REI Oklahoma announces the addition of the Freddie Mac HFA Advantage mortgage and its options to their current list of products, which include down payment and closing cost assistance for Oklahoma homebuyers.
“We are committed to expanding Oklahoma’s prosperity”, said Dena Sherrill, REI Down Payment Program Manager. “The addition of HFA Advantage will certainly increase our ability to help Oklahomans achieve the dream of home ownership.”
The features of the newly added mortgage product include:
- No first-time homebuyer requirement
- Up to 97 percent loan-to-value
- Income limits apply
- 45 percent maximum debt-to-income ratio
- Minimum 640 credit score
- Charter level mortgage insurance (meaning the cost is lower than with a traditional conventional mortgage loan – maximum 18% coverage)
In addition, REI Oklahoma offers 3.5% or 5.0% down payment assistance in the form of a gift to qualified homebuyers.
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 REI Down Payment Assistance, income limits and guidelines, and to find a lender in your area, visit www.reidownpayment.org. Interested lenders should contact Dena Sherrill at 800.658.2823 for more information about the program.