/* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant. The Platinum down payment assistance program provides a non-repayable grant equal to 5% of the 1st lien loan amount. GSFA provides down payment assistance(DPA) programs to help California homebuyers purchase a home with little-to-no money out of pocket. 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 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. 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 . Single-Family Program Updates (Bulletins). /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ otItkcZThoFwUhF(); Our downpayment assistance is only for homebuyers who use our home loan programs, either Home Advantage or Opportunity.If your household income is under the program limits (up to $145,000), your credit score is at least 620, and you’re otherwise qualified for a home loan, you are probably eligible. Information in this Participant Guide is intended for mortgage professionals only. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. This 5% grant can be used to pay the loan program minimum down payment requirement and/or to pay closing costs. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance … 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 The assistance funds come in the form of a zero-interest second mortgage with a 30-year term. Copyright© 2006-2020  Golden State Finance Authority (GSFA). First Home Mortgage Program. 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. Welcome: Questions concerning logins? 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. State-run Housing Finance Agencies (HFA) offer affordable first mortgages with below-market interest rates and reduced closing costs and fees. Homebuyers interested in the GSFA Platinum Program will want to Contact Us or a Participating Lender for more information and/or a program application. //--> //-->. 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. 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. |    Privacy Statement    |    Follow us on Facebook    |    Contact Us, GSFA Platinum Term Sheet - FHA, VA, USDA Loans - (US Bank), GSFA Platinum Term Sheet - Conventional Loans - (US Bank), Thursday, December 10, 2020 | 2:00 PM - 3:00 PM PST, Wednesday, December 16, 2020 | 10:00 AM - 11:00 AM PST, Tuesday, December 22, 2020 | 2:00 PM - 3:00 PM PST, Platinum "Select" Occupations - Tri-fold Brochure |, Platinum "Select" USDA - Tri-fold Brochure |. By downloading and using the templates below, you certify that you are a GSFA Platinum Participating Lender and agree to abide by the GSFA Marketing Guidelines. Knowledge is key to being successful as a mortgage professional in today's market. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. . There are several types of down payment assistance programs. GSFA Paid MI 3% of the Note amount. Flexible income limits (low-to-moderate income). A Mortgage Credit Certificate Can Mean Thousands of Dollars Back Every Year. The program offers home buyers the option of funds in the form of a second mortgage or a gift, depending on eligibility. Various first mortgage loan types available to fit the needs of the homebuyer. Most people know that mortgage interest is deductible and that a tax deduction can result in tax savings. All rights reserved. Freddie Mac HFA Advantage. First, the homebuyer(s) must meet GSFA's specific qualifying guidelines for the Program which include the following(1): GSFA Platinum is designed to be flexible and accessible, which is why it is not not limited to first-time homebuyers. To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. ywlVoUKDFhRtFrS(); Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. Loan Officers in the GSFA Circle of Excellence have excelled in their respective regions, helping borrowers obtain financing and down payment assistance through the GSFA Platinum Program. 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 >80% AMI .50% of the Note amount.