A Preliminary CDR Report will be provided to PSIs by September 1 each year. Program Highlights This exciting down payment program offered by Options Financial for California residents provides eligible borrowers with assistance in the form of a zero-interest, no monthly payment Second Mortgage that is forgiven after three (3) years. Sample loan scenario: $250,000 purchase price, $245,471 loan amount, 3.5% down payment (funds from the NHF program), $1,671.73/month (PITI), 30-year fixed 4.5% interest rate, 5.664% APR. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. It is always a good idea to shop around for the best deal for a loan, even if you receive assistance in the form of a grant. Borrower must meet income-eligibility. Extensions beyond 30 days require approval by GSFA. The Platinum Program grant can be combined with FHA, VA, USDA and Conventional financing Like the grant, this Subsidy never needs repayment.Â. Sign your loan documents and return them to GSFA. GSFA Platinum Grant loan limits for all first mortgage programs is $424,100. o Cooperative housing (co-op) is not eligible. Purchase Price: $250,000 Loan Amount: $250,000 Down Payment 0% (VA): $0.00 5% GSFA Grant (does not have to be paid back): $12,500 There is also many different GSFA programs like FHA and VA. Receive pre-approval letter from your CA loan officer Jason Whigham. CalHFA typically takes a few days longer than GSFA to close because the lender will need to have CalHFA review the loan prior to closing. The GSFA Platinum program is currently offline. Property being purchased must be used as a primary residence. GSFA Lenders, Bulletin #20-22 just published, announcing new loan limits for GSFA down payment assistance programs, effective January 1, 2021. GSFA Platinum Grant | Program End Date. A PYT Loan Commitment moves beyond the industry standard pre-qualification and pre-approval, by underwriting upfront. GSFA (Golden State Finance Authority) Loan Programs are also available. Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. Next, submit your application for processing and approval. Strengthen any offer with PYT's 100% lender backed loan commitment Safeguarded and backed by a $15,000 assurance (with … Jason Whigham is a CA Down Payment Assistance Specialist in Roseville California. Additional Information in relation to this type of program can be found in the links below. GSFA Platinum Conventional The program is a grant which may be used for down payment or closing cost assistance. Higher loan amounts are available under the “high balance” program. FSA will guarantee farm loans through a commercial lender up to $1,776,000. Supporting Affordable Homeownership for more than 22 Years Golden State Finance Authority (GSFA) 1215 K Street, Suite 1650 Sacramento, CA 95814 www.gsfahome.org (855) 740-8422 Presentation contains program highlights only. 6:20. It’s not a loan of any kind – it’s Free money! The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment. GSFA Platinum Program explained in detail. 6. GSFA OpenDoors™ - Government 1 Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 07-01.2019 . The grant is up to 5% of the loan … Availability and qualification requirements vary by state. The fee is determined by GSFA and may be higher depending on market conditions. The GSFA looks good but the CalHFA rate seems pretty high if you are just getting the second. These funds may be used towards your down payment and closing costs and MAY BE FORGIVEN AFTER THREE YEARS OF OWNERSHIP. The loan can be FHA, VA, or conventional. Click below to see the down payment assistance programs available and find a participating lender today. At a minimum, the extension fee will be 0.375% of the loan amount. GSFA Grant sized at 5% of the 1st loan amount. PROGRAM DESCRIPTION GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low The GSFA California Down Payment Assistance Program from Options Financial. guidelines in more detail mortgage insurance matrix check for condo approval frequently asked questions The GSFA Platinum Grant is a California down payment assistance program that provides up to 5% of the loan amount in the form of a non-repayable grant to support responsible and sustainable homownership for eligible California home buyers. These programs are offered by federal, state, county or local government agencies, nonprofits or employers. The rate should be closer to 4.000% for a 30 day lock instead of 4.6%. The grant may be for 3%, 4% or 5% of the purchase price and may go towards down payment and/or closing costs. GSFA State Loan Cohort Default Rate Guide 12 Cohort Default Rate Schedule GSFA will calculate cohort default rates for the Student Access Loan (SAL) Program and the active Service Cancelable Loan Programs twice a year. Shopping Around. The grant is up to 5% of the loan amount. The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. Cancelation Policy: If a loan is canceled for whatever reason, whether withdrawn or denied, GSFA charges a $400.00 cancellation fee. Lender Bulletins are intended for mortgage professionals only. We use Golden State Finance Authority (GSFA) programs for down payment assistance. Please contact your corporate office. 