I’m excited the GSFA 5% Platinum California home buyer assistance grant program (down payment assistance) has funds available again for qualifying home buyers. GSFA’s mission is to increase responsible home ownership throughout California by providing down payment assistance to both second time move up buyers and first time home buyers.
Do this ==> 5% Platinum Home Buyer Assistance Rate Quote
That’s right……move up buyers welcome! The GSFA Platinum 5% down payment assistance grant is the only program I’m aware of in California that does NOT require the recipient be a first time home buyer to qualify.
5% Closing cost assistance too! The Platinum home buyer grant program can be applied towards satisfying the down payment requirement of an FHA loan or be used to pay closing costs when using a Conventional, FHA, VA, or USDA loan to purchase a home. Platinum is a very flexible home buyer assistance program….like being double jointed.
Platinum down payment assistance funds are limited, so don’t lollygag. – Confucius
Available again? The Platinum assistance program was originally suspended back in October of 2011 when master servicer, Bank of America, excited correspondent lending and quit servicing this loan program. The renewal of this program will help many home buyers in the Inland Empire region of California where a majority of the buyers use FHA, VA, or USDA financing to qualify.
Platinum 5% Down Payment Assistance Program Details
- Home buyer grant money for 5% of purchase price
- Minimum credit score of 640
- Must meet qualifying income limit (only borrower qualifying income counts – non-borrowing spouse income not considered)
- Primary residence only (SFR, Condo, PUD)
- Do NOT have to be a first time buyer
- Seller can contribute up to 6% concessions
- Gift funds from family members allowed
- Non-occupant co-borrowers not allowed
- Cannot be used to purchase under 90 day flip property
- 5% grant is not a repayable loan or 2nd lien
Advantages of Using the 5% Platinum Home Buyer Assistance Program
- Family member can gift you additional money needed for closing
- Can use the 5% grant to pay closing costs
- Not asking seller to pay closing costs GREATLY increases your odds of getting an offer accepted.
- 5% grant is not a loan or deferred loan that that has to be repaid.
- There are no crazy appraisal, inspection, equity sharing, or deed restrictions that many other assistance programs demand.
- Income limit is often higher than other home buyer assistance programs.
- Using other peoples money to buy a home is usually a good idea.
- Can be used for refinancing as well!
Disadvantages of Using the Platinum Down Payment Assistance Program
- Interest rate is usually about .375% to .625% higher than the regular FHA rate. GSFA sets the interest rate…not us or any other lender. So in a sense, you are paying for the 5% grant through a higher interest rate.
- Platinum grant funds are limited…..money could run out if you lollygag.
- Some assistance programs in California will provide more assistance or have no income limit – search here for other programs
Quit Stalling, Take Action Now, Apply for Down Payment Assistance and Buy A Home
Call (951) 215-6119 to find out if you qualify, learn about other assistance options, figure out if this makes sense, or just fill out this quick form…no social security number needed. ==> Apply for down payment assistance