REI Oklahoma partners with mortgage lenders to provide down payment/closing cost assistance and first mortgage financing to eligible borrowers in the state of Oklahoma. Depending on the type of loan a borrower obtains, the assistance is in the form of a gift that does not have to be repaid, in the form of a 2nd mortgage loan which will be paid back monthly over ten years, or in the form of a forgivable 2nd mortgage which does not have to be repaid if you live in the home for seven years.
The process is simple! The borrower works directly with their lender to obtain the down payment assistance. This program should not lengthen the amount of time from application to closing.
Next steps:
1. Talk to one of our Preferred Lenders
Call or meet with one of our participating lenders about getting a mortgage loan. When you speak with them, make sure you mention that you want to use the REI Home100 Program. You can find a list of participating lenders here!
2. Get pre-approved for a loan
When the lender is approving you for your home loan, they will also approve you for our program. There is no additional paperwork for you, the borrower.
3. Find a house you want to buy
Search with your realtor to find a house you love that is within the budget you have been approved for by your lender. Your realtor will help you submit an offer and finalize a purchase contract with the seller.
4. Submit paperwork to lender to begin loan process.
Once you have a contract on a home, you will provide documentation to your lender to support your loan application. These documents can include pay stubs, tax returns, bank statements and other items to verify not only your income and assets but also your debt. Your lender will give you a list of everything they need.
5. Close on your home.
Once your loan has been approved, your lender will schedule a closing day. Using our program does not delay this date or require any additional work or paperwork from the borrower. When the lender is ready to close on your loan, so is REI Oklahoma.