FirstREX plans to separately fund through an equity investment up to half of the borrower’s downpayment required on a
San Francisco-based FirstREX said the program is expected to be available to the Pacific Northwest bank’s customers at some time in the third quarter.
If borrowers choose not to sell the home, any time during the term specified in the contract they can exit it under certain conditions, James Riccitelli, co-CEO of FirstREX, told this publication.
This would require an arm’s-length, updated appraisal and recompense of the amount FirstREX originally invested, plus any profit that the company would made if the property were sold at that appraised value.
