Time to take the first step.
Landing REI Oklahoma’s down payment assistance is as simple as asking your lender. With more than 80 lenders experienced with our program, aid is seamless to secure.
Three Kinds of Assistance
Depending on the type of first mortgage you secure, our assistance comes in one of three forms:
Gift Funds
Quick blurb about what a gift fund is and why it’s interesting and/or good.
- No need to repay
- No liens filed against property
- No minimum residency requirement
Forgiveable Second Mortgage Loan
Quick blurb about what a gift fund is and why it’s interesting and/or good.
- Forgiven 1/84th a month over 7 years
- No repayment if you live in the home for 7+ years
- Lien filed against property
Amortizing Second Mortgage Loan
5% Interest Rate
Quick blurb about what a gift fund is and why it’s interesting and/or good.
- Paid back monthly over 10 years
- Lien filed against property
- No minimum residency requirement
How It Works
1. Talk with a Preferred Lender
When you speak with them, mention that you want to use the REI Home100 Program. You can find a list of participating lenders here.
2. Get Pre-Approved for a Loan
Work with your lender to provide all necessary documents and information to get pre-approved for a loan you can afford.
While your lender is processing your mortgage loan, they will simultaneously approve you for our program. That means no additional paperwork or legwork for you.
3. Find a Home You Want to Buy
Search with your realtor to find a house you love that is within the budget you have been approved for by your lender. Your realtor will help submit an offer and finalize a purchase contract with the seller.
4. Submit Paperwork to Lender to Begin Loan Process
Once you have a contract on a home, you will provide documentation to your lender to support your loan application. These documents can include pay stubs, tax returns, bank statements, and other items to verify not only your income and assets, but also your debt. Your lender will provide a list of everything they need.
5. Close on Your Home
Once your loan has been approved, your lender will schedule a closing day. Using our program does not delay your closing date or require any additional work or paperwork from you. When the lender is ready to close on your loan, so is REI Oklahoma.