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REI Home100 Conventional Loan Program - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage

Statewide, Oklahoma

Last verified
See what you qualify forOfficial program site →
Assistance

5%

Of the purchase price, as the program sets it

Income limit

$142,650

The household income limit the program publishes

Repayment

Repayable

Repaid on the terms set by the administering agency

What is REI Home100 Conventional Loan Program - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage?

REI Home100 Conventional Loan Program - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage is a repayable second loan for homebuyers in Statewide, Oklahoma.

  • REI Oklahoma's Home100 Conventional - Amortizing 2nd Mortgage variant pairs a Freddie Mac HFA Advantage or Fannie Mae HFA Preferred first mortgage with a 5% repayable, fully-amortizing 10-year second mortgage at a fixed rate. The amortizing structure allows REI to offer a higher DPA percentage (5% vs. 3.5% for the gift product) and is suited to borrowers who want maximum DPA leverage and can carry a small additional monthly payment.
  • Up to 5% of the first-mortgage amount as a fully-amortizing repayable 10-year second mortgage at a fixed rate, on a Freddie Mac HFA Advantage or Fannie Mae HFA Preferred conventional first mortgage. Higher DPA percentage available because the assistance is repayable.
  • Funding comes from Nonprofit and TBA.

How much assistance does it provide?

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

  • Buyer contribution: No required borrower minimum contribution.
  • 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 - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage is a repayable second loan and is repaid under the terms set by the administering agency.

  • Repayment is triggered by Monthly amortizing principal-and-interest payments over 10-year term and balance due at sale, refinance, or transfer.
  • 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 - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 640 FICO minimum (680 FICO for best HFA Advantage / HFA Preferred AUS pricing)
  • A completed homebuyer education course, through HUD-approved homebuyer education provider; CreditSmart or HomeView accepted
  • Residency: 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 HFA Advantage / HFA Preferred guidelines
  • 640 FICO minimum, 680 FICO recommended for AUS-friendly pricing. Borrower qualifying income up to 140% AMI per HFA Advantage / HFA Preferred. DPA second lien is fully amortizing over 10 years; second-lien payment must be included in qualifying DTI (max 50%).

The program excludes

  • Households above $142,650

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

REI Home100 Conventional Loan Program - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage limits household income to $142,650.

  • 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 - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage caps the purchase price as follows: Subject to 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 - Freddie Mac/Fannie Mae - Amortizing 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 - Freddie Mac/Fannie Mae - Amortizing 2nd Mortgage serves buyers purchasing in Statewide, Oklahoma.

How do you apply?

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

  1. Take a homebuyer education course

    Required by the program, through HUD-approved homebuyer education provider; CreditSmart or HomeView accepted.

  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. 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.

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