The Golden State Finance Authority (GSFA) Platinum Program is designed to assist homebuyers in achieving their dream of homeownership by providing down payment and closing cost assistance.

This program does NOT require participants to be a first-time buyer, allows for non-occupying co-signers and other features that help make homeownership a reality!

Golden State Finance Authority

Common Questions - GSFA

  • No! GSFA does not require that you are a first-time home buyer. Only that it will be your primary residence!

  • GSFA requires a minimum of 640+ FICO score for all borrowers with both FHA & Conventional financing.

  • You can purchase a Single Family home, a 2-4 unit property, a Condo or even a Manufactured home (on permanent foundation).

    ** A 660+ FICO score is required for manufactured housing.

  • The debt-to-income allowed is up to 50.00%, however that may vary depending upon your particulars. See below for general guidance, subject to change:

    FHA Financing:

    • 50% DTI with a 680+ FICO.

    • 45% DTI max for 640-679 FICO scores.

    Conventional Financing:

    • Up to 50% DTI for 1 and 2-unit properties.

    • 45% DTI for 3-4 units (640-679 FICO), or up to 50% DTI (680+ FICO scores).

  • The amount of money given is up to 5.50% of he first loan amount.

    The Repayable Funds comes as a 15-year fixed rate second mortgage at the same rate as the first mortgage.

    The Gift Funds Portion (if qualified) are truly that, gift funds! This portion is forgiven immediately upon the closing.

  • No! Only one borrower must move into the home as their pimary residence.

    This means you can have a non-occupying co-signer help with qualifying when needed.

    ** It’s important to note that a non-occupying co-signer must be a family member or a 15% down payment would be required.

  • Yes! Unlike most down payment assistance programs out there, GSFA allows you to purchase 2-4 unit properties as long as you occupy one of them.

    There are additional terms to multi-units properties - DTI, FICO scores, etc. Be sure to call us today to know all benefits of this option.

Questions?

don’t be shy

NOT Limited to First-Time Buyers

Program Highlights: GSFA Platinum Program

  • Down Payment Assistance: Offers up to 5% of the loan amount to be used as a down payment or towards closing costs.

  • Financing Options: Offers different loan programs, including Conventional, FHA, and VA home loans.

  • Repayment of Assistance: Funds are provided as a second mortgage, decreasing the out-of-pocket expenses needed at closing.

  • Flexible Income Limit: The program features varying income limits based on household size and location, allowing more individuals to qualify.

  • Credit Score Requirements: Accepts FICO scores as low as 640, allowing greater purchasing benefits for FICO scores 680+.

  • Properties Allowed: Eligible properties include single-family homes, 2-4 Units in certain cases, condominiums, and manufactured housing (on permanent foundation).

  • State Wide: The program is available state-wide across the great state of California.

Questions?

don’t be shy