GSFA Platinum® "Select" Rural
Best For: First Time Homebuyers, Zero Down
The GSFA Platinum® "Select" Rural Program provides up to 5% in down payment assistance in combination with the USDA first mortgage.
This loan program is not available in USA
Program Description
The GSFA Platinum® "Select" Program helps Californians buying in a rural area by providing down payment and/or closing cost assistance. It is a second mortgage combined with a grant that provides up to 5% of the first mortgage loan amount. The second mortgage portion is repaid over 15 years and has the same interest rate as the first mortgage and gift portion is forgiven, but increases the interest rate the more gift that is used.
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GSFA Platinum® "Select" Rural
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 Grant Program - Repayable
The Platinum® "Select" Program is 3.5% of the first mortgage and is an amortizing 15-year second mortgage with the same rate as the first mortgage that can be combined with up to 1.5% in gift funds.
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.
Pros & Cons
- Program is NOT limited to first time homebuyers
- Flexible or no income limits (based on county of property)
- Program is NOT limited to medical workers, teachers, law enforcement, etc.
- Portion of assistance doesn't have to be repaid
- Limited funding available
- Only available for in rural areas
- Higher gift amounts increase the interest rate
- A portion of the assistance accrues interest and must be repaid monthly
Program Availability
GSFA Platinum® "Select" Rurals are available in 1 state.
*Limited Availability: There are parts of California that don’t qualify for a USDA Loan. To verify property or area eligibility, visit the official USDA website at https://eligibility.sc.egov.usda.gov/eligibility.
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“When down payment and/or closing cost are getting in the way of you becoming a homeowner, the Platinum® "Select" 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
$91,900 - $238,200
Annual Household (1-2) 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/closing cost assistance of up to 5% of the first loan amount
- Must be in California USDA-designated rural area
- Can be combined with up to 1.5% in gift funds
Additional Conditions
- GSFA Platinum® "Select" Rural Program may only be combined with the GSFA Platinum® USDA first mortgage program
- Only available for owner-occupied properties—the borrower(s) must live in the home as a primary residence
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.
GSFA Platinum® "Assist-to-Own" Program
Best For: First Time Homebuyers, Low Down Payments, Zero Down
GSFA Platinum® "Assist-to-Own" Program provides up to 5.5% in down payment assistance in the form of a deferred payment mortgage combined with a gift.
GSFA Platinum® "Select" Program
Best For: First Time Homebuyers, Zero Down
The GSFA Platinum® "Select" Program provides up to 5% in down payment assistance as a standard second mortgage combined with a gift.
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
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
Read More
2023 USDA Loan Guide
The U.S. Department of Agriculture is a complex, multifaceted entity that wears multiple hats. Under this umbrella is Rural Development, an agency part of USDA with the ultimate goal to help improve the economy and quality of life for Americans living in rural communities.
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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