Our homeownership programs are designed to making homebuying more affordable. Programs may differ in terms of the types of mortgage loans available, types of assistance, property types and eligibility guidelines such as credit score requirements and debt-to-income ratios. One thing remains the same however, the goal of our Programs: To help you with the resources needed for the down payment and/or closing costs on your home purchase.
Browse the information below for an overview of the various types of assistance available through the GSFA Platinum Program. Then when you are ready to get started, or if you have questions about your individual circumstances, talk with a Participating Lender. Our Lenders will help you determine which GSFA Program and/or program option will best fit your needs.
The Platinum Standard product applies to the majority of homebuyers. It provides assistance, up to 5% of the First Mortgage Loan amount. The assistance is in the form of a 15-year fully amortizing Second Mortgage Loan. The interest rate on the Second Mortgage is the same as the interest rate on the First Mortgage Loan, and has monthly payments.
There are a variety of products (options) within the GSFA Platinum Program. Each has different advantages and qualifying guidelines. For that reason, we encourage potential homebuyers to contact a GSFA Participating Lender to discuss your unique situation and needs.
Our Lenders will provide you with complete program guidelines, interest rates, applicable APRs and discuss the down payment assistance options with you.
The Platinum "Select" product applies to certain occupations and types of Mortgage Loans. With "Select", a homebuyer can qualify for assistance up to 5% of the First Mortgage Loan amount and not all of the assistance has repayment requirements.
The primary amount of assistance (3.5%) is in the form of a 15-year fully amortizing Second Mortgage Loan. The interest rate on the Second Mortgage is the same as the interest rate on the First Mortgage Loan, and has monthly payments. Additional assistance (up to 1.5%) may be available in the form of a Gift, subject to market conditions. Any assistance provided as a Gift does not have to be repaid.
"Assist-to-Own" down payment assistance is only available to individuals who are employed by one of the GSFA Member Counties (a County Employee). Verification of employment with the eligible County itself is required for eligibility. However, employees can purchase or refinance anywhere in California, as long as the home will be their primary residence.
The primary assistance for “Assist-to-Own” is provided in the form of a deferred Second Mortgage, sized at 3.5% of the First Mortgage loan amount. The Second Mortgage has a zero percent interest rate, which means no interest is accrued on the Second Mortgage and no monthly payments are required. The Second Mortgage however, must be repaid to GSFA upon sale or refinance of the First Mortgage.
Additional down payment and closing cost assistance is available in the form of a Gift, up to 2% of the First Mortgage Loan amount, subject to market conditions, for a total of 5.5% in down payment and closing cost assistance.
(1) Certain restrictions apply on all programs. See a GSFA Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs).
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The DPA through the GSFA Platinum Program is provided as a combination of a Gift and a Second Mortgage. The terms for the assistance vary depending on the Program option that best fits the needs of the borrower. Please review the section titled "Down Payment Assistance — Description and Terms" on the Program Overview page for more details.
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 residences are allowed, including manufactured homes, condominiums and townhomes, depending on the type of First Mortgage.
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.
There may be income limits depending on the type of First Mortgage for which the homebuyer qualifies. For example, GSFA publishes specific income limits for Conventional Loans, based on the county where the property is located. Click here to view the Income Limits.
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 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.