Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. All rights reserved. Minimum FICO is 640 | Maximum DTI is 45%. GSFA provides your borrower(s) with a choice of a 3% DAP or a 4% non-repayable gift. Any Select loan not locked by 3:00 today, will need to proceed as a Platinum (non-Select) program loan. Golden State Finance Authority Five Part Series. California home buyers have many options to choose from. For income limits on FHA, VA and USDA loans, please refer to loan agency guidelines. 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. Whether someone owned a home in the past or not, they can apply for the Program. Many times this allows homebuyers to purchase a home sooner than they thought possible. GSFA Platinum Grant loan limits for all first mortgage programs is $424,100. Since 2010, GSFA Platinum has helped 24,000 people to purchase homes, providing more than $213.9 million in down payment and/or closing cost assistance. GSFA is a local housing finance authority and a duly constituted public entity and agency, organized in 1993 and existing under and by virtue of Title 1 of the Government Code of the State of California (Articles 1-4 of Chapter 5 of Division 7).. GSFA has supported affordable homeownership in California for over two decades, providing homeownership programs … GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. If you have any questions, please Contact Us. By receiving a gift instead of an additional loan, many individuals and families across California will be able to access affordable financing for a comfortable, reliable home. | Privacy Statement | Follow us on Facebook | Contact Us. Program Term Sheets will be updated and available online shortly. Copyright© 2006-2021 Golden State Finance Authority (GSFA). Make sure to ask your lender about the GSFA Platinum grant program. Jumbo 20% Down 1 Unit; Jumbo 15% Down 1 Unit; Portfolio Loans. The NHF grant is now the GSFA Platinum Grant up to 5% of the loan amount for down payment and closing costs. Program changes from a locked non-Select program to the Select program will not be accepted The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow. California home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. 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. The following is an update to the Servicing Release Premium for all GSFA Platinum loan reservations made on or after October 12, 2020. About Us. The Power Is Now Media Inc. ... 2020. All rights reserved. GSFA Platinum® Program –Overview Borrower can get up to 5% in Down Payment Assistance DPA as a Gift for: •FHA Energy Efficient Mortgage •USDA Guaranteed Home Loan •Public Safety or Education Occupations DPA as 0% Second Mortgage for: •All other First Mortgage Loans •DPA Second is forgiven after 3 Years General Eligibility Minimum FICO: See a GSFA Platinum Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs.). GSFA Platinum Select is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Various first mortgage loan types available to fit the needs of the homebuyer. Information in this Participant Guide is intended for mortgage professionals only. 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. For many homebuyers, the assistance is provided as a zero percent Second Mortgage. Use the drop-down menu below to view income levels by county. 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. Effective for loans locked on and after Monday, October 12th, 2020, the new structure will be: GSFA staff has worked hard to design a variety of print literature for you. 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). Welcome: Questions concerning logins? September 8, 2020 | Bulletin #20-18 Clarification Regarding DTI Guidelines for GSFA Platinum Program This bulletin serves as a clarification of the maximum DTI allowances for Government Loans under th Financial assistance up to 5%, to use for down payment and/or closing costs. It is a 5% grant (not a loan) that can be used towards down payment - 4188719 Platinum Conventional loan program GSFA (Golden State Finance Authority) Platinum Conventional loan program. Find a GSFA Platinum Participating Lender, local branches, and top loan officers. Arguably the best down payment assistance option in California is the GSFA Platinum down payment assistance program. This can drastically reduce out of pocket costs, which can help families into homes sooner. 