GOLDEN STATE FINANCE AUTHORITY (GSFA)
Platinum program Steve Dominguez
Down Payment Assistance Program (DPA) (760)774-3518
You could qualify for up to $10,000.00 in grant money to assist you with your downpayment.*
Conventional Loan Type:
• Freddie Mac Conventional financing, in accordance with Freddie Mac guidelines..
Maximum Loan Amount:
• Conforming loan limits of $453,100.
• Up to 5.00% of the First Mortgage Loan amount.
• Borrower must occupy the residence as their primary residence.
• Follow Freddie Mac guidelines concerning non-occupant co-borrowers.
• 1 unit, Single Family Residences, approved Condos, and Townhomes,
as allowed per Agency guidelines.
• No manufactured homes nor co-ops.
• Condominiums allowed for LTVs of 97% in addition to meeting Freddie Mac
guidelines as applicable.
Minimum Credit Score: 640
FHA & VA
Government Loan Types:
- FHA: 203(b), in accordance with FHA guidelines.
- VA: In accordance with VA guidelines
Maximum Loan Amount:
- Follow the FHA loan agency loan limits by county
(Riverside & San Bernardino counties $405,950)
- FHA: Up to 4.00% of the Total First Mortgage Loan amount.
- VA: Up to 4.00% of the First Mortgage Loan amount.
- Borrower must occupy the residence as their primary residence.
- For non-occupant co-borrowers, refer to loan agency guidelines.
- Single Family (1 -4 Unit) properties ONLY, as allowed per Agency guidelines.
- Manufactured housing allowed with a minimum of 680 FICO
Minimum Credit Score: 640.
• Refer to applicable income limits by county of property
(Riverside & San Bernardino counties as of Nov 12, 2018 $75,670)*
- 30-year fixed term with full amortization.
• Approved homebuyer education/counseling required if all borrowers are first time
homebuyers. (Please refer to loan agency for specific requirements.)
DPA General Terms:*
• There must be no cash back to the borrower from the DPA proceeds
Fees and Points to Borrower:
• Origination Fee: 1.5% of the First Mortgage.
• Discount Points: 0.00% (This Program does not allow Discount Points
to be charged to the Borrower)
• Funding Fee: $400
• Fees charged on the DPA Second Loan cannot exceed 1% of the DPA
Second Loan amount
• Participating Lender may charge customary and reasonable closing costs and fees
with full disclosure in accordance with Freddie Mac and federal, state and local laws
2nd LIEN TERMS DPA Second Mortgage Loan Terms*
• Note Rate of Second Mortgage is 0%;
• Non-amortizing loan with no monthly payments;
• Second Mortgage is forgiven after 3 years; The outstanding principal amount
of the Second Mortgage is reduced by one-third (1/3rd) of the original principal
amount on each one-year anniversary date.
o Upon sale or refinance prior to the end of the 3 years, the total loan forgiveness
will be calculated on a pro rata basis
(NO 2nd Lien)*
Borrowers with the following occupations in California are eligible for the
Platinum “Select” feature, which provides DPA in the form of a non-repayable Gift:
• Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others
serving in a Law Enforcement capacity;
• Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs),
including administrative staff that supports firefighters; or
• Current members of the California State Teachers Retirement System (CalSTRS)
or University of California Retirement Plan (UCRP), employees of a California accredited
Private, Charter or Public School District or California State University, Junior College
or Private College, including school administration and staff.
Lenders are required to upload documented evidence of a borrower’s eligible occupation
within five (5) business days of submitting a loan reservation online.