Gateway Mortgage Group, a full-service mortgage company found by Kevin Stitt, worked closely with REI Oklahoma, a non-profit organization, to create REI Flex100. This down payment assistance program is designed to help low- to moderate-income families purchase homes.
Unlike many similar programs, REI Flex100 does not require recipients to be first-time homebuyers, and it provides up to 7 percent assistance toward a buyer’s down payment and closing costs.
“Buying a home is typically the biggest, most important investment a family will ever make,” said Mark Revard, executive vice president of retail sales at Gateway. “A conventional mortgage loan typically offers more options and greater flexibility than government-backed mortgages, and we are excited to help more Oklahomans become homeowners.”
The REI Flex100 is a new program currently only offered by Gateway Mortgage Group and it is a collaborative effort between the two organizations to help more Oklahomans turn from renters to homeowners. REI Flex100 can be combined with Freddie Mac’s Affordable Subsidy program to further assist with closing costs.
Stephen Curry, CEO of Gateway, said the company strives to make a positive impact on local communities.
“Saving for a down payment is one of the greatest barriers to owning a home,” said Curry. “Gateway is committed to expanding homeownership in Oklahoma, and all across the country. This new program can help families in the low- to moderate-income category create a bright future for themselves.”
REI Oklahoma has already helped nearly 6,000 Oklahomans purchase homes and expects to help hundreds more through REI Flex100.
“Homeownership is a common and effective tool for increasing financial stability and building a family’s wealth,” said Dena Sherill, director of housing at REI. “This new program opens the door to homeownership for people who otherwise wouldn’t be able to realize the American dream.”
Gateway is one of the largest privately held mortgage origination and servicing companies in the United States. Established in 2000 and headquartered in Jenks, Oklahoma, the company employs more than 1,200 team members in over 170 offices nationwide and currently services $18 billion in residential mortgages. For more information about Gateway, visit www.GatewayLoan.com. Gateway Mortgage Group, LLC (NMLS 7233).