GSFA Platinum® — Overview
Program Overview
GSFA Platinum® Program
Down Payment Assistance — NOT Limited to First-time Homebuyers
Down Payment Assistance through the GSFA Platinum Program could help you become a homeowner sooner than you imagined. Imagine what $10,000, $20,000, or even $30,000 in assistance could do for your homebuying journey.
Program Highlights(1)
- Up to 5.5% in Financial Assistance based on the First Mortgage loan amount
- Use funds for your down payment and/or closing costs
- No first-time homebuyer requirement — all eligible buyers can apply
- FICO scores as low as 640 may qualify — perfect credit not needed
- Debt-to-Income ratios up to 50% allowed in certain cases
- Eligible property types include 1–4 unit homes, condos, townhomes, and manufactured homes
- Designed for low-to-moderate income borrowers with flexible income limits
- Compatible with a range of mortgage types including FHA, VA, USDA, and Conventional loans
Enhanced Benefits for Certain Occupations
The GSFA Platinum Program offers enhanced benefits through special options like "Platinum SELECT" for those in public safety, education, medical or healthcare, and "Assist-to-Own" for employees of GSFA Member Counties. Interested in learning more about these exclusive features? Click here.
How to Apply if You are a Homebuyer
We are here to answer questions about the Program and provide a general understanding of how it may help you purchase a home in California. However, when you are ready to discuss your personal financial situation and/or get started, you will need to work with one of our Participating Lenders.
GSFA is not a direct lender and relies on a vast network of Participating Lenders to process loan applications for the GSFA homebuyer assistance programs, furnish current interest rates and APRs.
Lender Participation Guide
The Lender Participation Guide furnishes Lenders (and real estate professionals) with complete program guidelines and an understanding of the steps to be taken to process loan applications for the GSFA Platinum® Program. Information in the Lender Participation Guide is intended for mortgage professionals only.
Quick Links
GSFA Platinum Program
Down Payment Assistance — Description and Terms
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.
Platinum Standard — Terms
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.
Talk with a Lender
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.
Platinum "Select" — Terms
The Platinum "Select" feature 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.
- Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity
- Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters
- Medical and health care workers
- Current members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff
- FHA Energy Efficient First Mortgage Loans
- USDA guaranteed home loans
Platinum "Assist-to-Own" — Terms
"Assist-to-Own" down payment assistance feature 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.
- Alpine
- Amador
- Butte
- Calaveras
- Colusa
- Del Norte
- El Dorado
- Glenn
- Humboldt
- Imperial
- Inyo
- Kings
- Lake
- Lassen
- Madera
- Mariposa
- Mendocino
- Merced
- Modoc
- Mono
- Monterey
- Napa
- Nevada
- Placer
- Plumas
- San Benito
- San Luis Obispo
- Santa Barbara
- Shasta
- Sierra
- Siskiyou
- Solano
- Sonoma
- Sutter
- Tehama
- Trinity
- Tulare
- Tuolumne
- Yolo
- Yuba Counties
(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).
Questions or Ready to Get Started?
Frequently Asked Questions (FAQs)
Click the question below to reveal the answer.
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.
Contact Us or a GSFA Participating Lender for additional questions or to get started.
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.
Contact Us or a GSFA Participating Lender for more info.
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.
What People Say?
Tired of living by someone else's rules.
We have been renting for 10 years. We were tired of living by someon else's rules, but we did not think we would qualify or made enough money to own our own home. Our best firends that had just started the process coninced us to try. We would recommend this program to any first time home buyers. The day we closed and got our keys was the most exciting day for us as a family!
— Julian CernaKern County, January 2022
GSFA Platinum Program
My whole life changed.
Well, my Journey begain in April of 2021: I was coming off an 8 yrs relationship which ended in April 2021 and we had to give up the apartmnet in which we were renting. Rent is really high in the area and I knew it would be close to being unaffordable for me on one income. I have a steady job and my credit was good. I started doing research on downpayment assistance programs and found GSFA Platinum Program. Made contact with the lender and my whole life changed. I didn't think it was possible., was able to close in 3 months with the help of GSFA. Thank you so much!!!— Mikel PettisSacramento County, January 2022
GSFA Platinum Program
We were so excited that a door had been opened.
After renting apartment after apartment all my life, I always imagined that one day I would be a home owner. When I married and my husband and I looked into home purchasing and were turned down, we were very discouraged. Then our Real Estate agend along with the loan officer she worked with looked into different programs for home purchasing. They told us about the GSFA program. We were so psyched!. We are grateful to God that we were blessed to have qualified for the GSFA program!
— Edith AlonzoSan Bernardino County, September 2021
GSFA Platinum Program
There was no catch.
When I thought about buying our first home with my husband, I never thought I'd buy during a pandemic. Our loan officer was the one who brought up the idea of down payment assistance programs. I was skeptical as there is never something that is "free" or was afraid there was a "catch". Our loan officer explained that we qualified for the GSFA program and there was no catch. Fast forward six months and we are celebrating the holidays in our new home paying a mortgage and no longer paying rent, woo hoo!
— Esmeralda KoslikRiverside County, December 2021
GSFA Platinum Program
It took a huge weight off of home buying process.
Thank you for the amazing program. The grant that was provided allowed me to focus on other issues that come with purchasing a new home. My reaction to the program was disbelief, however, it took a huge weight off of the homebuying process. I want to thank all of you at Golden State Finance Authority for your wonderful generosity. And for having this superb program. I recommend to all!!— Dustin KingLassen County, February 2021
GSFA Platinum Program
Forever grateful to begin building generational wealth.
As renters we were paying $2,500/mo. After a year+, I realized we had given our Landlor over $40,000. I mentioned this to my wife and that moment I began a journey to figure out a way to make my money contribute to building our wealth. After months of research, and long nights on the web, I stumbled across the GSFA Platinum program. About 5 months later we closed on a brand new 4bd, 3ba home! A dream come true indeed. I have recommended this program to many of my friends and coworkers. Forever grateful to begin builidng generational wealth.— Kenneth BohomanSonoma County, September 2021
GSFA Platinum Program