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 Homes
- 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