Re: Master Repurchase Agreement, dated as of September 30, 2009, between JPMorgan Chase Bank, N.A., as Buyer, and Pulte Mortgage LLC,

Exhibit 10.3

September 30, 2009

Pulte Mortgage LLC

7475 South Joliet Street

Englewood, CO 80112

Attention: David M. Bruining

Ladies and Gentlemen:

This letter (this “Side Letter”) sets forth certain fees, commitments and pricing information relating to the agreement among JPMorgan Chase Bank, N.A., as Buyer (“Buyer”) and Pulte Mortgage LLC, as Seller (“Seller”), pursuant to which Seller engages Buyer to enter into reverse repurchase arrangements whereby Seller from time to time sells to Buyer, and simultaneously agrees to repurchase on a date certain or on demand, certain first lien mortgage loans (the “Mortgage Loans”) pursuant to the Master Repurchase Agreement dated as of September 30, 2009 (the “Agreement”) between Buyer and Seller. This is the “Side Letter” as defined and referred to in the Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Agreement.

Buyer and Seller agree, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, as follows:

Subject to the terms and conditions set forth in the Agreement, Buyer agrees to enter into Transactions from time to time under the Agreement, as supplemented by this Side Letter, with respect to Eligible Mortgage Loans having a maximum aggregate Purchase Price outstanding at any one time of Seventy Million Dollars ($70,000,000) (such maximum amount, the “Facility Amount”) from the date hereof until the Termination Date.

For purposes of the Agreement and all other Transaction Documents, “Purchase Price” means, on any date:

(a)  for any CL Loan, ninety-seven percent (97%) of the lowest of (i) the Outstanding Principal Balance of such CL Loan on such date, (ii) the Market Value of such CL Loan on such date and (iii) the Takeout Value for such CL Loan on such date; and

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(b)  for any other Eligible Mortgage Loan, ninety-five percent (95%) of the lowest of (i) the Outstanding Principal Balance of such Eligible Mortgage Loan on such date, (ii) the Market Value of such Eligible Mortgage Loan on such date and (iii) the Takeout Value for such Eligible Mortgage Loan on such date.

For purposes of the Agreement and all other Transaction Documents, “Pricing Rate” means for any Purchased Mortgage Loan as of any date of determination the per annum percentage rate equal to the sum of (i) the greater of the Adjusted LIBOR Rate for such day and two percent (2.00%) and (ii) two and three-fourths percent (2  ³ / 4 %).

As used herein, the following terms shall have the corresponding definitions:

“Adjusted LIBOR Rate” means, for any date, an interest rate per annum equal to (a) the LIBOR Rate as of such date (or if such date is not a Business Day, on the immediately preceding Business Day) multiplied by (b) the Statutory Reserve Rate as of such date.

“LIBOR Rate” means, for any date, the rate appearing on Reuters Screen LIBOR01 (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by Buyer from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on such date (or if such rate does not appear on Reuters Screen LIBOR01 or any such successor or substitute page on such date, then the immediately preceding date on which such rate so appears), as the rate for dollar deposits for an interest period of one (1) month. In the event that such rate is not available at such time for any reason, then the “LIBOR Rate” shall be the rate at which dollar deposits in the approximate amount of principal outstanding on such date and for one (1) month are offered by the principal London office of Buyer in immediately available funds in the London interbank market on such date (or if such dollar deposits are not so offered on such date, then the immediately preceding date on which such deposits are so offered).

“Statutory Reserve Rate” means, as of any date, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve System to which Buyer is subject, with respect to the Adjusted LIBOR Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) as of such date. Such reserve percentages shall include those imposed pursuant to such Regulation D. Transactions shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time under such Regulation D or any comparable

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regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

For purposes of the Agreement and all other Transaction Documents, “Margin Percentage” means, on any date:

(a)  for any CL Loan, ninety-seven percent (97%); and

(b)  for any other Eligible Mortgage Loan, ninety-five percent (95%).

Seller shall pay to Buyer each year an amount (the “Facility Fee”) equal to twenty-five basis points (0.25%) of the Facili