The grant does not have to be repaid. GSFA Platinum Program California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. The program can assist with up to 5% of the loan amount to use towards down payment and closing costs. GSFA Single-Family Housing - Bulletin #20-18 - Platinum DTI Clarification . 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. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance (450,000 x.07). PROGRAM DESCRIPTION GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low Minimum FICO of 640. Currently the program is perpetually funded and should be around for a while. From now through December 31, 2017, GSFA will waive the application fee for any GSFA MCC reservation made in conjunction with the GSFA Platinum Program. The federal government offers help through The GSFA Government Down Payment Assistance Program (DAP) is a competitively priced loan program that does not require a minimum down payment from the homebuyer(s). 2Includes Up Front Mortgage Insurance of 1.75% (required by FHA) The promotion waives the $350 application fee for GSFA MCC reservations if the MCC reservation is made concurrently with a GSFA Platinum Program reservation. 1For example purposes only; Interest Rate published 11/15/17, subject to change. The GSFA Platinum “Select” program allows borrowers to take advantage of down-payment assistance with a non-repayable gift instead of a second mortgage. 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. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. 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. GSFA clarifies DTI guidelines for GSFA Platinum Program. 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. Promotional offer is applicable for GSFA MCC reservations made April 1, 2017 through December 31, 2017. GSFA Platinum Grant | Borrower Requirements The GSFA Platinum Down Payment Assistance program can help families and individuals achieve their dream of home ownership. GSFA Platinum is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Effective for GSFA Platinum … Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders. The Platinum down payment assistance program provides a non-repayable grant equal to 5% of the 1st lien loan amount. Effective for GSFA Platinum Transactions Only Effective immediately, a Maximum DTI of 50% is allowed for borrowers with a minimum FICO of 680. PLATINUM DAP PROGRAM DAP Options 3%, 4% or 5% available (based on first mortgage loan amount) GSFA DAP PAID LPMI Options (limits loan amount to $484,350) Conforming @ 97% LTV Conforming @ 97% LTV $1,000 DAP or Conforming @ 97% LTV $ 2.50% DAP PROGRAM CODES W CA-GSFA Conv 3% DAP WC30GSFADAP3-041 W CA-GSFA Conv 4% DAP WC30GSFADAP4-041 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. The loan can be FHA, VA, or conventional. Down Payment Options are available in California for buyers with at least a 620 Credit scrore, and can provide up to $75,000 to help you buy your home. You could save thousands on down payment and closing costs! Below is a list of resources from the Golden State Finance Authority (GSFA) that the Finance Helpline has considered important and relevant. Maximum DTI is 50%. GSFA_GOVERNMENTFHA SELECT– 1.23.2020 PAGE 2 OF 9 GSFA PLATINUM SELECT PROGRAM FHA GUIDELINES SUMMARY Equal Housing Opportunity Lender. GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low- It’s available through the Golden State Finance Authority (GSFA). This 5% grant can be used to pay the loan program minimum down payment requirement and/or to pay closing costs. GSFA Platinum Down Payment Assistance Program qualifying guidelines include: Minimum credit score of 640; Not to exceed maximum debt-to-income ratio of 45%; Must occupy the home as primary residence PROGRAM DESCRIPTION . The NHF grant is now the GSFA Platinum Grant up to 5% of the loan amount for down payment and closing costs. Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. 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. Property must be primary residence. Effective immediately, GSFA is expanding the Platinum Select program to include Medical and Healthcare workers. GSFA Platinum Program. Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 05.03.2019 . Single-Family Housing Bulletin #20-18 published. Self Employed using Bank Statements only 1-4 Units; Foreign National w/ 30% Down 1 Unit GSFA Platinum FHA and Conventional Options EXAMPLE #3 30-year fixed- rate GSFA Platinum mortgages. Clarification Regarding DTI Guidelines for GSFA Platinum Program This bulletin serves as a clarification of the maximum DTI allowances for Government Loans under the GSFA Platinum Program. This can drastically reduce out of pocket costs, which can help families into homes sooner. About us (855) 740-8422; Latest Presentation Slides 12-30-20; GSFA Financial Assistance Programs for Homebuyers and Homeowners; Guide to GSFA Platinum Down Payment Assistance Program - PDF 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. https://conta.cc/2DFI0ZE #dpa #downpaymentassistance #gsfaplatinum #affordablelending California home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. Eligible applicants must meet qualifying requirements for a CalHFA loan program. There are several types of down payment assistance programs. To calculate the DPA in dollars, multiply the DPA percentage (1) by the First Mortgage Loan amount. GSFA OpenDoors™ - Government 1 Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 07-01.2019 . The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. Many times this allows homebuyers to purchase a home sooner than they thought possible. Monterey County Down Payment Assistance Program GSFA OpenDoors™ - Conventional. Note: Special Programs may only be originated by trained, approved clients. GSFA HFA Platinum Grant – Golden State Finance Authority offers 3% to 5% assistance in the form of a non-repayable grant to provide affordable financing to California residents. Because this program is offered to help moderate to low-income borrowers, there are income limitations that must be met to qualify. Note: Special Programs may only be originated by trained, approved clients. Borrower must apply with a GSFA approved lender. 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. I proudly offer this program and you might hear it called the GFSA platinum program. California … Please note that all information is provided for informational purposes only, for the exclusive use of licensed mortgage professionals, and not for distribution to the public. GSFA Single-Family Housing - Bulletin #20-18 - Platinum DTI Clarification. Program Bulletins are intended for mortgage professionals only. Some of these requirements include: Meeting income limits. Golden State Finance Authority Homebuyer Assistance Programs GSFA Platinum Down Payment Assistance Grant. This change applies to FHA as well as Conventional Loans underwritten though LPA. Eligibility Guidelines ... GSFA Platinum Program (Freddie Mac with 3% DPA) GSFA Platinum® GSFA Platinum Grant $0 $5,820 (3%) Monthly P & I $938 $1,012 $139 (0.85%) $105 (0.65%)* Total Monthly Payment $1,077 $1,117 Down Payment Needed $7,000 $180 The grant is up to 5% of the loan amount. The Lender will furnish the home-buyer with complete program guidelines, current interest rates, applicable APRs and fees and assist with the application and qualification process. Jumbo 20% Down 1 Unit; Jumbo 15% Down 1 Unit; Portfolio Loans. Benefits You’ll Love About GSFA Platinum Program This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Before applying for a home loan, give us a call to see if you qualify for the GSFA platinum program. California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Home buyers interested in the GSFA Platinum Program must work with a GSFA Platinum Participating Lender. Included in this Bulletin: GSFA Platinum Program Expansions Mountain West Financial® is excited to join GSFA in honoring of all the hard work and sacrifices of our Healthcare workers during the COVID-19 pandemic. State-run Housing Finance Agencies (HFA) offer affordable first mortgages with below-market interest rates and reduced closing costs and fees. The maximum DTI allowance for Government Loans for the GSFA Platinum down payment assistance program are as follows:
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