The Golden State Finance Authority (GSFA) Platinum Program is designed to assist first time and non-first time homebuyers in achieving their dream of homeownership by providing down payment and closing cost assistance.
This program does NOT require participants to be a first-time buyer, allows for non-occupying co-signers and other features that help make homeownership a reality!
Program Highlights: GSFA Platinum Program
NOT Limited to First-Time Buyers
Not required to be a first-time homebuyer!
Up to 5.00% Assistance based on the first loan amount.
Funds can be used toward down payment and closing costs.
FICO scores as low as 640, perfect credit is not required.
Debt-to-Income ratios up to 50.00% with 680+ FICO, 45.00% DTI with a 640-679 FICO.
Financing Options: Loan programs include Conventional, FHA, and VA home loans.
Eligible properties include: Single Family, Condo’s, Manufactured Homes (permanent foundation) and 2-4 Units.
Repayment: Funds are provided as a second mortgage, decreasing the out-of-pocket expenses needed at closing.
Common Questions & FAQ’s
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For GSFA, FHA financing does not have any income limits. This is huge!
For their Conventional Financing products they have income limits based upon the county you’re looking to buy in. You can find the county income limits - HERE.
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No!
GSFA does not require that you are a first-time home buyer. But the home must become your primary residence.
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GSFA requires a minimum of 640+ FICO scores for all borrowers on the loan. This applies to both FHA & Conventional financing.
Manufactured housing requires a minimum FICO score of 660+ for all borrowers on the loan.
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You can purchase a Single Family home, a 2-4 unit property, a Condo or even a Manufactured home (on permanent foundation).
** A 660+ FICO score is required for manufactured housing.
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The debt-to-income allowed is up to 50.00%, however that may vary depending upon your particulars. See below for general guidance, subject to change:
FHA Financing:
50% DTI with a 680+ FICO.
45% DTI max for 640-679 FICO scores.
Conventional Financing:
Up to 50% DTI for 1 and 2-unit properties.
45% DTI for 3-4 units (640-679 FICO), or up to 50% DTI (680+ FICO scores).
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The amount of money given is up to 5.50% of he first loan amount.
The Repayable Funds comes as a 15-year fixed rate second mortgage at the same rate as the first mortgage.
The Gift Funds Portion (if qualified) are truly that, gift funds! This portion is forgiven immediately upon the closing.
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No!
Only one borrower must move into the home as their primary residence.
This means you can have a non-occupying co-signer help with qualifying when needed.
** It’s important to note that a non-occupying co-signer must be a family member or a 15% down payment would be required.
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Yes!
Unlike most down payment assistance programs, GSFA allows you to purchase a 2-4 unit property as long as you occupy one of the units as your primary residence.
There are additional terms to multi-units properties - DTI, FICO scores, etc. Be sure to call us today to know all benefits of this option.
Questions?
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