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11.2.2018 / Gateway Announcements

New Down Payment Assistance Available for Oklahomans

JENKS, Okla., Nov. 2, 2018 – The dream of homeownership is now available to more Oklahomans thanks to a partnership between Gateway Mortgage Group and REI Oklahoma.

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.”

About Gateway First Bank 

Gateway First Bank is a leading financial institution that provides banking and mortgage services for consumers and commercial customers. Headquartered in Jenks, Oklahoma, Gateway is a $1.9 billion asset sized bank with a strong mortgage operation.  Gateway is one of the largest banking and mortgage operations in the United States with six bank branches in Oklahoma, over 160 mortgage centers in 42 states, and almost 1,600 employees.  Learn more at Member FDIC, Equal Housing Lender (NMLS 7233)

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