Eligible applicants can receive down payment and closing cost assistance through the REI Down Payment Assistance Program. Assistance is offered as a grant, and can be as low as 3.5% of the loan amount or as high as 5% of the loan amount. In addition to the down payment and closing costs, this amount can also be used to help with any pre-paid items or other eligible fees.
Only applicants who fall within specified annual household income limits will qualify. The minimum allowed credit score is 640, and the applicant’s debt-to-income (or DTI) ratio must be 45%.
This grant can only be put towards primary residences.
Fannie Mae HFA Preferred borrowers must be first-time homebuyers, but other borrowers do not have a first-time homebuyer requirement.