Lenders must be approved by U.S. Bank HFA Division to participate in the REI Home100 Program. US Bank serves as the Master Servicer and purchases the loans associated with the …
REI Down Payment Assistance sends the first mortgage interest rates daily on a rate sheet email and posts on the lender portal at www.reihome100.org by 9:00 A.M. Central Time. Should you …
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No, there is no first-time homebuyer requirement. Please see the program summary via the link at the bottom of the page for more detailed information.
Lenders should be able to close a loan with the REI Home100 Program in the same amount of time it takes to close a traditional mortgage loan.
Yes, manufactured housing is an allowed property type under the Home100 Program. Only multi-section manufactured housing is allowed (no single-wides), and all agency guidelines for the applicable loan product must …
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No, the borrower must utilize the gift on their primary residence.
For our DPA on government loans, we have multiple options in the form of both a gift and an amortizing 2nd mortgage. Please see options below: Option 1A – Gift: …
Government Options 1A & 1B: No, the borrower is not required to pay back the gift upon sale or refinance; it is a true gift to the borrower. Government Option …
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We offer a 30 year fixed rate loan with down payment assistance on the following loan products: FHA – 203(b), 234(c) & 203ks (lenders must have an additional approval from …
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REI will wire the Gift Funds to title prior to closing upon approval of the Funding Request Stage in the Lender Portal. The Lender will fund the amortizing 2nd mortgage …
Government Option 1A and 1B (FHA & VA) : QUALIFYING income must not exceed Program Government Limits. Click the links at the bottom of the page to see the income …
Seller concessions are allowed as determined by the First Mortgage Program selected.
Homebuyer education is recommended, but not required.
Loans may be underwritten through an automated underwriting System (DU or LP) – Rural Development Loans (GUS). Source of funds should be Non-Seller funded Non-Profit (not a government agency) Automated …
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For our DPA on conventional loans, we have multiple options in the form of a gift, forgivable 2nd mortgage, and amortizing 2nd mortgage. Freddie Mac HFA Advantage: Option 1A – …
The assistance the borrower receives with the Freddie Mac HFA Advantage loan is a gift and does not have to be repaid. The assistance the borrower receives with the Fannie …
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We offer a 30 year fixed rate loan with down payment assistance on the following conventional loan products: Fannie Mae HFA Preferred up to 97% LTV Freddie Mac HFA Advantage …
Continue reading “What types of loan programs are available?”
REI will wire all gift and forgivable 2nd Mortgage funds to the title company prior to closing upon approval of the Funding Request Stage in the Lender Portal The Lender …
The borrower’s qualifying income must not exceed Program Income Limits. Click the links at the bottom of the page to see the income limits. Lenders will be responsible for ensuring that …
1 ‐2 Units Condos and Townhomes – Condos must be approved by US Bank Home Mortgage HFA Division Manufactured Housing is permitted (multi-section only) Refer to the US Bank HFA …
1‐ 2 Units primary residence Condos & Townhomes approved by US Bank Home Mortgage’s HFA Division Manufactured Housing is permitted (multi-section only) Refer to the US Bank HFA Lending Guide …
3% maximum for CLTV greater than 90% 6% maximum for CLTV less than or equal to 90%. May be used for closing costs and/or single or split MI premiums
Required if all borrowers are first-time homebuyers, at least one borrower must complete pre-purchase homebuyer education and counseling. The following courses listed are acceptable: REI Homebuyer Education through EHome America, …
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