REI Homebuyer Support: Down Payment Assistance Program
In collaboration with its network of participating lenders, the REI Down Payment Assistance program is a lifeline for prospective homebuyers facing the challenge of covering closing costs and down payments. Specifically designed for individuals with limited financial resources, this initiative ensures that low-income borrowers who can manage monthly mortgage payments are not held back by the hurdle of a down payment.
Available AssistanceThe REI Down Payment Assistance program offers a unique form of aid that doesn’t burden borrowers with repayment obligations. This assistance takes the form of a genuine gift, which means there’s no need to reimburse the amount even in the event of a property sale or refinancing. Furthermore, there’s no requirement to remain in the home for a specific number of years to retain this benefit.
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This program seamlessly integrates with a variety of first mortgage options, including FHA, VA, Rural Development, HUD Section 184, Fannie Mae HFA Preferred, and Freddie Mac HFA Advantage loans. The down payment assistance gift is calculated as a percentage of the total first mortgage loan amount, typically falling within the range of 3.5% to 5% of the total first mortgage loan amount. These gifted funds can be utilized to cover 100% of the homebuyer’s cash obligation for closing, encompassing the down payment, closing costs, pre-paid items, and any other mortgage-related fees.
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Eligibility RequirementsTo qualify for the REI Down Payment Assistance Program, all applicants must meet specific criteria. Prospective participants must align with the program’s income limits, which are based on qualifying income and household size. Irrespective of the chosen first mortgage type, they should boast a credit score that qualifies, reaching a minimum threshold of 640 and possess a debt-to-income ratio that doesn’t exceed 45%. While there’s no mandatory first-time homebuyer stipulation, any property acquired must serve as the primary residence for the applicants. Notably, Fannie Mae HFA Preferred borrowers must not have any individual or joint ownership stake in other residential properties. This ensures that the program targets those who genuinely need assistance in achieving their homeownership aspirations.
