GSFA Platinum® — Down Payment Assistance Program

Provides Down Payment and Closing Cost Assistance, up to 5.5% of the Mortgage Loan

Frequently Asked Questions (FAQs)

The following information explains in more detail some of the most frequently asked questions (FAQs) from homebuyers and mortgage professionals 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.

Q-1:   Does the borrower ever have to pay back any portion of the down payment assistance provided by GSFA?

The DPA provided through the GSFA Platinum Program is currently in the form of a forgivable Second Mortgage. After three (3) years from the date of close of escrow, the DPA Second Mortgage is completely forgiven.

The DPA Second Mortgages has a zero percent interest rate, which means it acrues no interest. However, if the borrower refinances the First Mortgage or sells the property purchased with the GSFA Platinum Program prior to the end of three (3) years, a pro-rated portion of the DPA Second Mortgage must be repaid.

Contact Us or a Participating Lender for more info.

Q-2:   What types of home can be purchased with the Program?

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.

Contact Us or a Participating Lender for more info.

Q-3:   Is the homebuyer required to stay in the home for any minimum number or years?

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.

Q-4:   Are there income restrictions?

Yes, the total income cannot exceed the Program Income Limits, based on the county in which the property is located.

Click here to view the GSFA Platinum Program Income Limits.

Q-5:   Are there credit and debt requirements?

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:

  1. Add up all debt (including mortgage, auto loans, credit card bills, student loans, child support and alimony, etc.).
  2. Divide the total debt by the monthly gross income.
  3. Then multiply the result by 100 to get the DTI percentage.

Contact Us or a Participating Lender for more info.

Q-6:   Can the Program be used to buy a second home or vacation home?

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.

Q-7:   How does someone apply for the GSFA Platinum Program?

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.


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