REI Gift100 Government Loan Program FAQ

Down Payment Assistance for Your Borrower

What types of loan programs are available?

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 U.S. Bank HFA Division to originate 203ks loans)
  • VA – 203(b) & 234(c)
  • Rural Housing Guaranteed Loan
  • Rate/term refinance on any of the above loan products.

How do I become a lender?

Lenders must be approved by U.S. Bank HFA Division to participate in the REI Gift100 Program.  US Bank serves as the Master Servicer and purchases the loans associated with the Gift100 Program.  Interested lenders should contact:

Dena Sherrill, Director of Housing at
Jeremy Layman, Housing Manager at

***Third Party Origination is not allowed***

What are the first mortgage interest rates?

REI Down Payment Assistance will post First Mortgage interest rates by 9:00 a.m. C.S.T. daily on the Lender Portal at  All loans must be delivered and purchased by U.S. Bank within 60 days of rate lock.  An extension can be purchased if needed. Please see Program Summary for details.

How does DPA work?

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% or 4.0% 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.  Under the rate/term refinance option, any funds above the amount needed to pay the Borrower’s loan related costs must be used to reduce the principal amount of the First Mortgage loan.
  • REI will table fund the Gift Funds at closing

See program summary and income guidelines for more detailed information.


What is the minimum credit score?

All borrowers MUST have a minimum representative Credit Score of 640 when using an automated underwriting system.  See Program Summary for manual underwriting guidelines and alternative credit requirements.

What is the Debt to Income (DTI) Ratio?

  • Determined by First Mortgage Program not to exceed 45% when underwritten through AUS (DU or LP).
  • Manual Underwrite/Alternative Credit Score for AUS refer or No Fico maximum 36% with minimum 2 months PITI reserves after closing.

Does the borrower have to be a first-time homebuyer?

No, there is no first-time home buyer requirement.

Does the borrower have to take a home buyer education class?

Home buyer education is recommended, but not required.

Are there income restrictions?

Lenders will be responsible for ensuring that the income meets program guidelines.

Are Seller concessions allowed?

Yes, 6% seller concessions are allowed.

Does the borrower have to pay back the gift?

No, the borrower is not required to pay back the gift upon sale or refinance, it is a true gift to the borrower.

What are the lender compensation, fees, and purchase?

Please review the Program Summary for compensation, loan fees, and purchase requirements.

How long does the process take?

Lender’s should be able to close a loan in the same amount of time it takes to close a traditional mortgage loan.

Can the borrower receive a gift for investment property?

No, the borrower must utilize the gift on their primary residence.


US Bank Forms & Bulletins: