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.
The Golden State Finance Authority (GSFA) Platinum Grant provides assistance for moderate to high income wage earners throughout all of California. Eligible Platinum borrowers are NOT limited to first time homebuyers, can own other properties, and even be used to refinance a home!
The Platinum Grant can be combined with either Conventional, FHA, VA, and USDA first mortgage loans.
CHF Platinum funds are still available ==> Check eligibility and reserve funds
GSFA Platinum Assistance Guidelines:
- NOT limited to first time buyers (2nd time & move-up buyers OK)
- Grant money NEVER has to be REPAID
- Is not a silent second loan – no recapture fee or tax
- Can be combined with MCC to qualify for more!
- Works with FHA, VA & USDA loan programs
- Minimum FICO score 640
- FHA 640-659 = up to 4% grant
- FHA 660+ up = to 5% grant funds
- Conventional, VA, USDA 640+ = up to 5% grant funds
- Maximum DTI ratio depends on FICO credit score
- FHA – VA- USDA = 45% DTI ratio
- Conventional = up to 50% DTI ratio (it’s very rare for a file to approve over 45% DTI ratio)
- Seller concessions are allowed
- Borrower reserves or assets not required
- No tricky equity sharing or re-capture feature like many other assistance programs
- Home buyer education is NOT required
- Non-occupant co-signers are allowed but income does count towards the income cap
Platinum Property Eligibility
- Primary residence only
- Single Family Residence
- No manufactured home
- No property flips less than 90 days
- Borrowers can own other property if it’s a rental
Platinum Grant Interest Rates
The GSFA determines the interest rate……not the lender. You can view the published Platinum Grant interest rates here.
Platinum Grant Income Limits
The Platinum income limit varies based on the type of loan program being used and by county. Income limit is the same regardless if there is 1 person in the household or 8.
Qualifying income is calculated is for the borrower on the loan only. Household or non-borrower income is not counted part of the equation.
View all other Platinum Grant California county income limits here
Is the Platinum Grant the Best Down Payment Assistance Program in California?
Every hoe buyer should always educate themselves on what there homebuyer assistance and loan options are because most mortgage lenders will only sell what they know or what they have access to….or even worse, what program will make them the most money.
There are several other homebuyer assistance programs available in California you should consider before making your decision. Contact me here at (951) 215-6119 to compare other options and see which one provides the most benefit to you.Apply For Down Payment Assistance Here