Please note: If you need to download the most recent version of Acrobat Reader, you may do so by clicking on the "Get Acrobat Reader" button displayed below. 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. The templates are intentionally designed with blank input fields for the Participating Lender to add company and contact information before printing. GSFA Paid MI 3% of the Note amount. GSFA is OPEN for business. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. Click tabs below to display topic contents. Copyright© 2006-2020  Golden State Finance Authority (GSFA). 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. Freddie Mac below 80% AMI: 3%, 4% or 5% of the Note amount. Programs are available for purchase or refinance of a primary residence anywhere in California and there is no first-time homebuyer requirement to qualify. About us (855) 740-8422 GSFA Financial Assistance Programs for Homebuyers and Homeowners Guide to GSFA Platinum Down Payment Assistance Program - PDF Max Assistance. FHA Handbook are met including providing the following from the provider of any secondary Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - Freddie Mac HFA. 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 DPA Gift never has to be repaid. 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 Flexible income limits (low-to-moderate income). Some government units and nonprofit agencies offer second or third mortgages or grants with zero percent interest, deferred payments and loans that may be forgiven. For additional information, contact NHF Customer Service at (866) 643-4968 or email info@nhfloan.org: Message Center California’s Golden State Finance Authority (GSFA) created what they call their Platinum Program, which provides California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Downpayment Assistance FAQ: How can I get this assistance? Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. Government Entity and Non-profit subordinate financing permitted subject to the following: • Lenders are responsible to ensure that all FHA secondary financing guidelines from the . Yes, that’s correct a GIFT- It is NOT a second lien against the property. . 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. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance … There are several types of down payment assistance programs. Loan Type. Homebuyer doesn't have to be a first-time homebuyer to qualify. Knowledge is key to being successful as a mortgage professional in today's market. Single-Family Program Updates (Bulletins). GSFA MCC ® Mortgage Credit Certificate. Financial assistance up to 5%, to use for down payment and/or closing costs. While protecting your health and ours, we are offering the use of online resources. Minimum FICO is 640 | Maximum DTI is 45%. GSFA’s Commitment to Responsible Homeownership 05/08/2017 3 Programs that Enhance Standard Mortgages: Down payment, closing cost assistance Mortgage Credit Certificates Standard Underwriting: FHA and Conventional First Mortgages No manual underwriting for FHA loans Golden State Finance Authority Homebuyer Assistance Programs GSFA Platinum Down Payment Assistance Grant. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. The program offers home buyers the option of funds in the form of a second mortgage or a gift, depending on eligibility. Whether someone owned a home in the past or not, they can apply for the Program. The literature is available for download in PDF format for ease of printing. This assistance comes in the form of a grant, which has no repayment terms. Financing/Down Payment Assistance . Homebuyer doesn't have to be a first-time homebuyer to qualify. GSFA is OPEN for Business! Please contact your corporate office. Program training right from your desk through our webinars. The Participant Guide contains links to program guidelines, term sheets, and much more for GSFA Platinum Participating Lenders. 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 … Down payment assistance is up to $10,000 or 6 percent of the purchase price, whichever is greater. But, tax professionals will tell you, a tax credit (such as the tax credit provided by an MCC) can have a greater impact on your taxes, because it directly affects tax liability, not just reducing your taxable income amount. The GSFA Platinum Program has providing more than $585.7 million in Down Payment Assistance to individuals and families purchasing homes in California. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment. This bulletin serves as a correction of Program Bulletin #20-16, published on August 20, 2020, which outlined the minimum FICO requirements for Government Loans for the GSFA OpenDoors down payment assistance program, effective for all new loan registration on or after August 31, 2020. Program Highlights (1) //-->. Contacting one of these Loan Officers will put you in direct contact with a loan officer that … Please click on "Contact Us" at the top of the screen and we will respond as soon as possible. View the tab "Participation Guidelines & Training" for details on how to become an approved lender or get training on procedures for processing a GSFA Platinum Program transaction. GSFA provides down payment assistance(DPA) programs to help California homebuyers purchase a home with little-to-no money out of pocket. Various first mortgage loan types available to fit the needs of the homebuyer. All rights reserved. The federal government offers help through Mortgage Credit Certificates (MCCs), an annual federal income tax credit that enables first-tim… For many homebuyers, the assistance is provided as a zero percent Second Mortgage. Should you have further questions about the above documents, loan program specifics, participation requirements, etc., please Contact Us directly at (855) 740-8422 or email Most people know that mortgage interest is deductible and that a tax deduction can result in tax savings. Freddie Mac above 80% AMI: 1%, 2% or 3% of the Note amount. ywlVoUKDFhRtFrS(); Program Highlights (1) Financial assistance up to 5%, to use for down payment and/or closing costs. Benefits You’ll Love About GSFA Platinum Program Jason Whigham is a CA Down Payment Assistance Specialist in Roseville California. Call My-Down Payment Assistance 800-807-5022 - Team Whigham service all of Northern California and Southern California! State-run Housing Finance Agencies (HFA) offer affordable first mortgages with below-market interest rates and reduced closing costs and fees. First Home Mortgage Program. 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). Information in this Participant Guide is intended for mortgage professionals only. Homebuyers interested in the GSFA Platinum Program will want to Contact Us or a Participating Lender for more information and/or a program application. The loan can be FHA, VA, or conventional. /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ HomeStart Savings Program: Offered through a partnership between your local financial institutions and the Federal Home Loan Bank of Seattle to help first time homebuyers accumulate funds for down payment and closing costs. The Golden State Finance Authority (GSFA) Platinum grant program provides down payment and and closing cost assistance ranging from 3% – 5% of the loan amount in the form of a non-repayable gift. //--> If you have a first-time homebuyer or a qualified veteran, there is a good chance he/she could qualify for a GSFA Mortgage Credit Certificate (MCC) at the same time they qualify for a mortgage loan. Consider These Benefits… There are many advantages specific to the GSFA platinum program such as: Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. A Mortgage Credit Certificate Can Mean Thousands of Dollars Back Every Year. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California.