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REI Down Payment Assistance will allow you to offer up to 100% financing to your borrowers.   We are HUD approved as an instrumentality of government for this program, therefore our funds are an eligible source of down payment.  The program is flexible and meets the needs of many Oklahoma homebuyers.  Highlights of the program are listed below:

<strong>Eligible Lenders:</strong>  Must be approved as a Mortgage Clearing Corporation (MCC) Correspondent Lender and in good standing or be associated with an approved Third Party Originator.

<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>Structure of Assistance:</strong>  Borrower is entitled to borrow from REI Oklahoma an amount equal to 5%, 6%, or 7%, of the first mortgage total loan amount including upfront MIP.  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>FHA &amp; HUD 184 Limits – Limits are based on household income.  You must count the income of all adult income earning household members.

<strong>Rural Development Limits:</strong>   Use Rural Development’s standard income guidelines.

<strong>First Mortgage Rates:</strong>  First Mortgage rates are set daily by Mortgage Clearing.  Lenders will have a 45 day lock and delivery period.

<strong>Second Mortgage Rates:</strong> 7.375%

<strong>Credit Score:</strong>  Minimum 620 credit score – See Program Summary for detailed information about credit score requirements.

<strong>DTI:</strong>  Maximum of 45% on DU approved loans.

<strong>Seller Contributions:</strong>  Allowed up to first mortgage loan program maximum guidelines.

<strong>Lender Compensation/First Mortgage Fees:</strong>  There is no yield spread on the first mortgage loan, the lender will charge a 2% origination fee and Mortgage Clearing Correspondent lenders will receive an SRP.    There will also be a $295 delivery fee paid to MCC and must be disclosed on the First Mortgage.

<strong>Second Mortgage Fees:</strong>  There are no fees associated with the Second Mortgage with the exception of Mortgage Tax, Recording Fees, and title company charges.

<strong>FHA Loan Example:</strong> <i><span style="text-decoration: underline;">
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For more detailed information please review the <a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/REIOKdpamccprogramsummary.pdf">Program Summary</a> or call Dena Sherrill, REI Down Payment Assistance Program Manager at <a>800-658-2823</a> or <a>dsherrill@reiok.org</a> to become an approved lender today.

<a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Screen-Shot-2013-04-30-at-3.08.50-PM.png"><img class="alignnone size-full wp-image-135" alt="Screen Shot 2013-04-30 at 3.08.50 PM" src="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Screen-Shot-2013-04-30-at-3.08.50-PM.png" width="722" height="848" /></a>

Program Information &amp; Forms:
<ul>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/REIOKdpamccprogramsummary.pdf">Program Summary</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/incomeguidelines.pdf">Income Guidelines</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Loan-Registration-Form.xls">Loan Registration Form</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/Income-Worksheet.xls">Family Income Worksheet</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/MORTGAGORS-AGREEMENT-DISCLOSURE-FORM.pdf">Mortgagor’s Agreement and Acknowledgement of Disclosure</a></li>
	<li><a href="http://reidownpayment.org/wp/wp-content/uploads/2013/04/SECOND-LIEN-RIDER.pdf">Second Lien Rider</a></li>
</ul>