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Down Payment Assistance

REI is committed to helping Oklahoma’s working families become proud homeowners by providing down payment and closing cost assistance.

REI Market Rate Program

• First mortgages will be sold to Mortgage Clearing Corporation
• First Mortgage Loan Types:
  FHA 30 year fixed rate 203(b) and 234(c)
  Rural Development Guaranteed Loan Program
  HUD Section 184
  Veteran’s Administration Loan (VA)
• No First Time Homebuyer Requirement
• Home Prices: Must conform to first loan program guidelines
• Income:
  FHA, VA, and HUD 184 Loans – 115% of area median income.
  FHA & HUD 184 Income Guidelines
  Rural Development Loans – based on adjusted household income per Rural Development guidelines
• Eligible Properties: Single family, owner-occupied, residential dwellings, including single family detached housing, PUD’s, duplexes (subject to certain restrictions), condominiums, and townhouses. NO MANUFACTURED HOUSING

Detailed Information for Lenders:

Program Summary

Forms:

Loan Registration Form

Mortgagors Agreement & Disclosure Form

REI Note

REI Mortgage Form

REI Income Verification Form

Second Lien Rider

For more information: Email Dena Sherrill or Jeremy Layman, or call REI at 1-800-658-2823.