Essex Mortgage Forgivable/Deferred Program

What is 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.
• Funding comes from Essex Mortgage.

Do you have to pay it back?

Essex Mortgage Forgivable/Deferred Program is forgiven after 3 years, so a buyer 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.

Who qualifies?

Essex Mortgage Forgivable/Deferred Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

Essex Mortgage Forgivable/Deferred Program serves buyers purchasing in Statewide, California.

How do you apply?

Applications for Essex Mortgage Forgivable/Deferred Program go through the administering agency.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.