Essex Mortgage Forgivable/Deferred Program

Essex Mortgage Forgivable/Deferred Program is a forgivable loan for homebuyers in Statewide, California. 30-year deferred DPA. Forgiveness available after 3 years when required parameters met. Compatible with Conv, FHA, VA, USDA first. Up to 5% of mortgage loan amount as DPA structured as a 30-year forgivable or deferred second mortgage. 3-year forgiveness option available when conditions met. This is a nationwide program, so it is available beyond a single state or city. Funding comes from Essex Mortgage.

Essex Mortgage Forgivable/Deferred Program is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by sale, refinance, or end of 30-year term (forgivable after 3 years if conditions met). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Essex Mortgage Forgivable/Deferred Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Required - HUD-approved. Sourced via Homebuyer Wallet (MULTI250165). Available in most US states; lender-administered. Lender responsible for verifying income and purchase price limits. Conforming and high-balance loans permitted; 2/1 buydowns allowed on FHA first.

Essex Mortgage Forgivable/Deferred Program sets its income limit as follows: Lender-set per program guidelines; flexible qualifying. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Essex Mortgage Forgivable/Deferred Program can be used for Single-family, Condo, Townhouse.

Essex Mortgage Forgivable/Deferred Program is a nationwide program, so it is not limited to one state.

Applications for Essex Mortgage Forgivable/Deferred Program go through the administering agency. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.