Down Payment Assistance Programs California - GSFA Platinum® - Down Payment Assistance Program helps with down payment and closing costs of up to 5.5% of your mortgage
The GSFA Platinum Program helps low- to moderate-income California homebuyers purchase a home by offering down payment or closing cost assistance (DPA).
Down Payment Assistance Programs California
This program is limited to owner-occupied primary residences only. There is no first time home buyer requirement and the eligibility guidelines are flexible.
First Time Home Buyer Programs By State
The size of the DPA available depends on the type of initial mortgage you choose. For example, through the GSFA Platinum program, you can take advantage of a DPA of up to 5.5% in combination with a 30-year conventional, FHA, VA, or USDA fixed rate home loan.
To calculate your DPA in dollars, multiply the DPA percentage (1) by the amount of your first mortgage. Therefore, for a loan amount of $500,000, the 5.5% DPA = $27,500 (500,000 x .055).
Does DPA have to be paid? (2022/6/20 update)
The GSFA Platinum program has a wide range of products. Each has different benefits and eligibility guidelines. As such, potential homebuyers are encouraged to contact a GSFA participating lender to discuss their unique situation and needs. Our lender will provide complete program guidelines, interest rates, applicable APR and discuss down payment assistance options.
California First Time Home Buyer Programs
(1) Some limitations apply to all programs. Visit GSFA Platinum participating lenders for complete program guidelines, current interest rates, loan applications, applicable fees and annualized rates (APRs). But you don't have to to take advantage of California's various down payment assistance programs.
These programs offer deferred payment loans to help with a homebuyer's down payment and/or closing costs. These loans range from 3% to 3.5% of the lower of the home's purchase price or appraised value, with a maximum limit of $11,000.
To be eligible, applicants must be first-time home buyers who meet the CalHFA income limits. The property should be the primary residence of the applicant. Applicants must also have taken courses in homebuyer education and counseling.
Created and operated by the Golden State Finance Authority (GSFA), the Platinum Program provides subsidies to low- to moderate-income California homebuyers for up to 5% of the total loan amount.
Homeownership Program Index
These grants are designed to help with initial costs such as down payment and closing costs. They don't have to pay back.
There are strict eligibility requirements, including a minimum credit score of 640 and a maximum debt-to-income ratio of 50%. Also, the property being purchased should be the primary residence of the applicant and not an income or rental property.
Getting the financial help you need from these down payment assistance programs in California is only part of the equation. You also need to find the right home to make your dreams come true.
We know Fresno area real estate inside and out. We have helped countless people become homeowners. The FHA program is an FHA-insured loan with a 30-year fixed-rate first mortgage.
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The CalPlus FHA program is the first home loan with FHA insurance with a 30-year fixed interest rate that is slightly higher than the standard FHA program and combined with a Zero Interest Program (ZIP) for closing costs.
The VA program is a VA insured loan with a fixed rate first mortgage. This loan is a 30 year fixed rate first mortgage.
The USDA program is the first USDA-guaranteed mortgage program to be combined with the MyHome Assistance Program (MyHome). This loan is a 30 year fixed rate first mortgage.
The Conventional Program is the first mortgage loan in the conventional market to be insured through private mortgage insurance. Traditional interest rates are fixed over a period of 30 years.
Down Payment Assistance Programs
The CalPlus Conventional Program is a 30-year fixed-rate conventional first mortgage that costs slightly more than our standard Conventional program and is combined with a Zero Interest Program (ZIP) for closing costs.
The "down payment" or mortgage down payment is one of the biggest hurdles for first-time home buyers. That's why we offer several options for down payment and closing cost assistance. This type of endorsement is often referred to as second or subordinated debt. Subordinate debts are "silent seconds". This means that payments on this loan are deferred, so you will not have to pay for this assistance until the home is sold, refinanced or paid off in full. This helps keep your monthly mortgage payments affordable.
Government Loan (FHA): MyHome offers deferred junior loans of up to 3.5% of the purchase price or appraised value, whichever is less, to help with the down payment and/or closing costs.
Conventional Loan: MyHome offers deferred junior loans in amounts up to 3% of the purchase price or appraised value to help with the down payment and/or closing costs.
Down Payment Assistance Programs And Grants For First Time Buyers
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Downpayment Assistance Program
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First Time Home Buyer Down Payment
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How To Find Mortgage Down Payment Assistance
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