If you need help making your down payment on a new home in California, one program worth checking into is the GSFA Platinum Down Payment Assistance Program. This program is offered through the Golden State Finance Authority (GSFA).
You are welcome to apply for the GSFA Platinum program whether you are buying your first home or you are a repeat homebuyer. You just need to be within the income limit to qualify.
GSFA Platinum Down Payment Assistance Program Highlights
- Available for borrowers with FICO scores of 640 and higher.
- Receive up to 5.5% in funds to help you make your down payment and/or pay your closing costs.
- You can use this program if you are applying for a conventional, FHA, VA or USDA mortgage.
- You may qualify with low to moderate income.
Keep in mind that this down payment assistance is a loan, not a grant, and may only be used to purchase a primary residence.
How Much Down Payment Assistance is Available Through GSFA Platinum?
The amount you can borrow through the GSFA Platinum Down Payment Assistance program depends on what type of home loan you are applying for.
Below is a table that gives you an idea for the amounts you could receive toward your down payments and/or closing costs based on the total loan amount and the percentage for your down payment assistance (DPA):
- Loan Amount
- $200,000
- $300,000
- $500,000
- 3%-sized DPA
- $6,000
- $9,000
- $15,000
- 5.5%-sized DPA
- $11,000
- $16,500
- $27,500
Learn More About GSFA Platinum Down Payment Assistance
Mortgage Consultants Group can tell you more about the GSFA Platinum program and help you figure out if you qualify for down payment assistance. To get started now, please contact us today at (916) 669-1682 to schedule your consultation. We can help you buy a home in Rancho Cordova or anywhere in California or Idaho.
