Saving for the down payment and/or closing costs can be one of the biggest hurdles many people face when purchasing a home. To help homebuyers attain homeownership affordably, REI Down Payment Assistance offers two options. The REI Market Rate Program can help meet your closing cost needs associated with FHA, HUD 184 and Rural Development Loans. REI CHOICE100, a more versatile option, allows you and your lender to structure the mortgage loan to fit your individual closing cost and down payment requirements.

<strong><a title="REI Market Rate Program" href="http://reidownpayment.org/lenders/rei-market-rate-program/">REI Market Rate Program</a>
Closing Cost Assistance for Government Loans</strong>

The REI Market Rate Program provides the homebuyer with the closing costs associated with an FHA, HUD 184, and Rural Development Loan. Many times, people have the funds to make the required down payment for their home loan, but not enough for the closing costs and the Seller is only willing to help with a portion of the closing costs or not at all.

Eligible closing costs for this program include title fees, pre-paid costs, escrows, lender fees, and up front mortgage insurance or guarantee fees.

<a title="Choice100 Program" href="http://reidownpayment.org/lenders/choice100-program/">REI CHOICE100</a>
<strong>Down Payment and Closing Cost Assistance - Fannie Mae My Community Mortgage Loans</strong>

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 an additional 2% or more in assistance. 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, term, or interest rates). Cash out refinances are not eligible.