Golden State Finance Authority Homebuyer Assistance Programs

The Golden State Finance Authority (GSFA) is a California housing finance agency and public entity that supports affordable homeownership with down payment and closing cost assistance programs for low to moderate wage income homebuyers in California.

Formerly known as CHF (or CRHMFA – California Rural Home Mortgage Finance Authority), Golden State Finance Authority (GSFA) assistance grant programs have helped more than 68,000 families purchase homes throughout California.

Homebuyers must work with participating lenders who are approved and trained by GSFA to qualify homebuyers for their Platinum down payment assistance program or the GSFA MCC Mortgage Credit Certificate.

Golden State Finance Authority Homebuyer Assistance Programs

GSFA Platinum Down Payment Assistance Grant

The Platinum down payment assistance program provides a non-repayable grant equal to 5% of the 1st lien loan amount.  This 5% grant can be used to pay the loan program minimum down payment requirement and/or to pay closing costs.

Borrowers DO NOT have to be first time homebuyers and Platinum works with FHA, VA, and Conventional home loans.

GSFA Mortgage Credit Certificate (MCC)

The GSFA Mortgage Credit Certificate allows 20% of the interest paid on the mortgage to be deducted as a dollar for dollar reduction in their tax liability for the life of the loan.

An MCC enables an eligible borrower to qualify for a larger loan because the savings acts like additional income and it reduces their DTI ratio.

Borrowers must be first time homebuyers and not exceed the MCC income or sales price limits.

Click this link to read more about MCC programs throughout California.

Additional Homebuyer Assistance Programs

The Golden State Finance Authority’s Platinum Grant and MCC are great programs, but there are other programs you should at least consider before choosing which lender to qualify you for your homebuyer assistance loan.

The problem is most lenders know very little about the approximately 264 home buyer assistance programs offered in the state of California and will steer buyers into programs that will make them the most money….not you the best assistance program.

If your lender isn’t taking the time to educate and inform you about multiple options like I do, how can you trust they will help you make the best or right decision?

Contact me here to schedule a time to discuss and compare multiple options to finance your home purchase and how we can make home buying easier and more affordable for you.