Down Payment Assistance
Scissortail Financial offers programs to assist buyers with down payments on properties in Oklahoma. These programs can benefit borrowers that meet income eligibility by assisting with the down payment and closing costs on a home. This keeps more money in their pocket and removes the barrier to save for a long period of time for a down payment.
The REI Gift100 programs provide first mortgage financing and down payment/closing cost assistance in the form of a gift to the borrower. The program was created to fulfill REI Oklahoma’s mission to provide housing opportunities to low income individuals and families.
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 amount of assistance is 3.5% or 5.0% of total first mortgage loan amount (determined by the lender), and the assistance may include Fannie Mae, Freddie Mac, FHA, VA, or Rural Development loan products.
Eligibility conditions apply, but there is no first time home buyer requirement.
This program is run by REI Oklahoma, a 501(c)3 Non-profit organization. REI Down Payment Assistance has helped thousands of Oklahoma families achieve homeownership through partnerships with mortgage lenders. These programs give mortgage lenders more tools to help eligible borrowers purchase the home of their dreams.
Inquire with us if you are interested in this program.
REI GIFT100 CONVENTIONAL LOAN PROGRAM SUMMARY
REI GIFT100 GOVERNMENT LOAN PROGRAM SUMMARY