The GSFA Platinum Grant is a California down payment assistance program that provides up to 5% of the loan amount in the form of a non-repayable grant to support responsible and sustainable homownership for eligible California home buyers. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of the First Mortgage. See a GSFA Platinum Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs.). HOW ABOUT A FORGIVABLE 2nd - Duration: 1:03. Current members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff. FHA Energy Efficient mortgage loans, USDA guaranteed home loans, along with a variety of public safety and education occupations, can qualify the homebuyer for DPA as a gift. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. GSFA Down Payment Assistance . GSFA Platinum ® — Down Payment Assistance Program Provides Down Payment Assistance in the form of a Gift or Forgivable Second Loan GSFA Platinum ® Lender Participant Guide Information in this Participant Guide is intended for mortgage professionals only. GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. For FHA, VA, or Conventional 30-year fixed rate mortgages up to a 5% sized grant is available, for USDA 30-year fixed-rate mortgages up to a 3% sized grant is available) GSFA OpenDoors™ — Down Payment Assistance Program A New Homeownership Program from GSFA, featuring up to 7% in down payment assistance GSFA OpenDoors™ Income Limits Income guidelines for the GSFA OpenDoors Program depend on the First Mortgage Loan type, as well as the county in which the property is located. The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. Homebuyer doesn't have to be a first-time homebuyer to qualify. Book A Call With Down Payment Specialist Jason Whigham. We specialize in first time home buyer down payment assistance and closing cost programs. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. Programs are available for purchase or refinance of a primary residence anywhere in California and there is no first-time homebuyer requirement to qualify. Second, the homebuyer(s) must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Program Highlights (1) Financial assistance up to 5%, to use for down payment and/or closing costs. Consider These Benefits… There are many advantages specific to the GSFA platinum program such as: Any DPA provided as a Gift, does not have to be repaid. Homebuyer doesn't have to be a first-time homebuyer to qualify. Guideline Updates for GSFA Down Payment Assistance Programs. GSFA PLATINUM® DOWN PAYMENT ASSISTANCE GSFA PLATINUM® DOWN PAYMENT ASSISTANCE Sponsored by Golden State Finance Authority (GSFA), a duly constituted 05/08/2017 public entity and agency in California, established in 1993 Program Training for Mortgage Professionals To find out how much the down payment assistance grant through GSFA Platinum could multiply the grant percentage by the loan amount (The size of grant depends on the loan type. Freddie Mac above 80% AMI: 1%, 2% or 3% of the Note amount. ️Home Buyers GSFA Explained: NEED DOWN PAYMENT ASSISTANCE? Min FICO Score: 660 680 Manufactured: Max DTI Ratio <680; 45% with LPA or DU Accept >680 50% LPA or DU Accept Manufactured 45.00%: Property Type: 1 unit SFRs, Condos, … There are no income limits for buyers and no minimal closing costs necessary. 1:03. Find CA Down Payment Assistance Programs. GSFA has helped more than 78,400 individuals and families in California to purchase homes, providing more than $569.7 million in down payment assistance. STEP 1. JASON WHIGHAM ( CA - licensed mortgage loan originator ) CA DOWN PAYMENT ASSISTANCE SPECIALIST NMLS# 1448396. For Platinum "Select" qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. Since 2010, GSFA Platinum has helped 24,200 people to purchase homes, providing more than $216.4 million in down payment and/or closing cost assistance. The GSFA Platinum Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA). The CHDAP, Platinum, and ACCESS program all provide 3% to 5% assistance that can be applied towards meeting FHA’s 3.5% minimum down payment requirement. DPA is forgiven immediately for select occupations including First Responders, law enforcement, teachers, and more. Homebuyer doesn't have to be a first-time homebuyer to qualify. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance (450,000 x.07). The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. Home buyer down payment assistance loan programs such as CalHFA’s CHDAP, GSFA Platinum Grant, and the GSFA ACCESS program are three of the most popular first time home buyer assistance programs in California.. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. Platinum Select has been suspended: All the above options are available for Select borrowers, with the assistance provided as a grant … |    Privacy Statement    |    Follow us on Facebook    |    Contact Us. How does GSFA work? Stats updated 01/06/2020 To calculate the DPA in dollars, multiply the DPA percentage (1) by the First Mortgage Loan amount. This change applies to FHA as well as Conventional Loans underwritten though LPA. The GSFA Platinum Program has providing more than $597.8 million in Down Payment Assistance to individuals and families purchasing homes in California. Various first mortgage loan types available to fit the needs of the homebuyer. California Home Buyers may be eligible to BUY A HOME WITH NO MONEY DOWN with the Golden State Finance Authority Platinum FHA Program. Copyright© 2006-2020  Golden State Finance Authority (GSFA). CalHFA and GSFA Golden State Finance Authority are the two most popular down payment assistance mortgage loans in California. Contact Us for more information or a referral to a GSFA OpenDoors Participating Lender. There is no interest, no payments, and no need to pay back the Down Payment Assistance (DPA) after 3 years. Flexible income limits (low-to-moderate income). Features & Eligibility. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - Freddie Mac HFA: Maximum Assistance Amount: Freddie Mac below 80% AMI: 3%, 4% or 5% of the Note amount. This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment. Financial assistance up to 5%, to use for down payment and/or closing costs. (1) Program Highlights only. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA: Loan Type: FHA: Max Assistance: FHA: 3% or 4% or 5% of Note amount. Effective for GSFA Platinum Transactions Only. 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