Multi-stage polymeric particles are prepared as a water-borne emulsion, including a first-formed lower Tg soft stage and a second-formed higher Tg hard stage. The polymeric particles include, in both stages: one or more free radical polymerizable ethylenically unsaturated monomers; 0 to 3 wt % of free radical polymerizable surfactant monomer; 0 to 4 wt % of free radical poly-merizable monomer having a beta dicarbonyl functionality; 0 to 2 wt % of monomer selected from acrylamide, diacetone acrylamide, 2-hydroxyethyl (meth)acrylate, hydroxypropyl (meth)acrylates, and hydroxybutyl (meth)acrylates and mixtures thereof; 0-1.9 wt % of free radical polymerizable polyethylenically unsaturated monomers; 0.1 to 1.9% of free radical polymerizable monomer containing phosphorus acid or a salt thereof in the first stage, and 0.1 to 5 wt % of a free radical polymerizable monomer containing phosphorus acid or salt thereof in the second stage. Multi-stage polymeric-particle-based-resin is formulated into direct to metal coatings, having good block, corrosion and excellent humidity resistance.