GSFA Platinum® Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for low income California homebuyers that can be paired with down payment assistance of up to 5.5%.
Program Description
30-year fixed rate Conventional mortgage option from the Golden State Finance Authority (GSFA) for low income California residents, with reduced mortgage insurance coverage levels. This loan may be combined with GSFA's Platinum® down payment assistance program, for up to 5.5% of the first loan amount. Loan program is serviced by US Bank.
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GSFA Platinum® Conventional Loan - Low Income
Min. Credit Score
640
Min. Down Payment
3%
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% down payment requirement can be covered by an assistance program
- Reduced mortgage insurance coverage requirements
- Flexible qualifying guidelines with perfect credit not required
- Also available for multi-family properties (2-4 units)
- Also available for manufactured homes
- 80% AMI income limit restrictions apply
- Requires private mortgage insurance (PMI)
- Lower income limits than the median income Conventional option
Program Availability
GSFA Platinum® Conventional Loan - Low Incomes are available in 1 state.
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“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
50.00%
Purchase Price Limit
No Limits
Income Limit
$51,120 - $133,280
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
- Conventional loan program option from GSFA with lower income limits
- Can be combined with GSFA's Platinum® 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
- Can be combined with GSFA Platinum® Standard, GSFA Platinum® "Select", and GSFA Platinum® "Assist-to-Own" down payment assistance programs
- 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 with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
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 Platinum Conventional LI program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
GSFA Platinum® Standard Program
|GSFA Platinum Conventional LIGSFA Platinum® Standard Program provides up to 5% in down payment assistance as a standard second mortgage with repayment.
Max. Loan Amount
$726,200
Min. Credit Score
640
Min. Down Payment:
0%
GSFA Platinum® "Assist-to-Own" Program
|GSFA Platinum Conventional LIGSFA 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.
Max. Loan Amount
$726,200
Min. Credit Score
640
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
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.
Read More
Tips for a Simple Loan Approval
Believe it or not, following these simple tips can not only make or break your home buying experience, but it can also either save or cost you valuable time and money. If you aren’t completely sure if something you’re planning to do will help or hurt the status of your loan approval, you should always contact your loan officer to advise before you act.
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Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.
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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 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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