FHA-NHF Sapphire Grant Program
Grant program allows borrower to get into a home at today’s historically low rates, before they have saved the 3% to 5% down payment normally required.
Zero down payment and zero out of pocket.
Sapphire Benefits:
- 3% or 5% of the 1st mortgage total loan amount (Great Rates!)
- Down Payment Assistance GRANT — no repayment required, no silent second
- DPA GRANT can be used for down payment and/or closing costs
- Seller Credit of up to 6% is allowed, making the zero out of pocket a reality
- Gift Funds are allowed from family members
- Borrowers are NOT required to be 1st time home-buyers
- NO min amount of time to stay in home
- Income limit is based on qualifying income, NOT household income
Sapphire Requirements:
- 620 minimum FICO score, Max debt-to-income is 45%
- Income limit is 115% of Area Median Income (Maricopa – $72,335)
- All borrowers must occupy property as the primary residence. Non-occupant co-borrower not allowed
- Maximum loan amount is FHA max $271,050
- Only ONE buyer must take one-hour “Home Buyer Counseling”
- This is an FHA loan and standard FHA guidelines apply