GSFA OpenDoors® — Down Payment Assistance Program

Provides down payment and closing cost assistance, up to 7% 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 OpenDoors 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 down payment assistance provided through the GSFA OpenDoors Program have to be repaid?

The GSFA Opendoors Program provides DPA in the form of a deferred 30-year Second Mortgage Loan combined with a Gift.

The Second Mortgage has a 30-year term and a Note rate of 0%. It does not accrue any interest and no monthly payments are due. However, it is due and payable upon sale, refinance or payoff of the First Mortgage.

The Gift does not have to 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 OpenDoors Program can be used to purchase a residential property anywhere 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, including condominiums, and townhomes, 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 OpenDoors 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?

For FHA and VA loans, there are no income limits.

For USDA loans, refer to USDA guidelines concerning income limits.

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

Q-5:   Are there credit and debt requirements?

Yes, the minimum FICO credit score for the GSFA OpenDoors Program is 620. The maximum Debt-to-Income Ratio (DTI) can go as high as 55%, depending on the First Mortgage loan type.

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 or refinanced 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 OpenDoors Program?

Homebuyers interested in the GSFA OpenDoors Program must work with a GSFA OpenDoors 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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