The Sapphire Grant Program (CA & Nevada)

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Sapphire Product

680 FICO AND 50 % Max Ratio

Do not need to be a first time homebuyer

Can be used with an FHA, VA, or USDA 1st trust deed

Can be combined with a CalHFA MCC to reduce ratios. (CA only)

The rate is different depending on the amount of the grant chosen.

NOTE: The grant of 3% or 5%, whichever

you choose, is based on the total loan amount, including MIP, not on sales price or appraised value.

Essex charges an admin fee of $1000 (include in box 1 of GFE with the 1.50% borrower paid).

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Sapphire Grant Product

3% or 5% Grant can be used for down payment, closing costs, processing fee, origination fee

The Grant is forgiven; no repayment required

½% down can be gift or Grant. Borrower Paid Origination Only – 1 ½%

Max broker comp: 1 ½% (can be paid by buyer, seller, 3rd party, or with grant funds)., Essex Admin fee of $1000 is also charged and is included in box 1 of GFE; can be paid by grant or anyone in the transaction.

SFR’s, PUD’s, or FHA approved condos; FLIPS YES; No to 203k ‘s

Minimum Fico: 680 Maximum Loan: $417,000 including

UFMIP or VA funding fee Ratios: Max 50% with a DU Approval

Owner Occupied Non occupant co-signors allowed (co

signors income not considered in limitations

Non occupant co borrowers not allowed. 115% of Medium Income Limitations;

http://www.nhfloan.org/Programs/NHF_Sapp_Income_Limits.aspx

Income calculated per HUD or VA guidelines- not by family size

Customary and reasonable closing cost fees allowed

Manual lock at locks@essexmortgage.com (must be in Ready for Docs Status)

3030NHF – FHA 30yr fixed 3% 30305NHF – FHA 30yr fixed 5% 3030VNHF – VA 30yr fixed 3% 30305VNHF – VA 30yr fixed 5%

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IMPORTANT! – How to enter on the 1003

The Sapphire Grant is NOT a lender credit nor an “other asset”. There are 2 places on the 1003 which the grant funds need to be entered correctly in

order for the DU to run properly. The below are screen prints of how to enter in DO/DU. We want your approval to be accurate. AVOID incorrect approvals – due to incorrect input. These are screen prints from POINT.

Important factors : Borrowers with good credit and low ratios have better chance of approval.

How to enter on Page 1 of the 1003 under source of down payment: List as FHA Gift Source Nonprofit/Religious/Community-Non-Seller Funder

How to enter on Page 2 of the 1003 under the asset screen: Gift

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CA - Sapphire 2015 Income Limits

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County Program Income Limits

Alameda $106,835

Alpine $109,135

Amador $80,155

Butte $80,155

Calaveras $80,730

Colusa $80,155

Contra Costa $106,835

Del Norte $80,155

El Dorado $82,225

Fresno $80,155

Glenn $80,155

Humboldt $80,155

Imperial $80,155

Inyo $82,225

Kern $80,155

Kings $80,155

Lake $80,155

Lassen $80,155

Los Angeles $80,155

Madera $80,155

Marin $117,185

Mariposa $80,155

Mendocino $80,155

Merced $80,155

Modoc $80,155

Mono $88,550

CA Sapphire 2015 Income Limits

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6Monterey $80,155Napa $96,830Nevada $80,155Orange $98,785Placer $82,225Plumas $80,155Riverside $80,155Sacramento $82,225San Benito $83,720San Bernardino $80,155San Diego $83,950San Francisco $117,185San Joaquin $80,155San Luis Obispo $88,665San Mateo $117,185Santa Barbara $86,710Santa Clara $122,245Santa Cruz $100,050Shasta $80,155Sierra $80,155Siskiyou $80,155Solano $85,675Solano (City of Vacaville) $98,526Sonoma $84,640Stanislaus $80,155Sutter $80,155

CA - Sapphire 2015 Income Limits

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Tehama $80,155Trinity $80,155Tulare $80,155Tuolumne $80,155Ventura $98,095

Yolo $83,030

Yuba $80,155

Nevada Income Limits 2015

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County Program Income LimitsCarson City $79,005Churchill $76,590Clark $68,885Douglas $84,870Elko $91,195Esmeralda $68,885Eureka $80,615Humboldt $86,940Lander $84,295Lincoln $68,885Lyon $68,885Mineral $70,840Nye $68,885Pershing $69,805Storey $73,025Washoe $73,025White Pine $69,230

Updated 03/11/2015

Can I have an MCC Tax Credit with the Sapphire Product? Yes! CA only.

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Combine your Sapphire with an MCC Credit – however remember MCC requires you to be a 1st time h/b, Sapphire does not.

• An MCC Credit can help you reduce your ratios. (CA only)

• When using a MCC Credit, use the CalHFA income/sales limits, whichever is lower.

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