<strong>REI CHOICE100 PROGRAM</strong> - Down Payment and Closing Cost Assistance - Fannie Mae My Community Mortgage Loans.

The REI Choice100 program is just that, it provides you with numerous choices and types of assistance for your borrowers. The program is utilized with Fannie Mae's 95% My Community Mortgage loan. We have structured the program to provide the borrower with a second mortgage of 5% along with the choice to pay a higher interest rate and receive  additional 2% assistance which can be used to fund split or single premium mortgage insurance. As the borrower's lender, you can advise them of the different choices available to them and what will be best for their situation.

This program can also be used for a rate/term refinance of existing loans. Any loan that is refinanced must prove a demonstrable benefit to the borrower (i.e. lower payments or interest rates). Cash out refinances are not eligible.

Please review Program Guidelines for more detailed information, below are some highlights of the program.

<strong>Eligible Lenders:</strong> Lenders must be approved as a 360 Mortgage Delegated Correspondent Lender or Broker, and in good standing. Lenders should contact Priscilla Bohot at (512) 418-6094 or <a href="mailto:pbohot@360mortgage.com">pbohot@360mortgage.com</a> to inquire about becoming a participating lender. You can also contact Dena Sherrill at <a href="mailto:dsherrill@reiok.org">dsherrill@reiok.org</a> or Jeremy Layman at <a href="mailto:jlayman@reiok.org">jlayman@reiok.org</a>.

<strong>Program Highlights:</strong>

<strong>Structure:</strong> This is a first and second mortgage program that are packaged together. The first mortgage loan is a 30 year fixed rate 95% My Community Mortgage and the second mortgage is utilized to pay the down payment, closing costs, or single or split mortgage insurance premiums associated with the first mortgage.

<strong>Second Mortgage:</strong> The second mortgage is sized at 5% of the total first mortgage loan amount. The second mortgage is a 20 year fixed rate mortgage with an interest rate of 6.00%. There is no pre-payment penalties on the second mortgage. Borrower may be reimbursed for their earnest money and prepaid expenses.

<strong>Interest rates:</strong> Multiple choices of Mortgage Loan Rates will be posted daily by 360 Mortgage. Rates are subject to change and confirmation by 360 Mortgage.

<strong>Income Limits:</strong> The Borrower's <strong>qualifying </strong>income must not exceed Program Income Limits.  Click on Area Median Income below to view income limits.

<strong>Borrower Investment:</strong> Minimum borrower investment of 1%, which must be derived from verified assets.

<strong>Credit Score:</strong> Minimum credit score of 660, or per MI Guidelines

<strong>Maximum DTI:</strong> 45%

<strong>Mortgage Insurance:</strong> MCM 95 loans require 16% charter coverage. MI coverage rates should match the MI coverage recommended by AUS and are subject to change. Lenders may select from the various monthly, split and single “lender paid” MI premium plans available, subject to mortgage insurer terms and conditions. Upfront single or split premiums may be funded by the Second Loan proceeds or from any available rebate pricing, as reflected in the daily rate sheet, or from a Seller’s concession.

<strong>We are currently working with the following MI companies:</strong> Genworth, MGIC, United Guaranty, Essent Guaranty, and National MI. You must follow the MI companies HFA guidelines.

<strong>First Time Home Buyer:</strong> No first-time home buyer requirement.

<strong>Home Buyer Education:</strong> If all borrowers are first-time home buyers, at least one borrower must complete pre-purchase home-buyer education and counseling. Oklahoma Homebuyer Education Association (OHEA) Certified instructors and HUD Certified instructors are eligible Homebuyer Education providers.

<strong>Lender Compensation, Fees, and Purchase:</strong> Please review the Program Guidelines for compensation, loan fees, and purchase requirements.

<strong>Forms:</strong>
<ul>
	<li>P<a href="http://reidownpayment.org/wp/wp-content/uploads/2014/11/Program-Guidelines-November-14-2014.pdf" target="_blank">rogram Guidelines Choice100</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/2014-Area-Median-Incomes-Choice-100-Program.pdf" target="_blank">2014 Area Median Incomes - Choice100 Program</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/09/MORTGAGORS-AGREEMENT-DISCLOSURE-FORM.pdf">Mortgagors Agreement &amp; Disclosure Form</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/09/SECOND-LIEN-RIDER.pdf">Second Lien Rider</a></li>
</ul>