Golden State Finance Authority
The GSFA Platinum program is a grant offered to California residents to help with the funds needed to purchase a new primary residence.
GSFA Platinum made easy/ Frequently asked questions:
- What is a GRANT: A grant is an allocated amount of funds offered by a sponsor that does not need to be re-payed.
- Who is Eligible: Any California resident that qualifies to purchase a qualified owner occupied property in CA. Does NOT need to be a first time home buyer.
- Does it need to be re-payed: No this is a true grant and there is no repayment required.
- What properties qualify: Owner occupied, single family residences. Agency approved condominiums and Planned unit developments (PUDS) up to 4 units.
- What properties do Not qualify: Investment properties, vacation or second homes and Modular Homesgsf
- Are there income limits: Yes there are different income limits for conventional, FHA, VA and USDA programs – contact Colleen Craig for more information.
- What programs can the grant be used with: Conventional, FHA, VA and USDA
- How much is the grant: UP to 5% of the first mortgage loan amount. Subject to change at any time.
- What is the maximum loan amount: The lesser of 424,100 or maximum loan amounts permitted by county per HUD/Fannie Mae for 1 Unit. Higher for multiple units. Contact Colleen Craig for details.
This program is being Sponsored by the Golden State Finance Authority and manged by the National Home buyers Fund (NHF)
By Colleen Craig