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Information in this Participation Guide is intended for mortgage professionals only. The Guide furnishes Lenders (and real estate professionals) with complete program guidelines and an understanding of the steps to be taken to begin participating in and/or originating GSFA Platinum Program transactions. It is organized into tabs below for easy reference.
NOTE: Homebuyers interested in applying for GSFA Platinum homebuyer assistance will want to contact a Participating Lender for complete program guidelines, interest rates and APRs, and a program application.
Click on the tabs below to display contents.
As noted in the term sheet above, borrowers purchasing homes in Targeted Census Tracts are eligible for an additional $5,000 Closing Cost Assistance Gift on FHA Mortgage Loans (not to exceed Total Closing Cost Assistance of 6%).
Note: If you do not know the property's census tract, please use the FRB Census Geocoder.
GSFA does not set income limits for FHA, VA, or USDA loans originated through the GSFA Platinum Program. Please refer to the guidelines of the respective loan agencies for any applicable income limits.
For income limits on Freddie Mac Conventional Loans originated through the GSFA Platinum Program, please use the income limit lookup tool below.
Obtain approval as a Correspondent Lender with Servicer, US Bank, HFA Division
Complete and return to GSFA signed copies of the following documents:
We provide a variety of resources to help mortgage and real estate professionals in understanding and utilizing the GSFA homeownership programs on our Lender/Realtor Training page.
These include:
View the Training Calendar and other resources.
Imagine what down payment assistance could do for your borrowers.
The GSFA Platinum Program provides financial assistance, up to 5.5% of the Loan Amount, to qualifying homebuyers in conjunction with a variety of First Mortgage Loans, including Conventional, FHA, VA and USDA loans. There is no requirement that an applicant be a first-time homebuyer to qualify.
The assistance is provided in a variety of forms, depending on the Program option and amount of assistance…
Training, marketing and other resources to help you boost your business while helping homebuyers...
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With financial assistance to cover your down payment and/or closing costs, homeownership may be closer than you thought possible...