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.
The Platinum Grant can be combined with either Conventional, FHA, VA, or USDA first mortgage loans. Eligible borrowers DO NOT have to be first time homebuyers and can even be used to refinance a home!
The grant funds only have to be repaid if the homeowner sells or refinances their mortgage in the first 3 years.
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)
- Can be combined with MCC to qualify for more!
- Works with Conventional, FHA, VA & USDA loan programs
- Minimum FICO score 640
- FHA 640-660+ = up to 3% grant
- FHA 660+ up = to 5% grant funds
- Conventional, VA, USDA 640+ = up to 5% grant funds
- Maximum DTI ratio
- FHA, VA, USDA = 45% DTI ratio
- Conventional = 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
- Homebuyer education required if all borrowers are first time homebuyers
- Non-occupant co-signers are allowed but their income will count towards the program eligibility 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
GSFA Platinum Grant Interest Rates
The GSFA determines the interest rate……not the lender. You can view the published Platinum Grant interest rates here.
GSFA 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.
|County||FHA OR Conventional|
View all other Platinum Grant California county income limits here
GSFA Platinum Loan Limits
The Platinum Grant FHA loan limit is capped at the FHA county loan limit or $424,100, which ever is lower.
The Platinum Grant Conventional program (Freddie Mac HFA Advantage) will allow loan amounts up to the county loan limit. This means in certain ‘high cost’ counties, the high balance maximum loan limit can go up to $636,150.
California’s county loan limits can be found here.
Is the Platinum Grant the Best Down Payment Assistance Program in California?
Every home buyer should educate themselves on what their 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
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?
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.
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?