DOWN PAYMENT ASSISTANCE PROGRAMS

DOWN PAYMENT ASSISTANCE PROGRAMS

GSFA DOWN PAYMENT ASSISTANCE PROGRAMS

What Can the GSFA Platinum Program do for Homebuyers?

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).

Program Highlights

  • 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)

Does the DPA Have to be Paid Back?

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.

GSFA OPEN DOORS PROGRAM

What can the GSFA OpenDoors Program do for Homebuyers?

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.

Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000.

as a Gift, does not have to be repaid.

Program Highlights

  • Financial assistance up to 7%, 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)

Does the DPA Have to be Paid Back?

The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. The Deferred DPA Second Loan has a 30-year term and a zero percent note rate. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of the First Mortgage. Any DPA provided

CALFHA DOWN PAYMENT ASSISTANCE

CalPLUS w/ ZIP EXTRA Homebuyer Assistance Program – CalPLUS w/ ZIP is CAlHFA’s premiere homebuyer assistance program that provides between 3% to 4.5% in down payment assistance, reduced mortgage insurance premiums. CalPLUS is offered in both FHA and Conventional financing. Eligible buyers cannot exceed the county income limit.

CalHFA MyHome Assistance Program – The MyHome Assistance programs provides $10,000 or 3% to 3.5% of the sales price or appraised value, whichever is less in down payment and closing cost assistance to first time homebuyers in California. Eligible applicants must meet qualifying requirements for a CalHFA loan program.

California Firefighter Down Payment Assistance (CFDPA) – This Firefighter down payment assistance program provides assistance to first time homebuyers who are employed (not just firefighters) by the federal, state, local, or tribal fire department.

To Find Out More Information about Down Payment Programs and to see if you qualify...

CALL TODAY: (714) 726-226