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. It can take a lot of time and resources to create effective print literature to catch attention, promote programs and create leads. The DPA Gift never has to be repaid. Self Employed using Bank Statements only 1-4 Units; Foreign National w/ 30% Down 1 Unit The grant does not have to be repaid. The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. The program offers home buyers the option of funds in the form of a second mortgage or a gift, depending on eligibility. For questions or additional assistance regarding this bulletin, please email info@gsfahome.org. It helped us make this a global event with dedicated global viewership. The program can assist with up to 5% of the loan amount to use towards down payment and closing costs. Conventional, FHA, VA, and USDA 30-year mortgages are allowed. Effective for GSFA Platinum and GSFA OpenDoors Transactions The GSFA Affordable Subsidy promotion will be ending on February 7, 2020. Credit scores myths when you are buying a home addressed by nationally renowned mortgage loan officer Brian Decker. Program Highlights (1) Financial assistance up to 5%, to use for down payment and/or closing costs. This change is effective for all new GSFA Platinum loan reservations made on or after Friday, April 10, 2020. The GSFA Platinum “Select” program allows borrowers to take advantage of down-payment assistance with a non-repayable gift instead of a second mortgage. 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). Effective with loans closed on and after May 13, 2020, the COVID-19 Attestation must be signed by the borrower and included in the closing package. They are here to help homebuyers every step of the way through their home buying experience. Homebuyer doesn't have to be a first-time homebuyer to qualify. sustainability experts like Andrew Wilson, President of the tve GSFA 2020, Andrew Dunnett, Director of Vodafone Foundation, Tony Juniper, campaigner and environmentalist among many others. GSFA Platinum FHA 5% Grant w/640 score 1 Unit; My Home Assistance Program (DPA) 1 Unit; Extra Credit Teacher Program 1 Unit; Manufactured Home Program with 620 score 1 Unit; Jumbo Loans. The deadline to lock Select loans is 3:00 p.m. today, July 9, 2020. Current interest rates and APRs are available through a Participating Lender. Homebuyer doesn't have to be a first-time homebuyer to qualify. For Platinum "Select" qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. Homebuyers interested in the GSFA Platinum Program will want to Contact Us or a Participating Lender for more information and/or a program application.. Through the GSFA Platinum Program, Mission San Jose provides qualified homebuyers with competitive 30-year home financing and a grant that can be used toward down payment. All reservations which include the GSFA Affordable Subsidy must be reserved through the Online Reservation System or lock through GEMS by close 4:00 PM PST, February 7, 2020. GSFA Platinum Grant | Program End Date. If you have any questions, please Contact Us. Join us Saturday, October 24, 2020 @ 1:00 pm for a FREE Home Buyers Seminar. GSFA Platinum Grant | Loan Limits. 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. 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). Visit our Marketing Support page and see if the downloadable literature will help you generate customer interest. For additional information, contact NHF Customer Service at (866) 643-4968 or email info@nhfloan.org: Message Center The GSFA Platinum Down Payment Assistance program can help families and individuals achieve their dream of home ownership. 5:46. Property being purchased must be used as a primary residence. GSFA OpenDoors Program Effective with new registrations on or after Monday, August 31st, 2020, a 620 minimum FICO is required for all Government Loans for the GSFA OpenDoors Program. From time to time, economic feasibility studies are conducted to ensure a program’s viability. The platinum program is our most popular program right now, and it's kind of lumped seven key benefits the first one being that it provides financial assistance up to 5% of the loan amount that can be used for down payment and closing cost the program isn't limited to first-time home buyers and it has very flexible income limits. 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 Program Term Sheets for GSFA Platinum have been updated and are available online in the GSFA Platinum Lender Participation Guide. Please contact your corporate office. | Privacy Statement | Follow us on Facebook | Contact Us. Participating Lenders are approved to process applications for the GSFA Platinum Program. Therefore, changes announced in GSFA’s Single Family Bulletin #20-19, have resulted in a revised origination fee structure for the Platinum program. Great conversation with Meagan Harris (Trainer with GSFA).Topics:Their Platinum Conventional Down Payment Asst (DPA) loanWho … Below is a list of resources from the Golden State Finance Authority (GSFA) that the Finance Helpline has considered important and relevant. FHA, VA and USDA Loans. Due to feasibility study findings, MWF must suspend the GSFA Platinum Select Program. The GSFA Platinum Program - Making a difference for California Homebuyers. 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. Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). 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