Housing Programs >Down Payment Assistance Program
REI is committed to helping Oklahoma’s working families become proud homeowners by providing down payment and closing cost assistance.
Click here to view the Market Rate Housing brochure.
Want more information? Click here to submit a request
REI Market Rate Program
- Assistance Amount: Min. of 5% up to a max. of 7% of the first loan amount
- First Mortgage Loan Types:
Fannie Mae Eligible Conventional Loans including:
MyCommunityMortgage (MCM) 97, 100, & Flex – 30 year term only
FHA 30 year fixed rate 203(b) and 234(c)
(does not include Section 203(k))
- First Mortgage Interest Rates: Market Rate published daily by CitiMortgage, servicer for the program.
- Second Mortgage Loan Terms: 20-year fixed rate fully amortizing at 8% interest (subject to change)
- Borrower Payment: Borrower will have one payment to CitiMortgage – the first loan and second loan payments will be on one payment coupon.
- No First Time Homebuyer Requirement
- Home Prices: Must conform to first loan program guidelines
- Family Income:
Conventional Loans - 140% of area median income unless the property is located in defined FannieNeighbors or underserved area.
FHA Loans - 115% of area median income.
See county income guidelines below
- 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:
CitiMortgage Approved Correspondent Lenders
Other Banks and Mortgage Brokers
Conventional Income Guidelines
FHA Income Guidelines
HUD Approval Letter
Forms:
Loan Registration Form for CitiMortgage Correspondent Lenders
Loan Registration Form for American Southwest Mortgage Lenders
Mortgagors Agreement and Disclosure Form
Second Lien Rider Form
Delivery Checklist
Participating Lenders List
For more information: Email Dena Sherrill or Jeremy Layman, or call REI at 1-800-658-2823
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