad and his team are patient, professional and always available – literally 7 days a week, 24×7. I can’t remember the last company I worked with that returned calls and emails in such a timely manner! I will happily recommend him to others.”
“Juliann – Thank you very much for your patience and help with everything. I can say 150% that we could not have gotten through this without you. I have been through this process before a few times BUT never have received this type of care/attention. This process is intense and you managed to humanize this life changing experience for us – rather than being a loan number. If you or Home Point ever need an official recommendation from us, you can count us in.”