INTRODUCING OUR ESSEX ADVANTAGE 100 FHA DPA PRODUCT

INTRODUCING OUR ESSEX ADVANTAGE 100% FHA DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! 9 1 09 19 20 1

100% DOWN PAYMENT ASSISTANT PROGRAM Essex Advantage Product Notes Loan Amount: 1 st: 96. 5% FHA Conforming Loan Limits Loan Amount 2 nd: 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 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 1 st; no fee on the 2 nd. 9 1 09 19 20 2

DPA PROGRAM CONTINUED…. 9 1 09 Essex Advantage Product Notes 1 st Time Homebuyer NOT Required MINIMUM FICO 660 (effective with all case #’s DU Approval (2 nd payment must be included) MAX DTI RATIOS 660 FICO: 50% DTI MAX 680+FICO: 55% DTI MAX Income No restrictions Non Occupant Co Borrower Allowed W 2 Program Allowed MCC’s Allowed if available – call your AE Property 1 unit only – SFR, Condo & PUD 19 20 after 9272019) 3

DPA PROGRAM CONTINUED 9 1 09 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 ($75 fee paid by the borrower to Framework) 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) How to Submit your loan Two loans need to be created. We require the complete package on the 1 st. On the 2 nd we will only need the submission sheet Product Codes: 19 0 2 1 st: 3030 CHF 2 nd 4030 CHF 4

HOW TO LOCK YOUR LOAN • This is a MANUAL LOCK • We only offer only 15 day locks to give you the best price • Make sure you are ready to fund in 15 days from when you lock • 9 1 09 BEFORE YOU CAN LOCK: 1. Loan must be approved 2. Appraisal signed off by Underwriter • Review pricing on page 1 of rate sheet • Loans must be locked 1: 00 PST • Email your lock to: locks@essexmortgage. com 19 20 5

“SAMPLE” RATE SHEET ESSEX ADVANTAGE 100% FHA DPA PRODUCT 9 1 09 19 20 6

SECONDARY FINANCING ON 1003 9 1 09 19 20 7

SECONDARY FINANCING –DO/DU Page 2 -Types, Terms, & Property Page 7 -Transaction Details 9 1 09 19 20 8

HOW TO RUN AUS - DU 9 1 09 19 20 9

ON THE 92900 -LT (FHA TRANSMITTAL SUMMARY 9 1 09 19 20 10

G S N I ED S O NE O H C PAM R D O O C. R F U LE U YO S A O Y R OLE K O WH N F X A X E TH SE. E S S ES W W W 9 1 09 19 20 11