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The Sapphire Grant Product (and CalHFA MCC Tax Credit when used with a 1 st time HB

Sapphire Product Sapphire Grant Product Do not need to be a first time homebuyer Can be used with an FHA or VA 1 st trust deed Sapphire & MCC Tax Credit Can be used with an FHA or VA 1 st trust deed NOTE: THE 3% IS BASED ON TOTAL LOAN AMOUNT, INCLUDING MIP NOT SALES PRICE OR A/V.

Sapphire Grant Product

Sapphire Income Limits 2014

Sapphine 2014 Income Limits

Can I have an MCC Tax Credit with the Sapphire Product?

Combine your Sapphire with an MCC Credit – however MCC requires you to be a 1 st time h/b, Sapphire does not. An MCC Credit can help you reduce your ratios to 43% When using a MCC Credit, use the CalHFA loan limits, whichever is lower.

BE A FIRST TIME HOMEBUYER. WHAT IS A FIRST TIME HOMEBUYER? To use the CalHFA MCC Credit you must:

How do you define a 1 st Time Homebuyer No ownership interest in their primary residence for the past 3 years. Non Owners or times shares do not apply to the 3 years. If renting, you must show VOR, can not be renting from family member. Community property laws could imply an interest in the property. Federal Tax Returns must be provided for last 3 years. Borrowers not legally obligated to file must complete Tax Return Affidavit.

Mortgage Credit Certificate (MCC) Tax Credit Program

MCC Borrower Eligibility

MCC Property Eligibility

Example of MCC Savings

MCC Tax Credit Program 2014

MCC Required Forms MCC Tax Credit Borrower Affidavit MCC Tax Credit Tax Return Affidavit MCC Tax Credit Seller Affidavit MCC Tax Credit Certification of No Income MCC Tax Credit Closing Packet Checklist MCC Tax Credit Borrower Affidavit W4

MCC Tax Credit Program 2014

MCC 2014 Income Limits

2014 Income Limits

More CalHFA MCC Facts Income limits are based on “all household” income. If used with the Sapphire product, you can have a fico of – 620. MCC Fee $ (paid to e housing)