1. The Sapphire Grant Program (CA & Nevada)

2. 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).

3. 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;
Income calculated per HUD or VA guidelines- not by family size
Customary and reasonable closing cost fees allowed
Manual lock at (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%

4. 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

5. 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

6. 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

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

8. 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

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

10. 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.