GSFA OpenDoors™ - Government 1 Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 07-01.2019 . Keep in mind that the income limit depends upon the mortgage loan type (FHA, VA, USDA or Freddie Mac Conventional). Bryan, it is possible to get an approval using the ACCESS program down to 580 FICO score. These funds are available on a first-come, first-served basis, in the form of a zero-interest loan. [table] Income Limits Apply. The Platinum Grant Conventional program (Freddie Mac HFA Advantage) will allow loan amounts up to the county loan limit. There are several other homebuyer assistance programs available in California you should consider before making your decision. This is Better | Home Loan Artist, How to Qualify: FHA Home Mortgage Loan in Temecula-Murrieta-Menifee | Home Loan Artist. California’s Golden State Finance Authority (GSFA) created the, Brentwood Down Payment Assistance Program, Emeryville First Time Homebuyer Loan Program, Monterey County Down Payment Assistance Program, SecureRights Advertiser Contact Information. Assistance comes in the form of a deferred payment loan program for first-time homebuyers. ​The First Time Homebuyer Loan Program that was established by the City of Emeryville  provides down payment assistance to households at or below moderate income. The Platinum “Select” program makes homeownership more accessible across California. The first is up to $2,500 … Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California. So, 7% DPA on a $450,000 loan amount = $31,500 in Down Payment Assistance (450,000 x .07). The Golden State Finance Authority (GSFA) Platinum Grant provides assistance for moderate to high income wage earners throughout all of California. Income Limits Apply This does not need to be paid back. Your Fiance may be a candidate for using alternative credit trade lines……like utility bills, verification of rent, etc…. to establish suitable credit history for an FHA loan.  Income limit is the same regardless if there is 1 person in the household or 8. Minimum Reserves: FHA: < 660 no longer required to be on their job for 6 months. GSFA Platinum is designed to be flexible and accessible, which is why it is not not limited to first-time homebuyers. All borrowers must have a FICO score of at least 640 to participate. The Platinum Grant FHA loan limit is capped at the FHA county loan limit or $424,100, which ever is lower. CHF Platinum funds are still available ==>  Check eligibility and reserve funds. The maximum Debt-to-Income ratio is 45%. 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 requirement. The maximum loan amount will never exceed the amount of the primary loan. Qualifying income is calculated is for the borrower on the loan only.  Household or non-borrower income is not counted part of the equation. Note: GSFA Paid MI option will not increase the loan limit of $450,000 in 2018 (MGIC overlay). Homebuyer doesn't have to be a first-time homebuyer to qualify.\ Flexible income limits (low-to-moderate income). GSFA Platinum Grant | Program End Date. Down payment assistance programs and/or grants were researched by the team at FHA.com. Income Limits Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage. GSFA Platinum Loan Limits.  Contact me here at (951) 215-6119 to compare other options and see which one provides the most benefit to you. California, CHF Platinum, Closing Cost Assistance, Down Payment Assistance, Grant Money, Inland Empire, Riverside County, San Bernardino County. The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. If minimum FICO is ever lowered, FICO <660, 1 month reserves. GSFA Platinum Income Limits Revised 9/5/2018 Page 1 of 2. GSFA Platinum Program (Freddie Mac with 3% DPA) GSFA Platinum® GSFA Platinum Grant $0 $5,820 (3%) Monthly P & I $938 $1,012 $139 (0.85%) $105 (0.65%)* Total Monthly Payment $1,077 $1,117 Down Payment Needed $7,000 $180 www.gsfahome.org | (855) 740-8422 Property must be primary residence.  Eligible borrowers DO NOT have to be first time homebuyers and can even be used to refinance a home! Income guidelines for the GSFA Platinum program depend on the First Mortgage Loan type, as well as the county in which the property is located. You can check income limits for all California counties on the GSFA Income Limits page. Effective immediately, a Maximum DTI of 50% is allowed for borrowers with a minimum FICO of 680. View all other Platinum Grant California county income limits here. 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 … If you have any questions, please Contact Us. Click here for instructions on how to enable JavaScript in your browser. Borrower must apply with a GSFA approved lender. Conventional, FHA, VA, and USDA 30-year mortgages are all allowed. State County Name Area Median Income (AMI) Income Limits updated as of 8/22/2018 GSFA PLATINUM PROGRAM INCOME LIMITS California San Francisco $236,800 California San … Meeting income limits. View all other Platinum Grant California county income limits here. Borrower must meet income-eligibility. Can be combined with MCC to qualify for more! Helping Families Realize The Dream Of Homeownership Since 1990. Income limits for targeted areas are the same as the standard Platinum income limits. The GSFA determines the interest rate……not the lender. The GSFA Platinum Grant is an ongoing program with no specific end date and may be discontinued at anytime. Note: Special Programs may only be originated by trained, approved clients. 