Many times this allows homebuyers to purchase a home sooner than they thought possible. By receiving a gift instead of an additional loan, many individuals and families across California will be able to access affordable financing for a comfortable, reliable home. Effective for GSFA Platinum Transactions Only Effective immediately, a Maximum DTI of 50% is allowed for borrowers with a minimum FICO of 680. From now through December 31, 2017, GSFA will waive the application fee for any GSFA MCC reservation made in conjunction with the GSFA Platinum Program. To calculate the DPA in dollars, multiply the DPA percentage (1) by the First Mortgage Loan amount. Eligible applicants must meet qualifying requirements for a CalHFA loan program. GSFA clarifies DTI guidelines for GSFA Platinum Program. Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders. The grant is up to 5% of the loan amount. California … The promotion waives the $350 application fee for GSFA MCC reservations if the MCC reservation is made concurrently with a GSFA Platinum Program reservation. GSFA_GOVERNMENTFHA SELECT– 1.23.2020 PAGE 2 OF 9 GSFA PLATINUM SELECT PROGRAM FHA GUIDELINES SUMMARY Equal Housing Opportunity Lender. GSFA Single-Family Housing - Bulletin #20-18 - Platinum DTI Clarification. 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. GSFA OpenDoors™ - Conventional. The GSFA Platinum Down Payment Assistance program can help families and individuals achieve their dream of home ownership. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. The GSFA Government Down Payment Assistance Program (DAP) is a competitively priced loan program that does not require a minimum down payment from the homebuyer(s). Benefits You’ll Love About GSFA Platinum Program GSFA Single-Family Housing - Bulletin #20-18 - Platinum DTI Clarification . The federal government offers help through The program can assist with up to 5% of the loan amount to use towards down payment and closing costs. About us (855) 740-8422; Latest Presentation Slides 12-30-20; GSFA Financial Assistance Programs for Homebuyers and Homeowners; Guide to GSFA Platinum Down Payment Assistance Program - PDF California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. GSFA Platinum is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. This change applies to FHA as well as Conventional Loans underwritten though LPA. This can drastically reduce out of pocket costs, which can help families into homes sooner. GSFA Platinum Down Payment Assistance Program qualifying guidelines include: Minimum credit score of 640; Not to exceed maximum debt-to-income ratio of 45%; Must occupy the home as primary residence GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low- Note: Special Programs may only be originated by trained, approved clients. Some government units and nonprofit agencies offer second or third mortgages or grants with zero percent interest, deferred payments and loans that may be forgiven. You could save thousands on down payment and closing costs! GSFA Platinum Program California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Clarification Regarding DTI Guidelines for GSFA Platinum Program This bulletin serves as a clarification of the maximum DTI allowances for Government Loans under the GSFA Platinum Program. Monterey County Down Payment Assistance Program Because this program is offered to help moderate to low-income borrowers, there are income limitations that must be met to qualify.