Down Payment Assistance

GSFA Down Payment Assistance

Facing Challenges with Down Payment? — We're Here to Help!

Down payment assistance programs provide prospective homebuyers with money to help them pay for a down payment on a home purchase. Some programs, such as GSFA's, may also help with closing costs, which are the fees and charges you pay when you finalize your mortgage.

Closing costs can total between two and five percent of the loan principal (and more when you factor in the escrow for insurance and taxes). For instance, on a $400,000 loan, the closing costs could be upwards of $8,000 or more. If all of your available cash is going to saving for a down payment, you might need help paying for closing costs too.

When you purchase or refinance using one of GSFA's Homebuyer Assistance Programs, you obtain Down Payment and Closing Cost Assistance at the same time that you get the First Mortgage Loan. The assistance, also referred to as DPA, can be used towards your down payment and/or closing costs, or to reduce the principal balance on the First Mortgage Loan (which in turn can lower your monthly payment).

Bottom line, we are here to help you become a homeowner with little-to-no money out-of-pocket and possibly much sooner than you thought possible.

Where Affordability Meets Accessibility®

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Program Features:

  • No first-time homebuyer requirement
  • Perfect credit is not required
  • Income limits are generous
  • Assistance up to 5.5%

Want to Learn More?

To learn more about our individual Down Payment Assistance Programs, clink the link to the program of interest.

When you are ready to apply or have specific questions, reach out to one of our Participating Lenders. Our Lenders will provide complete program guidelines, interest rates and APRs, and help you make the right decision for your specific situation and needs.

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