Frequently Asked Questions (FAQs)
The following information explains in more detail some of the most frequently asked questions (FAQs) from homebuyers and lenders regarding the GSFA Platinum Program.
If you have questions not addressed below, please feel free to Contact Us.
Tip: Click on a question to open or close the answer.
No. Once the mortgage loan closes, the grant is forgiven. The borrower never has to pay the grant back. It is a gift from GSFA.
The GSFA Platinum Program can be used to purchase a residential property in the state of California as long as the homebuyer intends to occupy the property as their primary residence. Newly constructed or existing homes are eligible. One to four unit properties are allowed, depending on the type of first mortgage. Manufactured and mobile homes may be permitted, subject to restrictions and/or requirements of the mortgage loan type and program guidelines.
No, with the GSFA Platinum Program the homebuyer is not required to remain in the home for any period of time after purchase and initial residency.
Yes, the minimum FICO credit score for the GSFA Platinum Program is 640 and the maximum Debt-to-Income Ratio (DTI) is 45%.
The DTI shows how much of the homebuyer's gross monthly income is needed to cover all of their debt obligations. To determine the approximate DTI:
- Add up all debt (including mortgage, auto loans, credit card bills, student loans, child support and alimony, etc.).
- Divide the total debt by the monthly gross income.
- Then multiply the result by 100 to get the DTI percentage.
No. To qualify for the Program, the home being purchased must become the primary residence of the homebuyer. Vacation, second homes and rentals are not eligible.
Homebuyers interested in the GSFA Platinum Program must work with a GSFA Platinum Participating Lender. The Lender will furnish the homebuyer with complete program guidelines, current interest rates, applicable APRs and fees and assist with the application and qualification process.
Back to top