1. Essex presents 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!!
Welcome to our Essex 100% Down Payment Assistant Program. We are very happy that we can offer this to your and your clients. This is a great way for a borrower, who is shy of having money for their down payment, but still wish to buy a home.

2. 100% DOWN PAYMENT ASSISTANT PROGRAM
Essex Advantage
Product Notes
Loan Amount: 1st:
96.5% FHA Conforming Loan Limits
Loan Amount 2nd:
3.5% - Note rate is 8% amortized for 10 years. A payment is due and payable monthly.
Compensation for Broker:
Borrower paid or Lender paid
Max compensation is 2%
(Example: If you comp plan is over 2%, you are required to go borrower paid. If you your comp plan is 2% or less, you can go lender paid if you pass the 3% points and fees test. Rebate pricing can not go to pay the borrower paid compensation. It can be paid by the borrower, seller, or realtor. On FHA loans you can have up to 6% seller contributions.
Third Party Contractor Fee
Allow up to $1125 – not counted in the points and fees test
Essex Fees
$1350 on the 1st; no fee on the 2nd No separate title policy on 2nd necessary.
The 100% FHA loan offers an FHA 1st – conforming loan limits. The 2nd is 3.5%. The Note rate is 8% with an amortized term of 10 years. There is a payment and it must be counted in the ratios.
Your broker comp is limited to 2%. If you have a comp plan of 2% or less, you can choose to do lender paid or borrower paid as long as it all meets the 3% points and fee test. If your comp plan is over 2% you will be asked to go borrower paid. Remember that rebate pricing can not go to pay the borrower compensation due to the broker. The borrower paid comp can be paid by the borrower, seller, or realtor. And also on FHA loans, you can have up to 6% seller contributions. You are allowed to charge a 3rd party contractor fee up to $1000 – this is not counted toward points and fees.

3. DPA PROGRAM CONTINUED….
Essex Advantage
Product Notes
1st Time Homebuyer
NOT Required
MINIMUM FICO
660 (effective with all case #’s after )
DU Approval (2nd payment must be included)
MAX DTI RATIOS
660 FICO: 50% DTI MAX
680+FICO: 55% DTI MAX
Income
No restrictions
Non Occupant & Co signer
Allowed
W2 Program for salaried or hourly
Property
1 unit only – SFR, Approved Condo & PUD
We require a 660+ FICO SCORE, and max ratio of 50% DTI; 680+ ALLOWS 55% DTI.9/19/ We do not have any income restrictions on this program. You are allowed to use a Non occupant co . You can also incorporate the W2 program.
The property requirements are 1 unit only, SFR, Condo PUD.

4. Dpa Program continued Essex Advantage Product Facts Lending States
All states approved by Essex (see our web site under FAQ’s to see current lending states) Exception: This product can not be done in New York
Housing History
1003 must contain a “present” housing payment. If the borrower is not currently making a housing payment, $0 must be shown on the application and the file must contain a letter of explanation to address why they do not have a housing payment and explain their current housing arrangement.
Home Ownership Education
At least one borrower one must do one of the following: complete the Framework homeownership education course prior to closing; or receive housing counseling from a HUD-approved nonprofit housing counseling agency (as evidenced by a signed Certificate of Completion of Housing Counseling (Form 1017)
Framework no longer charges a fee.
How to Submit your loan
Two loans need to be created.
We require the complete package on the 1st.
On the 2nd we will only need the submission sheet
Product Codes:
1st: 3030NHF 2nd 4030NHF
Essex is approved in 35+ states, and growing. We lend in all our states approved with the exception of NEW YORK. At the moment, the product is not approved in NY. To see what states we lend in, you can go to our web site and look under FAQ’s. Look up lending states. You will see a map of the states we are approved.
We do not limit you on the amount of these loans that you can submit. There is Homeownership counseling for this product.
When submitting your loans, you will be submitting 2 loans (two loan numbers) – 1 for the 1st and one for the 2nd. The 1st requires a complete package. The 2nd just needs a submission sheet.

5. How to lock your loan
This is a MANUAL LOCK; you will not be able to check the pricing in the Broker Connect Pricing Engine.
PRICING IS LOCATED ON PAGE 8 OF RATE SHEET.
We offer 30 and 15 day locks . All PTD’s must be signed off to do a 15 day lock.
Loans must be locked 1:00 PST
your lock to:
How do you lock this loan? You can not price this in the Broker Connect. It is a manual lock. You can find the pricing on page 8 of the rate sheet. your lock to All locks on this product have to be received by 1:00 PST

6. “SAMPLE” RATE SHEET Essex 100% FHA DPA Product
Here is an example of a rate sheet
Our fees are $1350 for the 1st ; there is no fee for the 2nd.
Our rates are very competitive!

7. Secondary Financing on 1003
These two screen shots help you when completing your 1003 – this is how you disclose the 2nd.

8. Secondary Financing –DO/DU
Page 2-Types, Terms, & Property
Page 7-Transaction Details
This screen is to help you when running your DU on how to disclose the 2nd.

9. How to RUN AUS - DU

10. On the 92900-LT (fha transmittal summary

11. Thank you for choosing ESSEX FOR YOUR DPA NEEDS
Thank you for choosing Essex for your mortgage needs. We are here to help.
Our Account Executives are always available for you.
And we have a very informative web site you can use –
Thank for choosing Essex.