10. The programs are provided by the Golden State Finance Authority (GSFA) and accessible to eligible borrowers by directly contacting a participating mortgage lender. Process for finding lender(s) for GSFA and SDHC/FTHB down payment assistance programs/grants (CA) Financing I’m a first time home buyer that meets the qualifications for down payment assistance programs from both GSFA and my local housing authority. Home buyer down payment assistance loan programs such as CalHFA’s CHDAP, GSFA Platinum Grant, and the GSFA ACCESS program are three of the most popular first time home buyer assistance programs in California.. However, any loan has closing costs. 5. For additional information, contact NHF Customer Service at (866) 643-4968 or email info@nhfloan.org: Message Center Visit the Find a Loan Officer tab, to contact a loan officer in your area. Note: Special Programs may only be originated by trained, approved clients. The funds can … This is a grant program, and not a loan or silent 2nd trust deed. The grant does not have to be repaid. Learn about the GSFA OpenDoors Down Payment Assistance Program GSFA’s Commitment to Responsible Homeownership 05/08/2017 2 Providing Homeownership Programs for 24 Years: Public entity and agency in California Organized in 1993 Mission: Provide a source of financing for Californian’s to purchase homes www.gsfahome.org To-date, GSFA has helped over 68,300 people purchase homes and provided more than GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. A few Popular CA Loan Options are CalHFA, OpenDoors GSFA… Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process. This is a real life scenario. Golden State Finance Authority (GSFA) FHA: 203(b), 203(b)(2), 203(h), and 234(c); in accordance with FHA guidelines. Central Coast Lending is proud to announce our approved to offer a new loan program- the GSFA Platinum down payment assistance program! Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. Latest News REACH Georgia Foundation Inc. Board of Directors Confirmed (212.41 KB) Give the Gift of Education With Georgia’s Path2College 529 Plan This Holiday Season (117.81 KB) The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a … The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. Welcome: Questions concerning logins? Energy upgrade! Click here to view complete Bulletin: https://conta.cc/3gjtplC FSA’s Guaranteed Farm Loan Programs help family farmers and ranchers to obtain loans from USDA-approved commercial lenders at reasonable terms to buy farmland or finance agricultural production. People always ask me “are there really down payment assistance programs that allow you to buy with Zero Down Payment ?” There sure is and one of the best programs out there is the GSFA Platinum Program! Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders. The GSFA Program DOES NOT … Minimum FICO is 640 | Maximum DTI is 45%. This is not an offer for extension of credit or a commitment to lend. ... Golden State Finance Authority Home Loan programs - Duration: 6:20. Application Procedure Applicants who are selected for funding have 14 calendar days once approved by the postsecondary institution to complete the required promissory note, disclosures and self-certification. With the ability to obtain up to 5% of the loan amount in a grant, this could cover a large majority of the closing costs. Currently the program is perpetually funded and should be around for a while. The CHDAP, Platinum, and ACCESS program all provide 3% to 5% assistance that can be applied towards meeting FHA’s 3.5% minimum down payment … he GSFA Platinum Program is offered through the Golden State Finance Authority. GSFA Single-Family Housing - Bulletin #20-22 - Loan Limit Increase . The National Homebuyers Fund divides their down payment assistance programs into two separate programs, called NHF Sapphire and GSFA Platinum. Yours will be different and your income can be much less. GSFA Total and Permanent Disability Application Verification of Georgia National Guard Loan Cancellation Verification of Georgia National Guard Loan Cancellation Form For GNG loans disbursed on or after 7/1/18 Scholarship for Engineering Education Verification of Status Miscellaneous Request Forms Third Party Authorization Application Procedure for the Student Access Loan. Here is how the numbers worked out for Denise using the VA GSFA Grant. Scott Short NMLS# 225998 65 views. Apply Now. Down payment assistance can include loans, grants, tax credits 1 and other programs designed to help eligible home buyers cover down payment or even closing costs. NHF Sapphire is a grant for up to 5% of the mortgage loan amount. There is no payback required as long as the purchase is seasoned for six months. High Balance Loan Amounts. Prior Day Rates: (Note: Rates subject to change without notice) We accomplish this by administering numerous scholarship, grant, and student loan programs and providing outreach and education services statewide. .