Many times this allows homebuyers to purchase a ⦠So, for example: A $350,000 loan would be eligible for a grant of up to $12,250. Please contact your corporate office. Note: Special Programs may only be originated by trained, approved clients. Please note that all information is provided for informational purposes only, for the exclusive use of licensed mortgage professionals, and not for distribution to the public. Any Select loan not locked by 3:00 today, will need to proceed as a Platinum (non-Select) program loan. There are many programs across the US that offer financing for the down payment of a home and even for the closing costs of a mortgage. GSFA PLATINUM® DOWN PAYMENT ASSISTANCE PROGRAM 11/27/2017 Training for Mortgage Professionals www.gsfahome.org | (855) 740-8422 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. USDA Mortgage Loan + GSFA Platinum Gift = Win/Win for Homebuyers in Rural California Markets USDAâs loan guarantee program features some big benefits ⦠GSFA Platinum Grant loan limits for all first mortgage programs is $424,100. Prior Day Rates: (Note: Rates subject to change without notice) Effective for GSFA Platinum and GSFA OpenDoors Transactions The GSFA Affordable Subsidy promotion will be ending on February 7, 2020. Since 2010, GSFA Platinum has helped 24,000 people to purchase homes, providing more than $213.9 million in down payment and/or closing cost assistance. 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 Platinum Program Term Sheets have been updated. ... a housing finance entity providing down payment assistance programs to ⦠Extension Policy: Loans under the GSFA program are not eligible for MWFâs re-lock and extension policies. MWF will accept lock requests for Platinum programs from 8:30 AM to 3:00 PM PT. There is no cost reduction for shorter lock periods. The grant does not have to be repaid. Included in this Bulletin: GSFA Platinum Program Expansions Mountain West Financial® is excited to join GSFA in honoring of all the hard work and sacrifices of our Healthcare workers during the COVID-19 pandemic. Learn more about the GSFA Platinum® Program on the Home Buyer Town Hall every 1st and 3rd Tuesday 7pm Live on Facebook/IG/Youtube. Golden State Finance Authority @carolynsunseri #thepowerisnow #gsfa #homeownership . This can be used towards the down payment and the borrowerâs closing costs. GSFA PLATINUM PROGRAM Grant Down Payment Up to 5% of Loan Amount* Assistance Program Call Michael at: (925) 351-9207. Nikki R Aguirre | ⦠Title: GSFA-Platinum ⦠Program changes from a locked non-Select program to the Select program will not be accepted SPECIAL ANNOUNCEMENT ----- GSFA Platinum "Select" Grant Feature Extended to Medical and Healthcare Workers ----- Single-Family Bulletin #20-09... Jump to. GSFA OpenDoors⢠Program is designed to increase homeownership opportunities for low- GSFA will gift first time home buyers with up to 5% of the purchase price to cover down payment and closing costs. Golden State Finance Authority (GSFA) PLATINUM program is one of the most popular down payment assistance programs out there right now! Home buyer down payment assistance loan programs such as CalHFAâs CHDAP, GSFA Platinum Grant, and the GSFA ACCESS program are three of the most popular first time home buyer assistance programs in California.. The CHDAP, Platinum, and ACCESS program all provide 3% to 5% assistance that can be applied towards meeting FHAâs 3.5% minimum down payment requirement. 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. This change is effective for all new GSFA Platinum loan reservations made on ⦠Effective immediately, GSFA Platinum borrowers who qualify for the Platinum âSelectâ feature, will be eligible for Down Payment Assistance (DPA) in the form of a non-repayable Gift instead of a Second Mortgage. Tune In to Homebuyer Town Hall Show @carolynsuneri talks about the GSFA Platinum® Program- up to 5% of the loan amount. 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. With the GSFA Platinum program, there is a grant of 5% of the total loan amount, which is a net grant of 3.5% to the borrower. GSFA Platinum Program Update - Bulletin #20-10 https://conta.cc/2xWyBKp 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). The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs.The grant is up to 5% of the loan amount.The loan can be FHA, VA, or conventional. Sections of this page. Golden State Finance Authority (GSFA) is pleased to announce the Platinum âSelectâ feature, our latest addition to the GSFA Platinum Program. Welcome: Questions concerning logins? The deadline to lock Select loans is 3:00 p.m. today, July 9, 2020. The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant. Effective immediately, MWF borrowers in a qualifying profession may enjoy the benefits of the Platinum first mortgage with down payment assistance of 3%, 4% or 5% available as a grant forgiven at closing. Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. # Days for Rate Lock: Locks are available for 30 days. GSFA_GOVERNMENTFHA SELECTâ 1.23.2020 PAGE 1 OF 9 GSFA PLATINUM SELECT PROGRAM FHA GUIDELINES SUMMARY Equal Housing Opportunity Lender. Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank â 05.03.2019 . GSFA Platinum Program Update Effective for all GSFA Platinum Program reservations made on or after Monday, April 27, 2020, FHA loans will require a minimum FICO of 660. 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 ⦠You may be eligible for a non-repayable grant from the GSFA Platinum Down Payment Assistance Program.. All reservations which include the GSFA Affordable Subsidy must be reserved through the Online Reservation System or lock through GEMS by close 4:00 PM PST, February 7, 2020. Currently the program is perpetually funded and should be around for a ⦠Arguably the best down payment assistance option in California is the GSFA Platinum down payment assistance program. Are you a low- to median-income home buyer? Danh Nguyen and Tonya Todd present GSFA Platinum Grant Program The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. GSFA has announced the availability of the Platinum Select program. PROGRAM DESCRIPTION . For additional information, contact NHF Customer Service at (866) 643-4968 or email info@nhfloan.org: Message Center Chenoa Down Payment - Zero Down Chenoa Loan Program explained by Nikki R Aguirre - Duration: 4:34. 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. 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. Promotional offer is applicable for GSFA MCC reservations made April 1, 2017 through December 31, 2017. 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. Central Coast Lending is proud to announce our approved to offer a new loan program- the GSFA Platinum down payment assistance program! Extensions beyond 30 days require approval by GSFA. GSFA Platinum Program (Freddie Mac with 3% DPA) GSFA Platinum® GSFA Platinum Grant $0 $5,820 (3%) Monthly P & I $938 $1,012 $139 (0.85%) $105 (0.65%)* Total Monthly Payment $1,077 $1,117 Down Payment Needed $7,000 $180 www.gsfahome.org | (855) 740-8422 . The GSFA Platinum program is currently offline. Effective immediately, GSFA is expanding the Platinum Select program to include Medical and Healthcare workers. Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). Live on Facebook/IG/Youtube 1st & 3rd Tues 7pm Golden State Finance Authority # thepowerisnow # gsfa # homeownership. GSFA Platinum Grant | Program End Date. Due to feasibility study findings, MWF must suspend the GSFA Platinum Select Program. To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. Due to the COVID-19 pandemic, GSFA and US Bank are expanding the âSelectâ feature within the GSFA Platinum Program to Medical and Healthcare Workers, in addition to the previously eligible occupations. GSFA OpenDoors⢠- Conventional. Through the GSFA Platinum Program, Mission San Jose provides qualified homebuyers with competitive 30-year home financing and a grant that can be used toward down payment. GSFA Platinum Program explained in detail. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance (450,000 x .07). Platinum "Select" Grant Feature Extended to Medical and Healthcare Workers - Bulletin #20-09. 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