GSFA OpenDoors® FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification
FHA program from GSFA for California residents with competitive interest rates and up to 6.5% in down payment and closing cost assistance options.
This loan program is not available in USA
Program Description
30-year fixed rate FHA mortgage option from the Golden State Finance Authority (GSFA) for California residents, with easier qualification than many of the other loan programs. This loan may be combined with GSFA's OpenDoors® down payment assistance program, for up to 6.5% of the first loan amount. Loan program is serviced by Gateway Mortgage Group, a division of Gateway First Bank.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
GSFA OpenDoors® FHA Loan
Min. Credit Score
620
Min. Down Payment
3.5%
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.
Pros & Cons
- 3.5% down payment requirement can be covered by an assistance program
- Flexible qualifying guidelines with perfect credit not required
- Allows for credit scores as low as 620
- No first time homebuyer requirement
- No income limits
- Up to 55% DTI (Debt-to-Income Ratio) permitted
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan
- Manufactured homes not allowed
Program Availability
GSFA OpenDoors® FHA Loans are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“GSFA's programs provide homebuyers the opportunities to purchase a home with little-to-no money out of pocket and without first time homebuyer requirements or perfect credit to qualify."
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
55.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- FHA loan program option from GSFA with easier qualification
- Can be combined with GSFA's OpenDoors® Program
- Program is NOT limited to first time homebuyers
Additional Conditions
- Homebuyer education is required if for at least one borrower if any of the borrowers are a first time homebuyer
- Limited to owner-occupied primary residences only
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.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this GSFA OpenDoors FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
GSFA OpenDoors® Program - Government
|GSFA OpenDoors FHAThe GSFA OpenDoors® Government Program provides up to 6.5% in assistance as a deferred second mortgage with 0% interest and no monthly payments.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
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.
GSFA Platinum® FHA Loan
Best For: First Time Homebuyers, Easy Qualification
FHA program from GSFA for California residents with competitive interest rates and down payment and closing cost assistance options.
GSFA Platinum® Conventional Loan - Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for California homebuyers with incomes above 80% AMI that can be paired with down payment assistance of up to 5.5%.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
FHA Purchase: The Bottom Line
Considering going FHA? Here’s the bottom line on the FHA Loan – What it is, how to get one, why should you get one, along with its most notable products, common criteria and an expert analysis from our experienced team.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch