The Program Income Limit for Freddie Mac first mortgages are as follows: The homebuyer 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. According to the programâs data, GSFA Platinum has helped more than 14,000 low-to-moderate income borrowers of conventional, VA and FHA loans with down payment assistance and more than $108 million in grants. Manufactured and mobile homes may be permitted, depending on the mortgage loan type and program guidelines. Updated FICO Score Guidelines for . The GSFA Platinum Program - Making a difference for California Homebuyers. ... um so itâs important to kind of look into them looking into the guidelines and make sure that the two can be combined but one of the ones that we often encourage combining especially for a first-time home buyer is a mortgage credit certificate ⦠Program Flyer/Guidelines: GSFA Platinum: Program Provider Type: HFA: Address: Golden State Finance Authority 1215 K Street, Suite 1650 Sacramento, CA 95814: Master Servicer: U.S. Bank Home Mortgage â HFA Division (USBHM) EIN/Tax ID: GSFA: 68-0322272: Investor: U.S. Bank Home Mortgage â HFA Division (USBHM) Program ⦠To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. https://conta.cc/2DFI0ZE #dpa #downpaymentassistance #gsfaplatinum #affordablelending . Conventional, FHA, VA, and USDA ⦠DPA Form: ⢠DPA is in the form of a Gift and a deferred 30-year term, non-amortizing ⦠GSFA Platinum FHA 5% Grant w/640 score 1 Unit; My Home Assistance Program (DPA) 1 Unit; Extra Credit Teacher Program 1 Unit; Manufactured Home Program with 620 score 1 Unit; Jumbo Loans. 09/08/2020 . California home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. Home buyers interested in the GSFA Platinum Program must work with a GSFA Platinum Participating Lender. Golden State Finance Authority ⦠The grant does not have to be repaid. Single-Family Housing Bulletin #20-18 published. How to use the GSFA Grant ⦠GSFA clarifies DTI guidelines for GSFA Platinum Program. Current interest rates and APRs are ⦠Below is a list of resources from the Golden State Finance Authority (GSFA) that the Finance Helpline has considered important and relevant. The GSFA Affordable Subsidy promotion will be ending on February 7, 2020. Learn more about the GSFA Platinum® Program on the Home Buyer Town Hall every 1st and 3rd Tuesday 7pm Live on Facebook/IG/Youtube. The requirements for each program vary, but are typically based on your income, the price of the home and your history as a homeowner. The maximum DTI allowance for Government Loans for the GSFA Platinum down payment assistance program are as follows: VA and USDA RD: 45%; FHA: 45% (Up to 50% for FICOs 680 and higher, except on manufactured housing) The Program Term Sheet for FHA, VA and USDA Loans has been updated and is available online in the GSFA Platinum ⦠Please contact your corporate office. GSFA clarifies DTI guidelines for GSFA Platinum Program. GSFA OpenDoors⢠Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Program Term Sheets will be updated and available online shortly. Owner Occupied only â must be borrowers primary residence; NO First Time ⦠The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. DPA Amount: ⢠Up to 7.00% of the First Mortgage Loan amount. Single-Family Housing Bulletin #20-18 published. Effective for GSFA Platinum and GSFA OpenDoors Transactions. Q-7: How does someone apply for the GSFA Platinum Program? Purchase Price. Reply. GSFA Platinum Program: The GSFA Platinum program is currently offline. 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). We had a record number of 108 film submissions ⦠Self Employed using Bank Statements only 1-4 Units; ⦠Prior Day Rates: (Note: Rates subject to change without notice) Ginnie Mae FHA / USDA / VA ⦠GSFA Platinum Down Payment Assistance Program Advantages/Benefits Gift and First Mortgage Options Eligibility Guidelines MGIC ⢠HFA Advantage Coverage ⢠GSFA Paid MI. You cannot use the program ⦠Don't just take our word for it ... "I would like to thank GSFA ⦠Commitment to Responsible Homeownership Supporting Affordable Homeownership for Over Two Decades: Public entity and agency in California ⦠California. By receiving a gift instead of an additional loan, many individuals and families across California will be able to access affordable financing for a ⦠DPA Form: ⢠DPA is in the form of a Gift and a deferred 30year term, non- -amortizing loan with no ⦠The NHF grant is now the GSFA Platinum Grant up to 5% of the loan amount for down payment and closing costs. Brad Yzermans March 16, 2011 at 12:05 am # Bryan, it is possible to get an approval using the ACCESS program ⦠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.. DPA Amount: ⢠FHA/VA/USDA: Up to 6.00% of the First Mortgage Loan amount. Many times this allows homebuyers to purchase a home sooner than they thought possible. https://conta.cc/2DFI0ZE #dpa #downpaymentassistance #gsfaplatinum #affordablelending The following is an update to the Servicing Release Premium for all GSFA Platinum loan reservations made on or after October 12, 2020. Since 2010, GSFA Platinum has helped 24,000 people to purchase homes, providing more than $213.9 million in down payment and/or ⦠Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). Occupancy Requirement. ⦠Promotional offer is applicable for GSFA MCC reservations made April 1, 2017 through December 31, 2017. I proudly offer this program and you might hear it called the GFSA platinum program. Effective with new registrations on or after Monday, August 31st, 2020, a 620 minimum FICO is required for all Government Loans for the GSFA OpenDoors Program. Jumbo 20% Down 1 Unit; Jumbo 15% Down 1 Unit; Portfolio Loans . GSFA Down Payment Assistance is available for owner-occupied homes. Itâs not a complicated loan with very minimal requirements above what the standard FHA requirements are, but you must have a 640 minimum FICO score and a lower ⦠GSFAâs 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. 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