The Sapphire Grant Program (CA & Nevada) 07082015

Sapphire Product 680 FICO AND 50 % Max Ratio NOTE: The grant of 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). 07082015

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% 07082015

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 07082015

CA - Sapphire 2015 Income Limits County Program Income Limits Alameda $106,835 Alpine $109,135 Amador $80,155 Butte Calaveras $80,730 Colusa Contra Costa Del Norte El Dorado $82,225 Fresno Glenn Humboldt Imperial Inyo Kern Kings Lake Lassen Los Angeles Madera Marin $117,185 Mariposa Mendocino Merced Modoc Mono $88,550 07082015

CA Sapphire 2015 Income Limits Monterey $80,155 Napa $96,830 Nevada Orange $98,785 Placer $82,225 Plumas Riverside Sacramento San Benito $83,720 San Bernardino San Diego $83,950 San Francisco $117,185 San Joaquin San Luis Obispo $88,665 San Mateo Santa Barbara $86,710 Santa Clara $122,245 Santa Cruz $100,050 Shasta Sierra Siskiyou Solano $85,675 Solano (City of Vacaville) $98,526 Sonoma $84,640 Stanislaus Sutter 07082015

CA - Sapphire 2015 Income Limits Tehama $80,155 Trinity Tulare Tuolumne Ventura $98,095 Yolo $83,030 Yuba 07082015

Nevada Income Limits 2015 07082015 County Program Income Limits Carson City $79,005 Churchill $76,590 Clark $68,885 Douglas $84,870 Elko $91,195 Esmeralda Eureka $80,615 Humboldt $86,940 Lander $84,295 Lincoln Lyon Mineral $70,840 Nye Pershing $69,805 Storey $73,025 Washoe White Pine $69,230 Updated 03/11/2015 07082015

Can I have an MCC Tax Credit with the Sapphire Product? Yes! CA only. 07082015

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. Combine your Sapphire with an MCC Credit – however remember MCC requires you to be a 1st time h/b, Sapphire does not. 07082015