REI Down Payment Assistance


REI Down Payment Assistance provides closing cost assistance to eligible borrowers through partnerships with lenders across the state. 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.

REI Down Payment Assistance invests in Oklahoma’s future by providing housing opportunities to low income individuals and families. The statewide REI Gift100 Program provides a competitive first mortgage and down payment/closing cost assistance to eligible mortgagors. The assistance provided with FHA, Rural Development, VA, and Freddie Mac HFA Advantage loans is provided in the form of a gift that does not have to be repaid.  The assistance provided with the Fannie Mae HFA Preferred loan is in the form of a 7-year forgivable 2nd mortgage. This program can be used with the following loan types:

  • FHA
  • VA
  • Rural Development
  • Fannie Mae HFA Preferred
  • Freddie Mac HFA Advantage


Structure: The funds may be used to fund up to 100% of the Borrower’s cash requirement to close, including the down payment, closing costs, pre-paid items and other related mortgage loan fees and expenses. The following is a breakdown of the assistance available:

  • FHA, VA & Rural Development
    • Gift of 3.5%, 4%, or 5% of the total loan amount
  • Freddie Mac HFA Advantage
    • Gift of 3.5% or 4% of the total loan amount
  • Fannie Mae HFA Preferred
    • Assistance of 3.5%, 4%, or 5% in the form of a 7-year forgivable 2nd mortgage


You may use the REI Gift100 approved lender of your choice.  If you are using a lender that is not familiar with the program or is not approved, please have them contact Dena Sherrill, Director of Housing at 800-658-2823 or

For more information visit

You may also email Dena Sherrill or Jeremy Layman, or call 800-658-2823.