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 REI CHOICE100, a versatile option that allows you and your lender to structure the mortgage loan to fit your individual closing cost and down payment requirements.

<strong><a title="Choice100 Program" href="http://reidownpayment.org/lenders/choice100-program/">REI CHOICE100</a></strong>
<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.