171700. GSFA Lenders, Bulletin #20-22 just published, announcing new loan limits for GSFA down payment assistance programs, effective January 1, 2021. Down Payment Options are available in California for buyers with at least a 620 Credit scrore, and can provide up to $75,000 to help you buy your home. Property Guidelines. You could save thousands on down payment and closing costs! Before applying for a home loan, give us a call to see if you qualify for the GSFA platinum program. Home Purchase Loan Requires Only 1/2% Down Payment | Home Loan Artist, Lender Cover Up? These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low- Minimum FICO of 640. 230000. Do you know what's on your credit report? Property being purchased must be used as a primary residence. Additional Terms. County Program Income Limit Alameda County $110,760 Alpine County $100,320 Amador County $84,480 ... CHF Platinum - Income Limits Updated 06/02/11. Since 2010, GSFA Platinum has helped 24,000 people to purchase homes, providing more than $213.9 million in down payment and/or closing cost assistance. Currently the program is perpetually funded and should be around for a while. The income limits for this program can be Found on the INCOME LIMITS PAGE 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.. Effective for GSFA Platinum Transactions Only. Property being purchased must be used as a primary residence. GSFA provides your borrower(s) with a choice of a 3% DAP or a 4% non-repayable gift. Neither FHA.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. […] UPDATE – JUST ANNOUNCED:  CHF has just released a new 3% down payment and/or closing cost assistance program in the form of a grant….that’s free money that does not have to be repaid.   Read about it here and call me: 3% Platinum Down Payment Assistance Grant […], […] income, credit scores, and types of home they are buying. UPDATE: From July 1 – December 31, 2017, in addition to the GSFA Platinum down payment assistance grant, low income borrowers may be eligible for a GSFA Affordable Subsidy, an additional incentive to help them with down payment and/or closing costs. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors. FHA.com is not a government agency. A good FICO score is key to getting a good rate on your FHA home loan. NOT limited to first time buyers (2nd time & move-up buyers OK). FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. The Golden State Finance Authority Platinum Grant Program was created to help low to moderate income homebuyers in California. The FHA Loan is the type of mortgage most commonly used by first time home buyers and there's plenty of good reasons why. © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. Equal Housing Opportunity Lender  Â. Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. Program Highlights. - Improving Your Credit Score Has Never Been More Important -. This is a grant with no repayment required. California’s county loan limits can be found here. Minimum FICO is 640 | Maximum DTI is 45%. GSFA Platinum Grant | Loan Limits. See Platinum Income Limits. We do not ask users to surrender or transfer title. I have never seen a score go up as a result of paying off a collection…..at least not initially, so don’t count on that happening. Brad, we we’re blessed by answered prayers and got my fiancees score up to 643 as of now and could possibly even get it over 680 by next week. The Golden State Finance Authority (GSFA) offers its Platinum Program to help with the down payment and closing costs of a home loan. We do not ask users to bypass their lender. This change applies to FHA as well as Conventional Loans underwritten though LPA. It’s a flexible program that works with multiple mortgage loans and ranging income limits. GSFA Platinum Grant loan limits for all first mortgage programs is $424,100. The Platinum Grant can be combined with either Conventional, FHA, VA, or USDA first mortgage loans. No minimum borrower contribution from borrower personal funds is required by GSFA. The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. Assistance is offered in the form of a grant for up to 5% of the loan amount. 171000. The Platinum income limit varies based on the type of loan program being used and by county. Works with Conventional, FHA, VA & USDA loan programs, Conventional, VA, USDA 640+ = up to 5% grant funds, No tricky equity sharing or re-capture feature like many other assistance programs, Homebuyer education required if all borrowers are first time homebuyers, Non-occupant co-signers are allowed but their income will count towards the program eligibility income cap, Borrowers can own other property if it’s a rental. Santa Ana’s Downpayment Assistance Loan Program provides eligible applicants up to $40,000 to be put toward the down payment on their new home. Borrower must meet income-eligibility. The income limit for conventional borrowers is $117,600.  You can view the published Platinum Grant interest rates here. Whether someone owned a home in the past or not, they can apply for the Program. 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. GSFA Platinum ® Income Limits. The income limits for the GSFA Affordable Subsidy have been updated, and are available in the GSFA Affordable Subsidy Promo Term Sheet, published online in the GSFA Platinum Participant Guide. California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. PROGRAM DESCRIPTION . Credit Score and DTI Ratio. Click here for instructions on how to enable JavaScript in your browser. Financial assistance up to 5%, to use for down payment and/or closing costs. Grant options goes from 3-4-5% from the first loan amount. The GSFA Affordable Subsidy program is an additional incentive that is available to low-income borrowers who are using a conventional loan to purchase a home. GSFA OpenDoors™ - Conventional. Maximum DTI is 50%. It is up to the consumer to contact these entities and find out the specifics of each program. PROGRAM DESCRIPTION GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. 