REI Oklahoma, a non-profit organization working throughout the state, announces an addition to their Down Payment Assistance program. The Housing America’s Heroes program aims to help America’s veterans purchase a home by providing down payment and closing cost assistance.
The program can be used throughout Oklahoma communities as a tool to greatly reduce the out-of-pocket expenses associated with buying a home.
“We see that so often, the greatest obstacle for Oklahomans wanting to purchase a home is providing the down payment,” said Dena Sherrill, Director of Housing. “They can afford the mortgage payment, but they don’t have funds saved up front for the required down payment or closing costs.”
REI Oklahoma partners with BancFirst and Rural Development to provide this program to honorably discharged veterans, and while the program is aimed at veterans, it is not required that the buyer use a VA loan.
The features of the mortgage product include:
- $5,000 Down Payment or Closing Cost assistance
- Financial Counseling offered
- Borrower must pay at least $500 out of pocket unless utilizing Rural Development Direct Loan Program
- Household income must be at or below 80% of the Area Median Income as defined by Federal Home Loan Bank of Topeka; find income information at www.reidownpayment.org/housing-americas-heroes/
- Home Buyer Education required through approved source. Register at: ehomeamerica.org/reiok
Since its establishment in 1998, REI Down Payment Assistance has helped more than 4,900 Oklahoma families achieve homeownership through partnerships with mortgage lenders. The programs are developed for people who have good jobs and the ability to re-pay a loan but have not been able to save for the down payment or closing costs on a home. For mortgage lenders, the programs provide a set of tools to help eligible borrowers purchase the home of their dreams.
To learn more about the many benefits of the REI Housing America’s Heroes program, income limits and guidelines, visit www.reidownpayment.org/housing-americas-heroes/. Interested homebuyers can contact any BancFirst Mortgage lender, local USDA Rural Development Office or call 800-658-2823 to contact Dena Sherrill or Hailey Perkins.
A non-profit economic development firm, REI Oklahoma offers services statewide. REI Business Lending collaborates closely with local lenders to help entrepreneurs navigate through business lending resources and programs. For women-owned businesses and minority-owned enterprises, REI Women’s Business Center and REI Native American Business Centers offer unique training, as well as technical assistance and access to capital. Additionally, REI Down Payment Assistance provides support to potential homeowners. REI Oklahoma leverages the New Markets Tax Credit program to attract new investments into Oklahoma and create needed jobs in underserved communities. Learn more about the organization at www.reiok.org. Follow REI Oklahoma on Facebook, Twitter and YouTube.