Platinum Down Payment Assistance Grant | CA Home Buyers

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 Golden State Finance Authority (GSFA), the agency that administers the Platinum Grant, is focused on increasing home ownership for moderate income wage earners throughout all of California.

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: CHF Platinum Grant California

  • 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
  • Condo
  • 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

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7 Responses to Platinum Down Payment Assistance Grant | CA Home Buyers

  1. Bryan Cordova March 15, 2011 at 7:40 pm #

    Question… I have a 717 Fico score but my income is only $32,000 so I’m thinking of using my fiancees income to qualify for more but she has a limited credit history with one collection she was unaware of for $300 that is being paid off and as a result her Fico score is at 601 currently (hopefully it will increase after paying the collection)… My question is, would we qualify for either program, the Platinum program or FHA Access program?

  2. Brad Yzermans March 16, 2011 at 12:05 am #

    Bryan, it is possible to get an approval using the ACCESS program down to 580 FICO score. I have never seen a score go up as a result of paying off a collection…..at least not initially, so don’t count on that happening. Paying off a collection often causes a FICO credit score to drop initially. Your Fiance may be a candidate for using alternative credit trade lines……like utility bills, verification of rent, etc…. to establish suitable credit history for an FHA loan.

  3. Bryan Cordova July 9, 2011 at 6:29 am #

    Brad, we we’re blessed by answered prayers and got my fiancees score up to 643 as of now and could possibly even get it over 680 by next week. What kind of interest rate would we be looking at with the CHF PLATINUM PROGRAM?

Trackbacks/Pingbacks

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