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.

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage is forgiven after 7 years, so a homebuyer 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.

REI Home100 Conventional Loan Program - Fannie Mae - Forgivable 2nd Mortgage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 FICO minimum (680 FICO required for some AUS scenarios; 640 to <680 typically requires manual UW). A homebuyer education course is required, through HUD-approved homebuyer education provider; Fannie Mae HomeView accepted on HFA Preferred. Residency requirement: Property must be located in Oklahoma and used as borrower's primary residence. Citizenship or immigration status: U.S. citizen or qualified permanent/non-permanent resident alien per Fannie Mae HFA Preferred guidelines. Borrower qualifying income at or below 80% AMI for Fannie Mae HFA Preferred Very Low Income tier on the forgivable structure. 640 FICO minimum (some sub-680 FICO loans require manual underwriting). Owner-occupied primary residence only. No first-time-homebuyer rule.

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.

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.

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.

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

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. Funds are reserved through Lender reservation through REI Oklahoma's eHousingPlus origination portal. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.