REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage

What is REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage is a forgivable loan for homebuyers in Statewide, Oklahoma.

• REI Oklahoma's Home100 Conventional - Fannie Mae - Forgivable 2nd Mortgage variant pairs a Fannie Mae HFA Preferred first mortgage with a 5% forgivable second mortgage. The DPA is structured as a 0% interest, non-amortizing second lien forgiven pro-rata over 7 years (1/7 forgiven each year of owner occupancy). Available for borrowers at or below 80% AMI to maximize Fannie Mae HFA Preferred VLI pricing.
• Up to 5% of the first-mortgage amount delivered as a 0% interest, 7-year forgivable second mortgage on a Fannie Mae HFA Preferred conventional first mortgage. Forgiven 1/7 each year of owner occupancy.
• balance due if home is sold, refinanced, or no longer owner-occupied.
• Funding comes from Nonprofit and TBA.

How much assistance does it provide?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage provides assistance worth 5% of the purchase price, as set by the program.

• Buyer contribution: No required borrower minimum contribution; HFA Preferred allows 100% gift / DPA.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage is forgiven after 7 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Repayment of remaining balance due if borrower sells, refinances, transfers title, or ceases to occupy property as primary residence within the 7-year forgiveness term and balance forgiven 1/7 per year of continued occupancy.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage is open to buyers who will live in the home as their primary residence.

What are the income limits?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage limits household income to 80% of the area median income, which varies by county and household size.

• Borrower qualifying income at or below 80% AMI of the property county per Fannie Mae HFA Preferred Very Low Income (VLI) tier; tier-floor approximately $49,840 in lowest-AMI counties up to approximately $128,400 in higher-AMI counties depending on county and family size.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage caps the purchase price as follows: Subject to Fannie Mae conforming loan limit and area appraised value; no separate program purchase-price cap.

• Eligible property types include Single-family detached, Townhome, Condominium (warrantable), PUD, and 2-unit.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage serves buyers purchasing in Statewide, Oklahoma.

How do you apply?

Applications for REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education provider; Fannie Mae HomeView accepted on HFA Preferred.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender reservation through REI Oklahoma's eHousingPlus origination portal, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.