Do you have a good job and the ability re-pay a loan, but have not been able to save for the down payment and closing costs on a home.  REI Down Payment Assistance can help!

Our Market Rate Program is structured to help low-moderate income borrowers through a program that provides you with a First and Second Mortgage.  The Second Mortgage allows you to borrower the funds required for your down payment and closing cost assistance.

<b>Program Highlights:</b>

<strong>Lenders:</strong>  You may use the lender of your choice, if they are approved for the REI DPA program.  Many lenders throughout the state are approved.  If you come across 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 <a>800-658-2823</a> or <a>dsherrill@reiok.org</a>.
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<strong>Structure:</strong>  This is a First and Second Loan Program offering financing to low-to-moderate income individuals and families in Oklahoma.

<strong>First Mortgage Loan Types:</strong>   FHA, HUD 184, and Rural Development

<strong>First Mortgage Rates:</strong>  First Mortgage rates are set daily.

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<strong>Structure of Assistance:</strong>  Borrower is entitled to borrow from REI DPA an amount equal to 5%, 6%, or 7%, of the first mortgage total loan amount.  The assistance will be in the form of a Second Mortgage at 7.375% fixed rate for 20 years.  There is no pre-payment penalty on the Second Mortgage.  Borrower may be reimbursed for their earnest money and prepaid expenses.

<strong>Income Limits:</strong>  Income limits apply based on <i><span style="text-decoration: underline;">household income (link to income limits for FHA &amp; HUD 184)</span></i>.  Rural Development standard income limits apply.

<strong>Credit Score:</strong>  Minimum 620 credit score.
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<strong>Seller Contributions:</strong>  Allowed up to first mortgage loan program maximum guidelines.

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<strong>FHA Loan Example:  </strong>The example below assumes a $105,000 loan at an interest rate of 3.5% amortized for 30 years.  The first part of the chart will show you the total payment you could expect on this loan with the REI second mortgage.  As you can see, the payments for the Second Mortgage are minimal due to the 20 year amortization.  You can also prepay this loan at any time, thus reducing your monthly payment.

The second portion of the chart shows the borrowers out of pocket expenses at closing.  It assumes the same loan as above, with the Seller paying 3% of the borrowers closing costs.  The amount due from the borrower is lessened based on the size of the Second Mortgage.

<a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Screen-Shot-2013-04-25-at-1.48.24-PM.png"><img class="alignnone size-full wp-image-106" alt="Screen Shot 2013-04-25 at 1.48.24 PM" src="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Screen-Shot-2013-04-25-at-1.48.24-PM.png" width="482" height="588" /></a>

<a title="Contact" href="http://reidownpayment.org/?page_id=10">Contact us</a> for more information about this program.

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