GSFA (Golden State Finance Authority) Platinum FHA Program is a home buyer assistance program available to anyone looking to purchase a home in California. This program offers down payment and closing cost assistance to prospective home buyers through this program. Five percent of the total purchase price amount is provided as a State grant to California home buyers who qualify for the money. This grant money is free and never needs to be repaid, so it can be considered free money. Unless young adults have parents or other family members who are willing and able give them financial aid, purchasing a home of their own may be virtually impossible.
There are several requirements that GSFA (Golden State Finance Authority) Platinum FHA Program applicants must meet to qualify for the program, but the process is not difficult for most. The standard loan guidelines are required to qualify for the program, meaning applicants must have adequate income to cover the cost of the loan. The GSFA (Golden State Finance Authority) Platinum FHA Program can only be used to purchase homes that are priced at $417,000 or below, and homeowners cannot qualify for refinancing through the program.
GSFA (Golden State Finance Authority) Platinum FHA Program Qualifying Requirements
- The property which the prospective buyer wants to purchase must be intended as their primary residence. This means the program does not provide assistance to anyone wishing to purchase investment or rental property unless they also intend to live there. The program includes single family homes.
- The prospective buyer must be a resident of the United States and have a credit score of 640 or higher. Income limits are determined by county AND type of first mortgage. While this amount might be considered more than adequate for a single person, a family with children could find it challenging to set aside funds for a down payment while meeting their everyday needs.
- Homes purchased through the GSFA (Golden State Finance Authority) Platinum FHA Program must qualify for an FHA, Fannie Mae, VA and USDA loans. In addition, the buyer must enroll in and complete a class aimed at educating new home buyers in the basics of home ownership. This class must be completed by the applicant prior to their application for the program and before their eligibility can be granted
The GSFA (Golden State Finance Authority) Platinum FHA Program provides an excellent opportunity for anyone wanting to purchase a home in California, and the program could certainly help struggling families in many other areas of the United States. Considering the success of the program, perhaps other areas will also begin offering similar help for home buyers.
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