<b>REI GIFT100 PROGRAM</b>

REI Down Payment Assistance invests in Oklahoma’s future by providing housing opportunities to low income individuals and families.  The new statewide REI Gift100 Program provides a competitive first mortgage and down payment and closing cost assistance to eligible mortgagors. The down payment is in the form of a gift, second liens or deed restrictions are not required for this program. <strong>REI Oklahoma is QM/ATR Exempt.</strong>

The program includes the following loan types:
<ul>
	<li>FHA – 203(b), 234(c) &amp; 203ks (lenders must have an additional approval from U.S. Bank to originate 203ks loans) – 30 year fixed rate</li>
	<li>VA – 203(b) &amp; 234(c) – 30 year fixed rate</li>
	<li>Rural Housing Guaranteed Loan – 30 year fixed rate</li>
	<li>HUD Section 184 – 30 year fixed rate</li>
</ul>
Rate/term refinance on any of the above loan products.<strong>
</strong>

<strong>Lenders:</strong> Lenders must be approved by U.S. Bank to participate in the REI Gift100 Program.  Interested lenders should contact U.S. Bank Help desk at 1-800-562-5165 or <a href="mailto:mrbp.helpdesk@usbank.com" target="_blank">mrbp.helpdesk@usbank.com</a>.  You can also contact Dena Sherrill, Housing Program Manager, REI Down Payment Assistance at 1-800-658-2823 or <a href="mailto:dsherrill@reiok.org" target="_blank">dsherrill@reiok.org</a> or Jeremy Layman, Housing Program Specialist at <a href="mailto:jlayman@reiok.org" target="_blank">jlayman@reiok.org</a>.
<p align="center"><b>***Third Party Origination is not allowed***</b></p>
 <strong>Program Highlights:</strong>

<strong>Structure:</strong> Up to 4.5% of the total loan amount in the form of a gift. 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.  No portion of the gift funds can be paid to the Borrower unless the Borrower is being reimbursed for an overage of his/her earnest money deposit to the extent the minimum Borrower contribution has been satisfied.  Under the rate/term refinance option, any funds above the amount needed to pay the Borrower's loan related costs must be used to reduce the principal amount of the First Mortgage loan.

<b>First Mortgage Origination Fee:  </b>Usual and customary as allowed by First Mortgage loan program.

<strong>Interest rates:</strong> REI Down Payment Assistance will post First Mortgage interest rates by 9:00 a.m. C.S.T. daily on the Lender Portal at <a href="http://www.reigift100.org/">www.reigift100.org</a>.  All loans must be delivered and purchased by U.S. Bank within 60 days of rate lock.  One time extension can be purchased at the following rates:
<ul>
	<li>15 days is 0.1875%</li>
	<li>30 days is 0.375%</li>
</ul>
<p align="center"><b>***Rates can be subject to intra-day pricing changes***</b></p>
<strong>Income Limits:</strong> FHA, VA, &amp; HUD 184 - The Borrower's <strong>qualifying </strong>income must not exceed Program Income Limits.  Click on Area Median Income below to view income limits.  They can also be found in the Lender Portal at <a href="http://www.reigift100.org/" target="_blank">www.reigift100.org</a>.

Rural Development Loans - Income is based on Adjusted Household Income per Rural Development's Guidelines.  Income limits can be found by <a href="http://www.rurdev.usda.gov/SupportDocuments/OK%20GRH.pdf" target="_blank">clicking here</a>.

<b>***Lenders will be responsible for ensuring that the income meets program guidelines.***</b>

<strong>Credit Score:</strong> Minimum credit score of 640.

<strong>Maximum DTI:</strong> 45%

<strong>First Time Home Buyer:</strong> No first-time home buyer requirement.

<strong>Home Buyer Education:</strong> Recommended but not required.

<strong>Lender Compensation, Fees, and Purchase:</strong> Please review the Program Summary and Program Guidelines below for compensation, loan fees, and purchase requirements.  These documents can also be found on the Lender Portal at <a href="http://www.reigift100.org/" target="_blank">www.reigift100.org</a>.

<strong>Forms:</strong>
<ul>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/REI-Gift100-Program-Summary-14-05-20.pdf" target="_blank">REI Gift100 Program Summary</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/04/2014-Area-Median-Incomes-Gift-100-Program.pdf" target="_blank">2014 Area Median Income - Gift100 Program</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/04/REI-Gift100-Guidelines.pdf" target="_blank">REI Gift100 Guidelines</a></li>
	<li><a href="https://www.reigift100.org/Bin/Display.exe/ShowSection" target="_blank">Lender Portal</a></li>
</ul>
<strong>US Bank Forms &amp; Bulletins:</strong>
<ul>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/USB-002-DPA-Form.pdf" target="_blank">Down Payment Assistance Form</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/MRBP-Government-Loan-Delivery-Checklist-pg-1.pdf" target="_blank">Delivery Checklist Form</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/MRB-Funding-Fee-Increase-2014-37.pdf" target="_blank">Funding Fee Increase Bulletin 2014-37</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2014/05/Loan-Review-Process-Reminders-2014-26.pdf" target="_blank">Loan Review Process Bulletin 2014-26</a></li>
</ul>