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<strong>REI Gift100</strong>

REI Down Payment Assistance invests in Oklahoma’s future by providing housing opportunities to low income individuals and families. The new statewide REI Gift100 Program provides a competitive first mortgage and down payment/closing cost assistance to eligible mortgagors.  The down payment is in the form of a gift, you are not required to pay this back and there will not be any second liens or deed restrictions against your property.  This program can be used with the following loan types:
<ul>
	<li>FHA</li>
	<li>VA</li>
	<li>Rural Development</li>
	<li>HUD Section 184</li>
</ul>
Rate/term refinance on any of the above loan products.

<strong>Program Highlights:</strong>

<strong>Structure:</strong> Up to 4.5% of the total loan amount in the form of a gift.  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.

<strong>Lenders:</strong> You may use the lender of your choice, if they are approved for the REI Gift100 program.   Many lenders throughout the state are approved.  If you are using a lender that is not familiar with the program or is not approved, please have them contact Dena Sherrill, REI Down Payment Assistance Manager at 800-658-2823 or <a href="mailto:dsherrill@reiok.org">dsherrill@reiok.org</a>.

<strong>Income Limits:</strong> Income limits apply based on qualifying income and household size.  Click on the Area Median Income link below to view income requirements.

<strong>Credit Score:</strong> Minimum credit score of 640.

<strong>First Time Home Buyer:</strong> You do not have to be a first-time home buyer for this program.

<strong>Home Buyer Education:</strong> Recommended but not required.

<a href="http://reidownpayment.org/wp/wp-content/uploads/2014/04/2014-Area-Median-Incomes-Gift-100-Program.pdf" target="_blank">2014 Area Median Incomes - Gift100 Program</a>