The GSFA Platinum Program assists low-to moderate income homebuyers in California by providing closing cost assistance and down payment assistance (DPA).
Only owner-occupied primary residences are eligible for the program. The requirements for qualifying are flexible and there is no requirement to be a first-time homebuyer.
Highlights from the Program(1)
The GSFA Platinum Program offers assistance with closing costs and down payments in a variety forms. Each offer different benefits and guidelines. We encourage potential homebuyers contact a GSFA participating lender to discuss their unique situation. Our Lenders can provide complete program guidelines, interest rates, applicable aPRs, and discuss down payment assistance options with potential homebuyers.
The Platinum Program offers assistance in the form a zero percent DPA second mortgage. After three (3) years, it is fully forgiven. It does not accrue interest and has no monthly payments.
The assistance is given as a gift to Platinum "Select” or Platinum USDA qualified homebuyers. It never needs to be repaid. FHA Energy Efficient Mortgage Loans, USDA Guaranteed Home Loans, and a range of other health care, education, and safety occupations can all qualify the homebuyer to receive DPA as a gift.
Repayment is required for the GSFA Member County (NEW DPA). The Deferred DPA 2 Loan has a term of 30 years and a zero percent interest rate. It does not accrue interest and is subject to monthly payments. However, it will be due upon the sale, refinance, or payment of the First Mortgage. Any DPA that is given as a gift does not need to be repaid.
Conventional, FHA, VA, USDA, and VA financing
California Mortgage Broker
Barrett Financial LLC
NMLS# 1448396
Is the DPA required to be repaid?
The short answer is that it all depends on which option you choose from the Program.
