Down Payment Assistance (DPA) through the GSFA (Golden State Finance Authority) Platinum Program assists buyers in obtaining a mortgage to purchase new or existing homes. The GSFA Home Buying Program offers a competitive fixed rate mortgage loan for qualified buyers up to a 5% grant for down payment assistance and closing costs. GSFA Platinum is designed to be flexible and is available for the purchase of both new and existing homes, as long as the home will be the primary residence of the home buyer. The Program is also not limited to first-time homebuyers. Whether someone owned a home in the past or not, they can apply for the Program.
Down Payment and Closing Cost Assistance Program
Down Payment Assistance (DPA) Second Mortgage is forgiven after three (3) years.
• DPA has a zero percent interest rate and no monthly payments.
• DPA is available with purchase or refinance of a primary residence.
• Variety of mortgage types are available.
• Borrower doesn’t have to be a first-time homebuyer to qualify.
• Minimum FICO 640; Maximum DTI 50%.
• Generous Income Limits.
More Great News
The great news about the GSHA Down Payment Assistance Program is that there is no first-time home buyer requirement. This means that previous home owners can still take advantage of all the amazing features this program offers. Home buyers are able to use this program to purchase homes throughout California, so buyers are free to search homes that fit them best.