12/07/2020 GSFA Single-Family Housing - Bulletin #20-22 - Loan Limit Increase . Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. FHA.com is a privately owned website, is not a government agency, and does not make loans. Paying off a collection often causes a FICO credit score to drop initially. Home you Purchase must not exceed the county maximum price limits; GSFA Platinum Program Updates. To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. This is your opportunity to take advantage of the GSFA Platinum Program before it ends. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. This program is currently available for the Belterra and Canvas at … They insure the FHA loans that we can assist you in getting. This assistance comes in the form of a grant, which has no repayment terms. Golden State Finance Authority provides the GSFA OpenDoors down payment assistance (DPA) program to help California homebuyers purchase a home with little-to-no money out of pocket. 230200. Additionally, all applicants must fall under the Program’s Income Limits, have a credit score of at least 640, and a maximum debt-to-income ratio of 50 percent. Be smart when it comes to your FHA loan and your financial future. FHA.com is a privately-owned website that is not affiliated with the U.S. government. Maximum Assets: GSFA Platinum does not have any program assets requirements. This initiative gets individuals out of the renter’s trap by helping them to pay the heavy, upfront costs of purchasing a home. GSFA Platinum Down Payment Assistance Program qualifying guidelines include: Minimum credit score of 640; Not to exceed maximum debt-to-income ratio of 45%; Must occupy the home as primary residence We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. See the chart at the bottom of the page for the GSFA Platinum Program Income Limits. Remember, the FHA does not make home loans. The GSFA Platinum Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA). Note: Special Programs may only be originated by trained, approved clients. GSFA Platinum Down Payment Assistance Program Advantages/Benefits ... Let’s See Some Actual Income Limits www.gsfahome.org | (855) 740-8422 11/27/2017 12 County FHA, VA, USDA First Mortgages Freddie Mac HFA Advantage First Mortgages Butte $84,295 $98,000 Fresno $84,295 $98,000 Yes, the total income cannot exceed the Program Income Limits, based on the county in which the property is located. The program is a grant which may be used for down payment or closing cost assistance. The Platinum Grant FHA loan limit is capped at the FHA county loan limit or $424,100, which ever is lower. The Program Income Limit for Freddie Mac first mortgages are as follows: The homebuyer must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Every home buyer should educate themselves on what their homebuyer assistance and loan options are because most mortgage lenders will only sell what they know or what they have access to….or even worse, what program will make them the most money. See our sales agents for more details. Because this program is offered to help moderate to low-income borrowers, there are income limitations that must be met to qualify. 171720 Fresno’s income limit is also the 156 780 and even Alameda County is um you know very flexible 200. Currently you have JavaScript disabled. I think that’s pretty flexible Solano County is 170. The CalHFA MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs. You can get one with a down payment as low as 3.5%. 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. All content copyright © 2020 homeloanartist.com. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program. FHA | VA | USDA Grant Program. GSFA Platinum Program. What kind of interest rate would we be looking at with the CHF PLATINUM PROGRAM?  This means in certain ‘high cost’ counties, the high balance maximum loan limit can go up to $636,150. Down Payment Assistance for FHA Approved Home Buyers in California | Home Loan Artist, California $10000 Home Buyer Tax Credit Extended? Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance.   Turns out all five qualify for the CHF 3% Down Payment Assistance Grant Program, which is available to home buyers in California.  It’s free money, not deferred interest, […], […] truly believe this 3% Down Payment Assistance Grant that never has to be repaid and allows both first time buyers and move-up home buyers to qualify is […], […] you do not have the full 3.5% down payment saved up, I may be able to get you approved for a Temecula/Murrieta/Menifee Down Payment Assistance Grant that never has to be […]. Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 05.03.2019 . GSFA Platinum Select is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Purchase or refinance your home with an FHA loan. 230220 is the income limit for the platinum program for conventional loans and in southern California. In addition to the the Platinum “Select” feature, the GSFA has also modified their income limits for the GSFA Affordable Subsidy program. The Platinum Grant Conventional program (Freddie Mac HFA Advantage) will allow loan amounts up to the county loan limit. California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Unlike most down payment assistance programs, there is no requirement for applicants to be first-time homebuyers. Can be combined with MCC to qualify: FHA: < 660 no longer required to be first buyers! 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