<span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"><b>REI CHOICE100 - </b></span><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Down Payment and Closing Cost Assistance - Fannie Mae My Community Mortgage Loans</span></span>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">The REI Choice100 program is just that, it provides you with numerous choices and types of assistance.  The program is utilized with Fannie Mae's 95% My Community Mortgage loan.  We have structured the program to provide you 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.  The choice is yours and can be made with direction from your lender.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">You can also use this program 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.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Program Highlights: </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Structure:  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 or mortgage insurance premiums associated with the first mortgage.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Second Mortgage:  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.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Lenders:  You may use the lender of your choice, if they are approved for the REI Choice100 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 </span><a href="mailto:dsherrill@reiok.org" target="_blank"><span style="font-family: Tahoma, sans-serif; font-size: small;">dsherrill@reiok.org</span></a><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Income Limits:  Income limits apply based on qualifying income (link to income limits). </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Credit Score:  Minimum credit score of 680.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Mortgage Insurance:  Required coverage amount is lower than normal My Community Mortgage loans. </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">First Time Homebuyer:  You do not have to be a first-time homebuyer for this program.</span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">Homebuyer Education:  If all borrowers are first-time home buyers, at least one borrower must complete pre-purchase home-buyer education and counseling. </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;"> </span></span></div>
<div><span style="font-family: Calibri, sans-serif; font-size: small;"><span style="color: black; font-family: Tahoma, sans-serif; font-size: small;">For Example: </span></span></div>