The GSFA Platinum Grant provides up to 5% of the first loan amount as a grant to satisfy the down payment requirement or to pay closing costs for eligible California home buyers.
The Platinum Grant is available with either 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
- Can be combined with MCC to qualify for more!
- Works with FHA, VA & USDA loan programs
- Flips less than 90 days not allowed
- 640 minimum FICO score, 680 for manufactured homes
- Maximum DTI ratio depends on FICO credit score
- 640-659 = 45% DTI
- 660+ up to 50%
- 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-borrowers are NOT allowed
Platinum Property Eligibility
- Primary residence only
- Single Family Residence
- Manufactured (680 min FICO scoore, permanent foundation – no leased land)
- Borrowers can own other property if it’s a rental.
Free Grant Money? What’s the Catch?
The catch is the Platinum program charges a 1.5% in origination fee but it gives you 5% to compensate for that. Since that 5% IS NOT a silent 2nd mortgage, you keep more of your equity than other assistance programs provide. Read this ==> Compare CHDAP, Platinum and ACCESS Down Payment Assistance Programs.
Platinum Interest Rates
GSFA determines what the rate is….not the lender. Considering you are receiving 5% of free money, it’s a reasonable trade off. To find out what the Platinum rate is for both 3% and 5% grant is, contact me.
Maximum Qualifying Income Limits
Qualifying income calculated is for the borrower on the loan only. Household or non-borrower income is not counted part of the equation.
$80,155 Riverside & San Bernardino County
$98,785 Orange County
$80,155 Los Angeles County
$83,950 San Diego County
California GSFA Platinum county income limits
Is the Platinum Grant the Best Down Payment Assistance Program to Help You Purchase a Home?
There are several other home buyer assistance programs you should consider before making your decision. Contact me here at (951) 215-6119 to compare other options and see which one provdes the most benefit to you.Apply For Down Payment Assistance Here