REI Home100 Conventional (Fannie Mae HFA Preferred / Freddie Mac HFA Advantage)
Taking applicationsREI Oklahoma (Rural Enterprises of Oklahoma, Inc.)
- For
- Buyers statewide using a conventional 97% LTV HFA Preferred / HFA Advantage first mortgage through a U.S. Bank-approved REI lender; primary residence only
- How much
- Forgivable second Option 1A: 3.0%; Option 1B: 0%, 3.5%, 4.0% or 5.0% of the first loan; Option 2: 5.0% amortizing second at 5.0% over 10 years
- Kind
- Loan that is forgiven over time
- Price cap
- Conforming loan limits apply
- Pairs with state program?
- no - separate first-mortgage program; alternative to OHFA Gold
Summary dated June 16, 2026. Forgivable second is 0% interest, forgiven 1/84 per month over 7 years; due on sale, refinance, or move-out over 60 days. CLTV max 105%. $175 servicing fee on the amortizing second.
Checked November 2026 · our sources
Do I qualify? →How the forgivable second is structured
The conventional side of REI Oklahoma's Home100 program (summary dated June 16, 2026) uses a second mortgage instead of a gift. Option 1A is 3.0% of the first loan; Option 1B lets you choose 0%, 3.5%, 4.0% or 5.0%. These seconds carry 0% interest and are forgiven 1/84th each month, so the balance reaches zero after seven years. Sell, refinance, or move out for more than 60 days before then and the remaining balance is due. Option 2 is different: a 5.0% second at 5.0% interest repaid over 10 years, with a $175 servicing fee. Combined loan-to-value can reach 105%.
Because forgiveness runs monthly, an early sale only owes the unforgiven part. As an illustration, someone who sells after 42 of the 84 months has had half the second forgiven and repays the other half from the sale.
Who can use it
Any buyer in Oklahoma using a conventional 97% loan-to-value HFA Preferred or HFA Advantage first mortgage through a U.S. Bank-approved REI lender, for a primary residence only. Conforming loan limits cap the loan size. The income-limit exhibit for the conventional product was not part of the summary reviewed, and no first-time buyer rule was stated, so your lender confirms both before you write an offer.
Comparing it with OHFA's conventional option
OHFA's Gold loan also has a Freddie Mac conventional version with 3.5% assistance and a 0.125% rate cut for school staff and first responders, but OHFA's second is repaid, not forgiven. REI's forgivable second disappears if you stay seven years. Because each is its own first mortgage, you choose one or the other. On OHFA's Freddie Mac version, extra second liens are not allowed, so a city DPA cannot be added there; whether a local second can sit behind a Home100 conventional loan is something a participating lender confirms. Read FHA vs. conventional vs. VA vs. USDA to see which first mortgage fits.
Applying
- Ask a U.S. Bank-approved REI lender for Home100 Conventional pricing at each second-mortgage option.
- Get pre-approved on the 97% HFA Preferred or HFA Advantage loan.
- The lender reserves the second; it funds at closing.
Check your area on the county pages or use the eligibility check.
Questions about REI Home100 Conventional (Fannie Mae HFA Preferred / Freddie Mac HFA Advantage)
How is the REI conventional second forgiven?
Options 1A and 1B are 0% interest and forgiven 1/84th per month over seven years. The unforgiven balance is due if you sell, refinance or move out for over 60 days.
Is there a repayable option?
Yes. Option 2 is a 5.0% second at 5.0% interest repaid over 10 years, with a $175 servicing fee.
What first mortgage does it use?
A conventional 97% loan-to-value Fannie Mae HFA Preferred or Freddie Mac HFA Advantage loan for a primary residence, within conforming loan limits.
See if I qualify for this one
Similar programs
Summarized from the program's official page as of November 2026. Money and rules change, so check the current terms with the program or a lender who takes part. Oklahoma Down Payment Assistance has no connection to this program.
