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 …
Continue reading “What types of loan programs are available?”
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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The down payment assistance is in the form of a gift and is based on a percentage of the total first mortgage loan amount. Amount of assistance is 3.5%, 4.0% …
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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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.
Homebuyer education is recommended, but not required.
FHA & VA – 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. Rural Development Loans …
Seller concessions are allowed as determined by the First Mortgage Program selected.
No, the borrower is not required to pay back the gift upon sale or refinance; it is a true gift to the borrower.
Please review the program summary via the link at the bottom of the page for compensation, loan fees, and purchase requirements.
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.
No, the borrower must utilize the gift on their primary residence.
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?”
The down payment assistance is based on a percentage of the total first mortgage loan amount. The type of assistance provided depends upon the conventional first mortgage loan type as …
Fannie Mae HFA Preferred DU finding of approve/eligible and meet all other guidelines listed in this Program Summary. (HFA Preferred is available through DU using the “Additional Data Screen – …
Freddie Mac HFA Advantage LP finding of Accept/Eligible and meet all other guidelines listed in this Program Summary. (Offering Identifier: HFA Advantage (LPA v5.0.06 or higher Home Possible Advantage for …
The borrower’s qualifying income must not exceed Program Income Limits. The Freddie Program offers an under 80% of Area Median Income Option and an over 80% of Area Median Income option (See …
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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Arch Essent Enact MGIC National MI Radian
Borrower Paid – monthly with annual renewal Split Premium Single Premium ****Base loan plus financed MI cannot exceed 97% LTV.****
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
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 …
Continue reading “Does the borrower have to pay back the assistance?”