<strong>REI GIFT100 - Conventional</strong>

REI Down Payment Assistance invests in Oklahoma’s future by providing housing opportunities to low income individuals and families. The statewide REI Gift100 Program provides a competitive first mortgage and down payment and closing cost assistance to eligible mortgagors. The down payment is in the form of a gift, second liens or deed restrictions are not required for this program. The program includes the following loan types:
<ul>
	<li>Fannie Mae HFA Preferred</li>
	<li>Freddie Mac HFA Advantage</li>
</ul>
Rate/term refinance on any of the above loan products.

<strong>Lenders:</strong> Lenders must be approved by U.S. Bank to participate in the REI Gift100 program. Interested lenders should contact Dena Sherrill, Housing Program Manager, REI Down Payment Assistance at 1-800-658-2823 or dsherrill@reiok.org or Jeremy Layman, Housing Program Specialist at <a href="mailto:jlayman@reiok.org">jlayman@reiok.org</a>.

<strong>***Third Party Origination is not allowed***</strong>

<strong>Program Highlights</strong>

<strong>Structure:</strong> 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 and pre-paid expenses 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.
<ul>
	<li>Fannie Mae HFA Preferred &amp; Freddie Mac HFA Advantage
<ul>
	<li>Gift of 3.0, 4.0, or 5.0% of the total loan amount</li>
</ul>
</li>
</ul>
<strong>First Mortgage Origination Fee: </strong>Usual and customary at lender’s discretion.

<strong>Interest rates:</strong> REI Down Payment Assistance will post First Mortgage interest rates by 9:00 a.m. C.S.T. daily on the Lender Portal at www.reigift100.org. <strong>All loans must be delivered and purchased by U.S. Bank prior within 60 days of rate lock.</strong> One time extension can be purchased at the following rates:
<ul>
	<li>7 days is 0.09375%</li>
	<li>15 days is 0.1875%</li>
	<li>22 days is 0.28125%</li>
	<li>30 days is 0.375%</li>
</ul>
<strong>***Rates can be subject to intra-day pricing changes***</strong>

<strong>Income Limits:</strong> The Borrower's qualifying income must not exceed Program Income Limits. Click on Area Median Income below to view income limits. They can also be found in the Lender Portal at www.reigift100.org.

<strong>***Lenders will be responsible for ensuring that the income meets program guidelines.***</strong>

<strong>Credit Score:</strong>
<ul>
	<li>Loan to Value (LTV) of 95.01% - 97% - minimum credit score of 680</li>
	<li>Loan to Value (LTV) =&lt;95% - minimum credit score of 640 and 660 for Manufactured Housing – Doublewide only</li>
</ul>
<strong>Maximum DTI:</strong> 45% no exceptions. See Program Summary below for more specific underwriting and/or manual underwriting details.

<strong>Mortgage Insurance: </strong>Approved MI Companies are Arch, Essent, Genworth, MGIC, Radian, and United Guaranty

<strong>MI Coverage:</strong>
18% for LTVs &gt;95% and &lt; = 97%
16% for LTVs &gt;90% and &lt;= 95%
12% for LTVs &gt;85% and &lt;= 90%
6% for LTVs &gt;80% and &lt;= 85%

<strong>Seller Contributions:</strong> 3% Maximum for CLTV Greater than 90% and 6% maximum of CLTV less than or equal to 90%. May be used for closing costs and/or single or split MI premiums

<strong>First Time Home Buyer:</strong> No first-time home buyer requirement, however the borrower cannot as of the note date, have any individual or joint ownership interest in any other residential properties.

<strong>Home Buyer Education:</strong>
<ul>
	<li>Loan to Value (LTV) of 95.01% - 97% - Homebuyer Education is Required</li>
	<li>Loan to Value (LTV) =&lt; 95% - Homebuyer Education only required if all borrowers are first-time homebuyers. In that event, at least one homeowner must complete Pre-purchase home-buyer education and counseling.</li>
</ul>
<strong>REI can provide Homebuyer Education through EHome America, please click on the following link to take the online course. The cost is $99.00.</strong>

<a href="http://www.ehomeamerica.org/reiok">www.ehomeamerica.org/reiok</a>
<ul>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2015/08/REI-Gift100-Fannie-Mae-Conventional-Program-Summary-15.06.26.pdf" target="_blank">REI Gift100 Program Summary</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2015/06/2015-Area-Median-Incomes-Conventional1.pdf" target="_blank">2015 Area Median Income – Gift100 Program</a></li>
</ul>
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