1. Essex 5% Grant Products Presenting Sapphire & HELP CA & Nevada
Funds Forgiven
No recapture
No Repayment
All product features & RATES ARE the same EXCEPT…
INCOME LIMITS ARE HIGHER ON
THE HELP GRANT

2. GRANT Product Features
650 – 679 FICO requires max DTI of 50% and DU approval
680+ no max DTI & DU approval (usually maxes out at 56.99)
Do NOT need to be a first time homebuyer (unless you are combining with an MCC – CA only) – No counseling classes needed.
The grant is used in conjunction with an FHA, 1st trust deed; use ordinary FHA submission checklist when submitting file.
NOTE: Approval in house – no slow down on your in-house approval. The 5% Grant is based on the total loan amount, including MIP, not on sales price or appraised value. Rate posted on page 1 of rate sheet. Combine with a CalHFA MCC to reduce ratios. (CA only) $500 fee (Box B of LE). If using MCC , borrower must be a 1st time homebuyer and 3 year’s tax returns would be required.

3. GRANT Product Features cont.
The Grant is forgiven; no repayment required
Grant can be used for down payment, and closing costs.
Owner Occupied; 1-2 units; FHA approved condo; PUD
Maximum Loan: $417,000 & MIP
Non occupant co-signors allowed (co signors income not considered in limitations
Non occupant co borrowers not allowed.
Income calculated per HUD guidelines- not by family size
Customary and reasonable closing cost fees allowed
Manual lock at (must be in Ready for Docs Status)
30305NHF (Sapphire) – FHA 30yr fixed 5%
3030 HELP – FHA 30yr fixed 5%

4. Summary of fees
1.50% Borrower Paid Only & $ processing fee (all loans must meet MAVENT fees test)
$995 Essex Admin Fee (Box A of LE)
$500 if used with an MCC (CA only) Box B of LE
Home Warranty Required – Box C of LE
Home Inspection Required – Box C of LE
Any 3rd party processing would have to be paid thru broker compensation.

5. IMPORTANT! – How to enter on the 1003
Our Grant programs are 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

6. Income Limits – HELP IS HIGHER!
SAPPHIRE INCOME LIMITS:
115% of Medium Income Limitations;
You ask…which product do I submit under. If your loan meets SAPPHIRE income limits, submit under Sapphire. If you need higher income limits, submit under the HELP grant program
Program Code: NHF – FHA 30yr fixed 5%
HELP INCOME LIMITS:
140% of Medium Income Limits
Program code: 3030HELP-FHA 30yr fixed 5%

7. 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

8. 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

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

10. Sapphire Nevada Income Limits 2015
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

11. CA - HELP GRANT INCOME LIMITS Use 140% column below

12. CA - HELP GRANT INCOME LIMITS cont. Use 140% column below

13. NEVADA - HELP GRANT INCOME LIMITS cont. Use 140% column below

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

15. 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. Three years tax returns will be required.