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What? Free Money to Buy a Home? Get The Low Down on The CA Sapphire Program!

December 12, 2014

Platinum Mortgage Company Can Help You Become a Home Owner in 2016!
Everyone loves free money….but it is even better when it is free money to buy a home.
PMC Credit Enhancement
There are many down payment programs available to Californians.  One great program is the NHF Sapphire Program, which is designed to provide down payment assistance in conjunction with the purchase of a primary residence. The down payment assistance is currently in the form of a “Grant” – no repayment needed!
The Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Here is how it works:
  • Receive Up to 5% of the First Mortgage (base) Loan amount;
  • Proceeds may be used for down payment and/or closing costs;
  • Seller can still credit buyer up to 6% of the closing costs, which will allow the buyer to use grant to do a loan at 95% LTV, which reduce the PMI from 1.35 to 1.3 and lower the rate on the first mortgage to save even more money
  • There must be no cash back to the borrower from the Grant Fund proceeds; The Down Payment Assistance structure is subject to change during the course of the Program.
  • Lenders upfront the grant at closing to be reimbursed by the Servicer, on behalf of NHF, upon purchase of the Sapphire First Mortgage
  • There is a $350 agency fee that is due upfront.
  • The current 30 yr fixed for 96.5% is 4.875% and 95% is at 4.5%
  • MCC can be used in conjunction with Sapphire to help bring the debt to income ratio down (there is also a $350 agency fee that is due upfront) and many counties are offering MCC
  • Debt to Income ratios can be up to 50% depending on DU
  • Occupy the residence as their primary residence; non-occupant co-borrowers are not allowed.
  • Qualifying income cannot exceed NHF income limits for the county in which the property is located: 115% Area Median Income (AMI). Refer to
  • Minimum Credit Score of 620.
  • Meet all required FHA, VA, USDA-RHS underwriting criteria
  • Maximum loan amount: The lesser of $417,000 (not including MIP) or maximum loan amounts permitted by HUD.
  • No First Time Home Buyer Certificate Needed!
Fees and Charges:
  • Origination Fee/Discount Points: Up to 1.50% upfront
  • Lender may charge customary and reasonable closing  costs and fees with full disclosure in accordance with FHA, VA, USDA and federal, state and local laws and regulations.
2014 Income Limits
NHF Sapphire Down Payment Assistance Program
County Program Income Limits
Alameda $101,775
Alpine $97,750
Amador $83,145
Butte $78,315
Calaveras $80,500
Colusa $78,315
Contra Costa $101,775
Del Norte $78,315
El Dorado $78,315
Fresno $78,315
Glenn $78,315
Humboldt $78,315
Imperial $78,315
Inyo $81,535
Kern $78,315
Kings $78,315
Lake $78,315
Lassen $78,315
Los Angeles $78,315
Madera $78,315
Marin $111,665
Mariposa $78,315
Mendocino $78,315
Merced $78,315
Modoc $78,315
Mono $93,380
Monterey $78,315
Napa $80,845
Nevada $84,525
Orange $97,635
Placer $78,315
Plumas $78,315
Riverside $78,315
Sacramento $78,315
San Benito $87,515
San Bernardino $78,315
San Diego $83,605
San Francisco $111,665
San Joaquin $78,315
San Luis Obispo $88,550
San Mateo $111,665
Santa Barbara $83,720
Santa Clara $117,185
Santa Cruz $89,585
Shasta $78,315
Sierra $78,315
Siskiyou $78,315
Solano $88,205
Solano (City of Vacaville) $78,315
Solano (City of Vacaville) $88,205
Sonoma $88,435
Stanislaus $78,315
Sutter $78,315
Tehama $78,315
Trinity $78,315
Tulare $78,315
Tuolumne $78,315
Ventura $102,005
Yolo $84,985
Yuba $78,315
Updated 01/16/2014

PMC offers free credit enhancement prior to submitting your loan to the bank to ensure you get the best rate possible.  Even 20 points could be .25% better in rate, which equals thousands of dollars on the life of a mortgage loan.  If you have a loan scenario email us at – PMC Can Help!

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