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Get The Low Down on The CA, WA & OR Sapphire Program!

December 12, 2014

Platinum Mortgage Company Can Help You Become a Home Owner in 2018!
The grant is not a lien, it does not require repayment.  How is this possible?  The rate for the program is higher to account for the cost that the lender to absorb for the grant.
PMC Sapphire.jpg
There are many down payment programs available to Californians, Oregonians and Washingtonians.  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 – Forgiven Immediately!
The Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California, Washington and Oregon.
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 FHA Monthly PMI from .85 to .8 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
  • MCC can be used in conjunction with Sapphire to help bring the debt to income ratio down and many counties are offering MCC
  • Debt to Income ratios can be up to 50% depending on DU for Conventional financing and Up to 45% for FHA
  • SFR, Condo or PUD Only
  • 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 640 for 3% and 4% Grants and 660 for 5% Grants
  • Meet all required Conventional and FHA underwriting criteria
  • Maximum loan amount: The lesser of $424,000 (not including MIP) or maximum loan amounts permitted by HUD.
  • Homebuyer Education Required for one borrower if all borrowers are first time homebuyers. HBE course must be completed prior to closing. See CreditSmart Homebuyer Education: 
  • Home Warranty is Required to be purchased
Fees and Charges:

  • Origination Fee/Discount Points: Up to 2% upfront
  • Lender may charge customary and reasonable closing  costs and fees with full disclosure in accordance with Conventional, FHA, federal, state and local laws and regulations.

Check the income limits for your State/County:

County/State Income Limits

PMC offers 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 info@pmccanhelp.comPMC Can Help!

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