The REI Down Payment Assistance program provides qualifying homebuyers with closing cost and down payment assistance. This program is designed for low income borrowers who are able to make monthly mortgage payments, but don’t have enough funds saved up for a down payment. 

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REI Down Payment Assistance Program

Financial Assistance for Homebuyers in Oklahoma

Working in partnership with participating lenders, the REI Down Payment Assistance program provides qualifying homebuyers with closing cost and down payment assistance. This program is designed for low-income borrowers who are able to make monthly mortgage payments but don’t have enough funds saved up for a down payment.

Available Assistance
Assistance comes in the form of a gift that borrowers do not have to pay back. This is a true gift, with no requirement to repay the amount in the case of sale or refinance, and no requirement to stay in the home for a certain number of years.

The REI Down Payment Assistance program can be used in conjunction with many different first mortgages: FHA, VA, Rural Development, HUD Section 184, Fannie Mae HFA Preferred, and Freddie Mac HFA Advantage loans. The down payment assistance gift is based on a percentage of the total first mortgage loan amount, ranging between 3.5 and 5 percent of the total first mortgage loan amount. The gift funds can used for 100 percent of the homebuyer’s cash requirement to close, such as the down payment, closing costs, pre-paid items, and any other mortgage-related fees.

Eligibility Requirements
In order to be considered eligible for the REI Down Payment Assistance Program, all borrowers must meet certain requirements. Applicants must fall within the program’s income limits, based on qualifying income and household size. Regardless of first mortgage type, they must have a qualifying credit score of at least 640, and a debt-to-income ratio of 45 percent. While there is no first-time homebuyer requirement, it is mandatory that any property being purchased serves as a primary residence for the applicants. Fannie Mae HFA Preferred borrowers cannot have any individual or joint ownership interest in any other residential properties.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
 
 

Down Payment Grants in Oklahoma

The REI Down Payment Assistance program provides qualifying homebuyers with closing cost and down payment assistance. This program is designed for low income borrowers who are able to make monthly mortgage payments, but don’t have enough funds saved up for a down payment. 

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