Saving for a down payment is a substantial obstacle to homeownership. With rising home prices, higher interest rates, and tight lending standards, the path to homeownership is becoming more challenging, especially for low – to median income borrowers and first-time homebuyers. Most potential homebuyers are unaware that there are down payment assistance programs available.
The National Association of Realtors reported that the “most difficult step in the home buying process was saving for a down payment. A low down payment enables homebuyers to purchase a home sooner and start building equity rather than saving up for a few more years.”
The REI Gift100 program provides down payment assistance to eligible borrowers in the state of Oklahoma. The down payment assistance is in the form of a gift. There are no liens, deed restrictions, or second mortgages filed against the property when utilizing the REI Gift100. REI works with lenders across the state to provide down payment assistance of 3.5% or 5% of the total first mortgage loan amount. The program is created to fulfill REI’s mission to provide housing opportunities to low income individuals and families.
Kimberly Hamilton of Broken Arrow writes, “We have rented my entire lifetime. Four months into building, we heard about REI. To find this program was amazing. Our mortgage company was in contact with REI and we did not have to do any extra paperwork. Thank you from the bottom of our hearts!”
“REI DPA programs help buyers overcome the initial cost of a home purchase. Roughly 90% of people using our program are first time homebuyers, and the average amount of assistance is $5,000. We are very proud that we have helped more than 5,800 Oklahoma families purchase a home,” said Dena Sherrill, REI Director of Housing.
Helping borrowers become educated homeowners is also an important step in the home buying process. REI Down Payment Assistance offers online, pre-purchase home buyer education through eHomeAmerica to help potential homeowners better understand the home buying process.
REI Oklahoma is a chartered member of NeighborWorks®, a nationwide network of 240 trained and certified community development organizations at work in nearly 4,000 communities across America. In 2017, the NeighborWorks network helped 455,100 individuals and families with affordable housing and counseling. The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. Find out more about our down payment assistance program at http://reidownpayment.org/ or call 800.658.2823.