Golden State Finance Authority
Helping Californians Achieve homeOwnership
Golden State Finance Authority (GSFA) Platinum and OpenDoors Programs
The GSFA offers two major programs: Platinum and OpenDoors to assist California homebuyers with down payments and closing costs. These programs are designed to make homeownership accessible, even for those without significant savings. Here’s an overview of both:
Eligibility Requirements for Both Programs
- Primary Residence: Property must be your main home.
- Eligible Properties: Single-family homes, condos, townhomes, and eligible manufactured homes.
- Income Limits: Vary by county and household size but are designed to help moderate-income families.
- Loan Type: Must be paired with an eligible loan program (Conventional, FHA, VA, or USDA).
How to Apply
- Contact a GSFA-Approved Lender: Work with an approved lender to determine eligibility and apply for the program.
- Loan Pairing: Choose the right first mortgage product to combine with the assistance program.
- Complete a Homebuyer Education Course: Most programs require completing an approved course.
- Submit an Application: Ensure you meet all income, credit, and property requirements before applying.
- Obtain Pre-Approval: Many programs require pre-approval to reserve funds.
- Close the Loan: Assistance funds are applied at closing to reduce your out-of-pocket costs.
General Requirements Across Programs
- Income Limits: Most programs have limits based on household size and location.
- Credit Score: Minimums usually range from 620 to 660.
- Homebuyer Education: Often mandatory to ensure buyers understand the responsibilities of homeownership.
- Primary Residence: Assistance is generally for homes you intend to occupy as your primary residence.
Comparison: GSFA Platinum vs. OpenDoors
| Feature | GSFA Platinum | GSFA OpenDoors |
|---|---|---|
| Assistance Amount | Up to 5% | Up to 7% |
| Repayment Requirement | Forgiven after 3 years | Must be repaid (may accrue interest) |
| Minimum Credit Score | 640 | 620 |
| Debt-to-Income (DTI) | Max 45% | Max 50% |
| First-Time Buyer Only? | No | No |
| Ideal For | Buyers seeking forgivable assistance | Buyers needing larger assistance |
Golden State Finance Authority "Platinum Program"
The GSFA Platinum Program provides grants or forgivable loans to help homebuyers cover their down payment and/or closing costs for a new home purchase.
- What It Is: Offers grants or forgivable loans (up to 5% of the loan amount) for down payment or closing costs.
- Repayment Terms: Grants do not need to be repaid. Forgivable loans are forgiven after three years if you stay in the home.
- Eligibility:
- No first-time homebuyer requirement.
- Meet credit score (usually 640+) and income requirements.
- Best For: Buyers seeking assistance without repayment obligations.
Key Features
- Assistance Amount: Up to 5% of the total loan amount.
- Repayment Terms:
- Assistance is forgivable after 3 years if you remain in the home.
- No repayment required for the assistance if you meet the forgivability requirements.
- Eligibility:
- Available to first-time and repeat homebuyers.
- Income limits vary by county but are typically generous.
- Minimum credit score of 640.
- Maximum debt-to-income (DTI) ratio of 45%.
- Loan Types: Can be paired with Conventional, FHA, VA, or USDA loans.
- Special Benefits:
- Extra Assistance for Public Servants: Teachers, law enforcement, firefighters, and medical workers may receive assistance as a grant (not a forgivable loan).
Pros of GSFA Platinum
- No need to repay the assistance if you meet the forgivability requirements.
- Available to both first-time and repeat buyers.
- Can help avoid private mortgage insurance (PMI) by increasing your down payment.
- Public servants receive additional benefits.
Cons of GSFA Platinum
- Forgivability requires staying in the home for 3 years.
- Lower credit scores may require higher interest rates.
Golden State Finance Authority "OpenDoors Program"
The GSFA OpenDoors Program offers larger assistance amounts than Platinum, with more flexible repayment options, making it ideal for buyers needing substantial help.
- What It Is: Provides up to 7% of the loan amount for down payment and/or closing costs.
- Repayment Terms: Loans have low-interest rates and are repayable over time.
- Eligibility:
- No first-time homebuyer requirement.
- Meet credit score and income guidelines.
- Best For: Buyers who need more substantial assistance.
Key Features
- Assistance Amount: Up to 7% of the total loan amount.
- Repayment Terms:
- Assistance is a low-interest loan, which must be repaid when the home is sold, refinanced, or no longer used as a primary residence.
- Repayment may include only the original loan amount or may accrue some interest, depending on the terms.
- Eligibility:
- Available to both first-time and repeat buyers.
- Income limits may apply but are typically more flexible than the Platinum Program.
- Minimum credit score of 620.
- Maximum debt-to-income (DTI) ratio of 50%.
- Loan Types: Can be paired with FHA, VA, USDA, or Conventional loans.
Pros (GSFA) OpenDoors Program
- Provides substantial assistance (up to 7%).
- Flexible eligibility requirements.
- Can be combined with FHA, VA, and USDA loans for zero or low-down-payment options.
Cons (GSFA) OpenDoors Program
- Assistance must be repaid when the home is sold or refinanced.
- Interest may accrue on the assistance loan.
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