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% or 5% of total first mortgage loan amount (determined by the lender).
- The funds may be used to fund up to 100% of the borrower’s cash requirement to close, including the down payment, closing costs, pre-paid items and other related mortgage loan fees and expenses. No portion of the gift funds can be paid to the borrower unless the borrower is being reimbursed for an overage of his/her earnest money deposit to the extent the minimum borrower contribution has been satisfied.
- REI will table fund the gift funds at closing
See the program summary and income guidelines via the links at the bottom of the page for more detailed information.