<img class="size-full wp-image-146 alignright" src="http://reidownpayment.org/wp/wp-content/uploads/2013/04/homebuyers-pic-1.png" alt="homebuyers-pic-1" width="348" height="348" />

<strong>REI Gift100 Program
</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/closing cost assistance to eligible mortgagors. The down payment is in the form of a gift that you are not required to pay back and there will not be 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>
	<li>Fannie Mae HFA Preferred</li>
</ul>
Rate/term refinance on any of the above loan products.

<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. The following is a breakdown of the assistance available:
<ul>
	<li>FHA, VA, Rural Development &amp; HUD Section 184
<ul>
	<li>Gift of 3.5 or 5.0% of the total loan amount</li>
</ul>
</li>
	<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>Lenders:</strong> You may use the REI Gift100 approved lender of your choice. 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 appropriate link below for the Area Median Income requirements.

<strong>Credit Score:</strong>
<ul>
	<li>FHA, VA, Rural Development &amp; HUD Section 184
<ul>
	<li><span style="color: #190707;">Minimum Credit Score of 640</span></li>
</ul>
</li>
	<li>Fannie Mae HFA Preferred &amp; Freddie Mac HFA Advantage
<ul>
	<li><span style="color: #190707;">Loan to Value (LTV) of 95.01% - 97% - minimum credit score of 680</span></li>
	<li><span style="color: #190707;">Loan to Value (LTV) =&lt;95% - minimum credit score of 640</span></li>
</ul>
</li>
</ul>
<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>
</strong>

<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/2015/06/2015-Area-Median-Incomes-FHA-VA-HUD-184.pdf" target="_blank">2015 Income Limits for FHA, VA, &amp; HUD 184</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2016/04/2016-Area-Median-Incomes-Conventional.pdf" target="_blank">2016 Income Limits for Conventional Program</a></li>
</ul>