GSFA Platinum® Standard Program
Best For: First Time Homebuyers, Zero Down
GSFA Platinum® Standard Program provides up to 5% in down payment assistance as a standard second mortgage with repayment.
This loan program is not available in San Benito, TX
Program Description
The GSFA Platinum® Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance. It is a second mortgage that provides up to 5% of the first mortgage loan amount, which must be a GSFA Platinum® first mortgage. It is repaid over 15-years and has the same interest rate as the first mortgage. The Loan program is serviced by US Bank.
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GSFA Platinum® Standard Program
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 5.00% of 1st Loan Amount
Type: Standard 2nd Mortgage Program - Repayable
The Platinum® Loan is an amortizing 15-year second mortgage with monthly payments and the same rate as the first mortgage. It is due and payable upon transfer of title, sale of property, payoff of the first loan, refinancing, or default.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- GSFA Platinum® FHA Loan
- GSFA Platinum® Conventional Loan - Median Income
- GSFA Platinum® USDA Loan
- GSFA Platinum® VA Loan
- GSFA Platinum® Conventional Loan - Low Income
Pros & Cons
- Program is NOT limited to first time homebuyers
- Flexible or no income limits (based on county of property)
- Flexible qualifying guidelines with perfect credit not required
- Available in all of California
- Assistance must be repaid if home is sold or loan is refinanced
- Assistance accrues interest and must be repaid
- Higher assistance amounts increase the interest rate
- Limited funding available
Program Availability
GSFA Platinum® Standard Programs are available in 1 state.
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“When down payment and/or closing cost are getting in the way of you becoming a homeowner, the Platinum® Program can help you make your dream of purchasing your new home a reality."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$182,880 - $299,880
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Down payment assistance of up to 5% of the first loan amount
- Funds may be applied towards down payment and/or closing cost
- Standard second mortgage with monthly payments
Additional Conditions
- GSFA Platinum® may only be combined with a GSFA Platinum® first mortgage program
- Only available for owner-occupied properties—the borrower(s) must live in the home as a primary residence
- Interest rate of second mortgage is the same as the first mortgage
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: CreditSmart® Homebuyer U or Other
If all borrowers are first time homebuyers, then it is mandatory to complete approved homebuyer education or counseling. Freddie Mac CreditSmart® Homebuyer U or Fannie Mae HomeView are approved options that can satisfy this requirement.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: GSFA Servicer's Funding Fees
Additional fees for the Platinum® Program include a servicer's funding fee, tax service fee, and servicing fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Related Resources
Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.
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Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
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Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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