Sapphire Down Payment Assistance Program

The Sapphire Down Payment Assistance program helps home buyers with their down payment and/or closing costs through a grant that does NOT need to be repaid. Depending on the loan program the non-repayable grant can cover up to 4.5% of your loan amount. This assistance program is designed to increase homeownership opportunities for low to moderate income individuals and families. This program is for FHA loans only.

  • 3% or 4.5% grant funds available of the first mortgage loan amount
  • Grant funds may be used for down payment and/or closing costs
  • Available for 30-year fixed term FHA loan program
  • 1-2 units allowed
  • Manufactured housing eligible

*Note: Cooperative housing (co-op) is NOT eligible. Borrowers may not own other 1-4 family residential property at the time of closing of the Sapphire transaction.

  • Borrower must occupy the residence
  • Non-occupant co-borrower/signers are NOT allowed
  • Income limit is 115% of area median income ($87,860 for SLO County). Limit is based on qualifying income used for the transaction NOT household income.
  • Maximum loan amount is $424,100
  • Minimum 620 FICO score
  • Maximum of 50% debt to income