FHFA leaving g-fees alone, revising primary mortgage insurance requirements

FHFA leaving g-fees alone, revising primary mortgage insurance requirements

Move will lower fees for riskier borrowers; change is ‘revenue neutral’

Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults

Court filing reveals name of anonymous whistleblower in Zillow/Move lawsuit

Former Zillow VP of Strategic Partnerships wrote the letter
W S
Lending / The Ticker

FirstREX, HomeStreet Bank partner to provide down payment funding

/ Print / Reprints /
| Share More
/ Text Size+

Financing company FirstREX will provide down payment funding in combination with the portfolio loans of HomeStreet Bank (HMST), the company announced.

The new program funds up to half of the borrowers down payment as an equity investment.

The company earns a return on its investment when a home is sold, up to 30 years in the future. If the house has increased in value, the company earns a profit, but if it decreases, it suffers a loss.

"Many home buyers can easily afford the monthly housing payments on the home they want to buy, but don’t have enough cash saved for the required down payment," said James Riccitelli, co-CEO of FirstREX.

He explained, "Others have the cash but are uncomfortable making a large down payment. REX HomeBuyer solves both of these problems. Buyers can buy the home they really want today, with less debt and less risk, and retain some of their cash after closing for other purposes."

Recent Articles by HousingWire Staff

Comments powered by Disqus