The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. DPA is forgiven immediately for select occupations including First Responders, law enforcement, teachers, and more. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. Platinum Select has been suspended: All the above options are available for Select borrowers, with the assistance provided as a grant … GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. CA Loan Officer Jason Whigham will Call / text you to go over your CA down payment assistance options . GSFA provides down payment assistance, currently in the form of a grant that you do not have to repay, up to 5% of the first mortgage amount. We specialize in first time home buyer down payment assistance and closing cost programs. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. Homebuyer doesn't have to be a first-time homebuyer to qualify. California Home Buyers may be eligible to BUY A HOME WITH NO MONEY DOWN with the Golden State Finance Authority Platinum FHA Program. Flexible income limits (low-to-moderate income). 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; and. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. Program Highlights (1) Financial assistance up to 5%, to use for down payment and/or closing costs. Golden State Finance Authority provides the GSFA OpenDoors down payment assistance (DPA) program to help California homebuyers purchase a home with little-to-no money out of pocket. Check Out The Next Steps Below. Down Payment Assistance GSFA provides down payment assistance(DPA) programs to help California homebuyers purchase a home with little-to-no money out of pocket. GSFA Platinum Down Payment Assistance Program Advantages/Benefits Gift and First Mortgage Options Eligibility Guidelines MGIC • HFA Advantage Coverage • GSFA Paid MI. Whether someone owned a home in the past or not, they can apply for the Program. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA: Loan Type: FHA: Max Assistance: FHA: 3% or 4% or 5% of Note amount. Homebuyer doesn't have to be a first-time homebuyer to qualify. If you are a qualifying veteran, you can also take advantage … Call Jason Whigham Now 800-807-5022. Arguably the best down payment assistance option in California is the GSFA Platinum down payment assistance program. Effective immediately, a Maximum DTI of 50% is allowed for borrowers with a minimum FICO of 680. See a GSFA Platinum Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs.). Minimum FICO is 640 | Maximum DTI is 45%. Current interest rates and APRs are available through a Participating Lender. FHA Energy Efficient mortgage loans, USDA guaranteed home loans, along with a variety of public safety and education occupations, can qualify the homebuyer for DPA as a gift. Programs are available for purchase or refinance of a primary residence anywhere in California and there is no first-time homebuyer requirement to qualify. 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. JASON WHIGHAM ( CA - licensed mortgage loan originator ) CA DOWN PAYMENT ASSISTANCE SPECIALIST NMLS# 1448396. Effective for GSFA Platinum and GSFA OpenDoors Transactions. 1:03. Second, the homebuyer(s) must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. Min FICO Score: 660 680 Manufactured: Max DTI Ratio <680; 45% with LPA or DU Accept >680 50% LPA or DU Accept Manufactured 45.00%: Property Type: 1 unit SFRs, Condos, … The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. (1) Program Highlights only. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. CalHFA and GSFA Golden State Finance Authority are the two most popular down payment assistance mortgage loans in California. Freddie Mac above 80% AMI: 1%, 2% or 3% of the Note amount. The GSFA Platinum Grant is a California down payment assistance program that provides up to 5% of the loan amount in the form of a non-repayable grant to support responsible and sustainable homownership for eligible California home buyers. For FHA, VA, or Conventional 30-year fixed rate mortgages up to a 5% sized grant is available, for USDA 30-year fixed-rate mortgages up to a 3% sized grant is available) For many homebuyers, the assistance is provided as a zero percent Second Mortgage. Plus Jason will connect you to his preferred Realtor Jenifer Whigham. The Golden State Finance Authority (GSFA) Platinum grant program provides down payment and and closing cost assistance ranging from 3% – 5% of the loan amount in the form of a non-repayable gift. Thank You. GSFA PLATINUM® DOWN PAYMENT ASSISTANCE GSFA PLATINUM® DOWN PAYMENT ASSISTANCE Sponsored by Golden State Finance Authority (GSFA), a duly constituted 05/08/2017 public entity and agency in California, established in 1993 Program Training for Mortgage Professionals There are no income limits for buyers and no minimal closing costs necessary. This change applies to FHA as well as Conventional Loans underwritten though LPA. Various first mortgage loan types available to fit the needs of the homebuyer. After choosing your program, Jason Will help with your CA home loan / CA Down Payment assistance. 3. GSFA Down Payment Assistance . The GSFA Platinum Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA). This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment. Copyright© 2006-2020  Golden State Finance Authority (GSFA). Contacting one of these Loan Officers will put you in direct contact with a loan officer that has extensive experience with the Program. The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. Flexible income limits (low-to-moderate income). The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. Find CA Down Payment Assistance Programs. The loan can be FHA, VA, or conventional. Features & Eligibility. Loan Officers in the GSFA Circle of Excellence have excelled in their respective regions, helping borrowers obtain financing and down payment assistance through the GSFA Platinum Program. GSFA has helped more than 78,400 individuals and families in California to purchase homes, providing more than $569.7 million in down payment assistance. |    Privacy Statement    |    Follow us on Facebook    |    Contact Us. Contact Us for more information or a referral to a GSFA OpenDoors Participating Lender. Conventional, FHA, VA, and USDA 30-year mortgages are allowed. The program offers home buyers the option of funds in the form of a second mortgage or a gift, depending on eligibility. The Deferred DPA Second Loan has a 30-year term and a … The CHDAP, Platinum, and ACCESS program all provide 3% to 5% assistance that can be applied towards meeting FHA’s 3.5% minimum down payment requirement. Consider These Benefits… There are many advantages specific to the GSFA platinum program such as: There is no interest, no payments, and no need to pay back the Down Payment Assistance (DPA) after 3 years. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan … Various first mortgage loan types available to fit the needs of the homebuyer. Homebuyer doesn't have to be a first-time homebuyer to qualify. CalHFA My Home Assistance Program GSFA has supported affordable homeownership in California for over two decades, providing homeownership programs featuring competitive interest rates and down payment assistance. Guideline Updates for GSFA Down Payment Assistance Programs. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. GSFA Platinum ® — Down Payment Assistance Program Provides Down Payment Assistance in the form of a Gift or Forgivable Second Loan GSFA Platinum ® Lender Participant Guide Information in this Participant Guide is intended for mortgage professionals only. Assistance comes in the form of a deferred payment loan program for first-time homebuyers. The Deferred DPA Second Loan has a 30-year term and a zero percent note rate. Home buyer down payment assistance loan programs such as CalHFA’s CHDAP, GSFA Platinum Grant, and the GSFA ACCESS program are three of the most popular first time home buyer assistance programs in California.. Any DPA provided as a Gift, does not have to be repaid. Commitment to Responsible Homeownership Supporting Affordable Homeownership for Over Two Decades: Public entity and agency in California organized in 1993 Mission to provide a source of financing for California … The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow. Contact GSFA about Programs: Client Relations Department, Golden State Finance Authority, [email protected] or toll-free (855) 740-8422; Please feel free to visit the Finance Helpline's Tools You Can Use, Relevant News & Articles, Finance Q&As, Down Payment Assistance, and Finance Webinars page(s) for more helpful information or simply Contact Us. Adam Barakzai 61 views. HOW ABOUT A FORGIVABLE 2nd - Duration: 1:03. The DPA Gift never has to be repaid. Copyright© 2006-2020  Golden State Finance Authority (GSFA). %, 2 % or 3 % of the homebuyer Officer that has extensive experience the... 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