Buying a home in California doesn’t have to be a dream anymore. The Golden State Finance Authority Platinum Program will cover up to 5% of the loan amount, with no repayment required, and can be used toward your down payment and/or closing costs. All you need is a FICO score of 640. For many homebuyers, the assistance is provided as a zero percent Second Mortgage. The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow. For Platinum “Select” qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. USDA guaranteed home loans, along with a variety of public safety and education occupations, can qualify the homebuyer for DPA as a gift.  

Down Payment and Closing Cost Assistance Program

  • Financial assistance up to 5%, to use for down payment and/or closing costs.
  • Homebuyer doesn’t have to be a first-time homebuyer to qualify.
  • Flexible income limits (low-to-moderate income).
  • Various first mortgage loan types available to fit the needs of the homebuyer (FHA, VA, USDA and Conventional financing, subject to agency loan limits by county)

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More Great News

The great news about the GSFA Down Payment Assistance Program is that there is no first-time home buyer requirement. This means that previous home owners can still take advantage of all the amazing features this program offers. Home buyers are able to use this program to purchase homes throughout California, so buyers are free to search homes that fit them best.
Down Payment Assistance Highlights
  GSFA’s mission is to support affordable home ownership in California by providing financial assistance programs to both home buyers and homeowners. GSFA has partnered with Guild Mortgage to provide affordable financing programs with a focus on low-to-moderate income families in California. If you’d like more information or you’re interested in applying for the GSFA Down Payment Assistance Program, please contact us today. All loan qualification subject to change.