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Ready to Buy a Home? CA, OR & WA Down Payment Grant (No Repayment) Up to 5% is Available For You!

October 23, 2015


There are many down payment programs available to Californians and Washingtonians.  One great program is the NHF Sapphire Program and NHF Platinum 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 .85 to .80 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.
  • The current 30 yr fixed for 96.5% is 4.5% and 95% is at 4.375%
  • 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 are based on the automated DU approval
  • 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 2015 CA Income Limits: NHF Sapphire® Down Payment Assistance Program and 2015 WA income Limits: 2015 Income Limits NHF Platinum® Down Payment Assistance Program
  • 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!
  • Eligible Properties:  Single Family Residence, Approved Condo, PUD or Manufactured Home
  • Borrower can own other real estate
  • Can be combined with other down payment funding sources.

Fees and Charges:

  • Origination Fee/Discount Points: Up to 1.50% upfront and $900 Processing Fee
  • Sapphire Agency Fee up to $350 (which can be paid at closing with most lenders)
  • 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.

If you have a loan scenario email us at info@pmccanhelp.comPMC Can Help!Get Pre-Approved Today!  Apply Online for Fast Pre-Approvals

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.

Get Help From the Experts.  Visit Our Website:

FOR A FAST PRE-APPROVAL: Complete a loan application on our website APPLY ONLINE

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