Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity; Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters; and. (1) Certain restrictions apply on all programs. 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. 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. /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ Single-Family Program Updates (Bulletins). 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. 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 . Jason Whigham is a CA Down Payment Assistance Specialist in Roseville California. About us (855) 740-8422 GSFA Financial Assistance Programs for Homebuyers and Homeowners Guide to GSFA Platinum Down Payment Assistance Program - PDF Credit scores myths when you are buying a home addressed by nationally renowned mortgage loan officer Brian Decker. Minimum FICO is 640 | Maximum DTI is 45%. While protecting your health and ours, we are offering the use of online resources. The DPA Gift never has to be repaid. Funded by the CBC Mortgage Agency, this program offers the ability to utilize an FHA-insured home loan by offering eligible applicants 3.5% of the purchase price to cover the down-payment. The grant is up to 5% of the loan amount. Conventional, FHA, VA, and USDA 30-year mortgages are allowed. For Platinum "Select" qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. 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. Benefits You’ll Love About GSFA Platinum Program If it is after business hours, we will respond within 1 … GSFA Paid MI 3% of the Note amount. Knowledge is key to being successful as a mortgage professional in today's market. Max LTV/CLTV: AUS: 96.5% LTV/105% CLTV. GSFA has supported affordable homeownership in California for over two decades, providing homeownership programs featuring competitive interest rates and down payment assistance. . The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. 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. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment. |    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 |. Call My-Down Payment Assistance 800-807-5022 - Team Whigham service all of Northern California and Southern California! More... Copyright© 2006-2020 Golden State Finance Authority (GSFA). GSFA Homebuyer Assistance Programs. Max Assistance. This 5% grant can be used to pay the loan program minimum down payment requirement and/or to pay closing costs. Program training right from your desk through our webinars. This assistance comes in the form of a grant, which has no repayment terms. Consider These Benefits… There are many advantages specific to the GSFA platinum program such as: 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. 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. State-run Housing Finance Agencies (HFA) offer affordable first mortgages with below-market interest rates and reduced closing costs and fees. Down payment assistance is up to $10,000 or 6 percent of the purchase price, whichever is greater. 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. Homebuyer doesn't have to be a first-time homebuyer to qualify. Most people know that mortgage interest is deductible and that a tax deduction can result in tax savings. A few Popular CA Loan Options are CalHFA, OpenDoors GSFA, conventional loans, etc. Programs are available for purchase or refinance of a primary residence anywhere in California and there is no first-time homebuyer requirement to qualify. GSFA OpenDoors ® Down Payment Assistance. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - Freddie Mac HFA. Welcome: Questions concerning logins? GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. 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. To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. Program Highlights (1) Whether someone owned a home in the past or not, they can apply for the Program. 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 … 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. Click Here to Register for any of the following: The marketing literature provided below is for use by Participating Lenders ONLY. The assistance funds come in the form of a zero-interest second mortgage with a 30-year term. 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 GSFA Platinum ® Down Payment Assistance. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance … Copyright© 2006-2020  Golden State Finance Authority (GSFA). Contacting one of these Loan Officers will put you in direct contact with a loan officer that … GSFA MCC ® Mortgage Credit Certificate. 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. Arguably the best down payment assistance option in California is the GSFA Platinum down payment assistance program. For additional information, contact NHF Customer Service at (866) 643-4968 or email info@nhfloan.org: Message Center 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. Golden State Finance Authority Homebuyer Assistance Programs GSFA Platinum Down Payment Assistance Grant. Common Down Payment Assistance MYTHS www.gsfahome.org | (855) 740-8422 11/27/2017 4 Only in certain areas Only for first-time homebuyers Only for low income Only for those with zero savings Only for exceptional credit Has to be paid back Only works with FHA Harder to qualify Takes longer to close Limited funding * According to findings from the second annual America at Home survey The templates are intentionally designed with blank input fields for the Participating Lender to add company and contact information before printing. 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. Property being purchased must be used as a primary residence. Setup as a GSFA Platinum Participating Lender is a 2-step process, as follows: . Program Highlights (1) Financial assistance up to 5%, to use for down payment and/or closing costs. 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. Loan Type. For many homebuyers, the assistance is provided as a zero percent Second Mortgage. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. The GSFA Platinum Program has providing more than $585.7 million in Down Payment Assistance to individuals and families purchasing homes in California. 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 Freddie Mac above 80% AMI: 1%, 2% or 3% of the Note amount. The Participant Guide contains links to program guidelines, term sheets, and much more for GSFA Platinum Participating Lenders. 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. //--> 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. /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ Freddie Mac below 80% AMI: 3%, 4% or 5% of the Note amount. Welcome to Pathways! Current interest rates and APRs are available through a Participating Lender. See a GSFA Platinum Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs.). The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow. 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). ywlVoUKDFhRtFrS(); There are several types of down payment assistance programs. The federal government offers help through Mortgage Credit Certificates (MCCs), an annual federal income tax credit that enables first-tim…