STATEWIDE PROGRAMS

REI Down Payment Assistance

Assistance Available:
The REI Down Payment Assistance program is designed to help low income residents who are employed and have the ability to repay a loan, but aren’t able to save up enough money to make the required downpayment on a home.

The downpayment assistance is a gift rather than a loan. No repayment is required, and there will be no liens or deed restrictions placed on your property.

You may use FHA, VA, USDA-RD, Fannie Mae HFA Preferred, or Freddie Mac HFA Advantage. There is a gift of 3.5% or 4% for these types of loans.

Qualifications:
You must have a minimum credit score of 640 with not more than a 45% debt to income ratio. You do not have to be a first time homebuyer. You annual income must not exceed the program limits. Limits for conventional loans are substantially higher than for FHA, VA, and USDA-RD loans.

If you are getting an FHA, VA, or USDA-RD loan, a homebuyer education course is not required, but is recommended. If you are getting a conventional loan (Fannie Mae or Freddie Mac) and are a first time homebuyer, a homebuyer education course must be completed by at least one of the borrowers. There is no specified amount of time you are required to live in the home your purchase, but you may not use the program to purchase a house for resale.