First
of all, it is important to know what the GSFA Platinum Program is and how it
got started. The GSFA Platinum Program was originally created to help
low-to-moderate income homebuyers in California purchase a home by providing
down payment and/or closing cost assistance, currently in the form of a non-repayable grant.
It
is essential to note that the GSFA grant is not a second mortgage and does not create a lien against the
property. The grant is sized up to 5% of
the loan amount and it can be used towards your homes down payment and/or
closing costs associated with your home, whichever is more suitable to your
situation.
The
GSFA Platinum Program was created to accommodate homebuyers who were previously
struggling to purchase a home. Whether you previously have a mortgage loan or
not, this program is designed to help your financial situation. The
non-repayable grant that we offer is available with various mortgages loans. Applicants
with Conventional, FHA, VA, and USDA
30-year mortgages, are still able to apply for the GSFA grant.
Whether
you have previously owned a home, or if it is your first time buying a home, the
GSFA Platinum Program is not limited to
first-time homebuyers. Your home-buying history doesn’t matter. Everyone
who is eligible for the program is able to apply.
In
order to qualify for the program, homebuyers only need to meet a few simple
requirements. Applicants must have a
FICO score of 640 and up, and the home they are looking to purchase must be
occupied as their primary residence. Another requirement is that their qualifying
income, the total income used to qualify for the mortgage, must not exceed
Program Income Limits. In addition, it may not exceed the maximum
debt-to-income ratio of 45%.
The
GSFA Platinum Program is designed to be flexible to your individual financial
situation.
Call
us today for more information regarding the program and find out if you qualify!
Mark
McDonell
Branch
Manager
NMLS#251067
Cell:
714-240-4511
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