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 …
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.****
The assistance is provided in three forms: a gift that does not have to be repaid, a 2nd mortgage loan which will be paid back monthly over ten years, or …
We can provide down payment and closing costs assistance on most first mortgage products offered by your lender, including government loans and conventional loans. Your lender will determine which one …
Continue reading “What type of loan programs are offered with the assistance?”
REI has three different types of assistance. See below for details regarding each type of assistance. Gift – the borrower receives a gift where no funds are required to be …
Continue reading “Do I have to pay back any portion of the down payment assistance?”
Take a look at the How it Works page and contact one of our Approved Lenders.
Click here to access our lender list. You may use the REI Home100 approved lender of your choice. If you are using a lender that is not familiar with the …
That depends on the first mortgage loan product your lender determines is in your best interest. Our gift funds are not tied to a minimum number of years. Our 2nd …
Continue reading “Am I required to stay in the home for any minimum number of years?”
The income limits for the REI Down Payment Assistance (DPA) program depends on the DPA and loan type you are receiving. A lender can determine what loan and DPA type …
The interest rates for the REI Home100 Program are set daily. For more information about interest rates on a specific day, please contact a participating mortgage lender by visiting our …
Continue reading “What are the first mortgage interest rates?”
No, there is no first-time homebuyer requirement.
All borrowers MUST have a minimum representative Credit Score of 640 with a maximum DTI of 45%. With a credit score of 680 or above, borrowers can have a maximum …
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, the seller can contribute the maximum amount allowed by the first mortgage loan product utilized.
DTI stands for debt-to-income ratio, also referred to as back-end ratio. It shows how much of your gross monthly income is needed to cover all your debt obligations. Follow these …
Government Loan Products: Homebuyer education is recommended but not required. Conventional Loan Products: Required if all borrowers are first-time homebuyers, at least one borrower must complete pre-purchase homebuyer education and …
Continue reading “Does the borrower have to take a homebuyer education class?”
Closing costs are fees associated with the cost of obtaining a home loan. These fees include items such as the appraisal, lender origination fees, escrow charges, lender’s title insurance and …
Continue reading “What is the difference between closing costs and required down payment?”
No, the borrower must utilize the assistance on their primary residence.