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Tired of Paying Rent? Need Help With a Down Payment?

July 3, 2016

PMC Sapphire

CA, OR & WA residents can apply for a 3%, 4% and 5% Sapphire Grant to go towards their down payment, closing costs, pre-paid fees and even the earnest deposit.  A borrower may not need to use their own funds or have very little out of pocket to become a homeowner.  The grant is not a lien, it does not require repayment or have a recapture as long as 6 months of mortgage payments have been made.  How is this possible?  The rate for the program is higher to account for the cost that the lender to absorb for the grant.  No buy downs are permitted.

The Sapphire program is designed to increase homeownership for low-to-moderate income individuals and families. Co-Borrowers are allowed, but non-occupant co-borrowers are not permitted.  You can contact Platinum Mortgage Company to see if you qualify.

The grant may be used towards FHA Min. Down of 3.5% down or Conventional Min. 3% down loan programs. The grant may only be use for owner occupied properties.  The borrower(s) must have a 640+ mid FICO score for 3% and 4% grants and 680+ for 5% grants and manufactured home purchases.  The maximum loan amount cannot exceed $474,100 (not including MIP) or the maximum loan amount permitted by HUD.  The program can be combined with the Mortgage Credit Certificate program and other . The borrower’s income cannot exceed them county limits in which the property is located


County Program Income Limits
Adams $84,295
Asotin $84,295
Benton $84,295
Chelan $84,295
Clallam $84,295
Clark $84,295
Columbia $84,295
Cowlitz $84,295
Douglas $84,295
Ferry $84,295
Franklin $84,295
Garfield $84,295
Grant $84,295
Grays Harbor $84,295
Island $84,295
Jefferson $84,295
King $103,845
Kitsap $89,815
Kittitas $84,295
Klickitat $84,295
Lewis $84,295
Lincoln $84,295
Mason $84,295
Okanogan $84,295
Pacific $84,295
Pend Oreille $84,295
Pierce $84,295
San Juan $84,295
Skagit $84,295
Skamania $84,295
Snohomish $103,845
Spokane $84,295
Stevens $84,295
Thurston $84,640
Wahkiakum $84,295
Walla Walla $84,295
Whatcom $84,295
Whitman $84,295
Yakima $84,295
Updated 04/12/2016


County Program Income Limits
Alameda $107,640
Alpine $90,505
Amador $80,960
Butte $80,500
Calaveras $80,730
Colusa $80,500
Contra Costa $107,640
Del Norte $80,500
El Dorado $80,500
Fresno $80,500
Glenn $80,500
Humboldt $80,500
Imperial $80,500
Inyo $82,800
Kern $80,500
Kings $80,500
Lake $80,500
Lassen $80,500
Los Angeles $80,500
Madera $80,500
Marin $123,855
Mariposa $80,500
Mendocino $80,500
Merced $80,500
Modoc $80,500
Mono $85,215
Monterey $80,500
Napa $94,875
Nevada $82,455
Orange $97,750
Placer $80,500
Plumas $80,500
Riverside $80,500
Sacramento $80,500
San Benito $84,295
San Bernardino $80,500
San Diego $84,525
San Francisco $123,855
San Joaquin $80,500
San Luis Obispo $87,860
San Mateo $123,855
Santa Barbara $88,665
Santa Clara $123,165
Santa Cruz $97,865
Shasta $80,500
Sierra $80,500
Siskiyou $80,500
Solano $89,240
Sonoma $87,285
Stanislaus $80,500
Sutter $80,500
Tehama $80,500
Trinity $80,500
Tulare $80,500
Tuolumne $80,500
Ventura $101,545
Yolo $85,215
Yuba $80,500
Updated 04/12/2016

Great news is there is no housing counseling required for this program.  It is also not limited to first time homebuyers.  Borrowers can own a properties, but must meet debt to income guidelines.  To omit the departing home house payment the borrower must complete a drive by appraisal to show 30%+ equity and have a lease with deposit from a proposed tenant. Two months reserves are required.  Debt to income ratio is capped at 50% for Conventional loans and 45% for FHA financing.


 Agency Approved Condo (not allowed with Standard Conv)



 Co-op

 Second Home

 Investment Property

 Manufactured Housing

PMC offers 2 to 24 month bank statement loans (single account – using average monthly deposit averages-100% from personal and 50% from business) and also has other low doc home loans for 500+ FICO borrowers.

Our goal is to find you the best financing available to save the most money.  As the experts.  Email your scenario to

Make sure to visit our website:

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

Job Opportunities? PMC has been a premier CA, WA & OR brokerage since 1989.  Visit our Careers website and apply online today!

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