FirstREX launches new downpayment program
Program funds half of downpayment
FirstREX started a new program called REX HomeBuyer, which allows borrowers to hold onto more of their cash.
The new program includes less money down on a house, no mortgage insurance and creates only one monthly mortgage payment for a conforming or jumbo loan.
Meanwhile, the program provides 50% of the required downpayment, which is funded through an equity investment in the home.
In return, FirstREX earns a return on its investments based on the future value of the home, and the buyer does not have to make any additional payments to FirstREX.