What is GSFA Down Payment Assistance Program

Flexible Qualification to Help Low to Moderate Income Home Buyers

Central Coast Lending is proud to announce our approved to offer a new loan program- the GSFA Platinum down payment assistance program! The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant.

Benefits You’ll Love About GSFA Platinum Program

Non-repayable grant for down payment and/or closing costs

Grant sized up to 5% of the loan amount

Program NOT limited to first-time home buyers

Available with various mortgage loans

Information on GSFA Platinum Down Payment Assistance Program

Below, you will find expandable sections that give you information on the GSFA Platinum Down Payment Assistance Program. If you are ready to apply for a loan, click here and it will take you to our secure online application. If you still have questions, our loan officers are just a phone call away (805.543.LOAN)

GSFA Platinum Program Features

  • Non-repayable grant for down payment and/or closing costs
  • Grant sized up to 5% of the loan amount
  • Program NOT limited to first-time home buyers
  • FICO score requirement from 640 and up
  • Available with various mortgage loans
  • Now available with eligible refinances

 

GSFA Platinum is designed to be flexible and is available for the purchase of both new and existing homes, as long as the home will be the primary residence of the homebuyer. The program is not limited to first-time home buyers; existing homeowners can apply too!

Qualifications for the GSFA Platinum Program

  1. The homebuyer must meet GSFA’s specific qualifying guidelines for the program:
    • Intend to occupy the home as the primary residence
    • Meet the minimum credit score requirement of 640
    • Not exceed the maximum debt-to-income ratio of 45%
    • Qualifying income (total income used to qualify for the mortgage must not exceed Program Income Limits that are based on the location of the property)

*Income limits are determined by county and type of first mortgage

 

The Program Income Limit for FHA, VA, and USDA first mortgages are as follows:

Program Limit - Copy

 

The Program Income Limit for Freddie Mac first mortgages are as follows:

program limits freddie mac - Copy

 

  1. The homebuyer must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Conventional, FHA, VA, and USDA 30-year mortgages are all allowed. Current interest rates and APRS are available through a participating lender.

*Central Coast Lending is now a GSFA Platinum Participating Lender

 

To find out how much the down payment assistance grant through GSFA Platinum could multiply the grant percentage by the loan amount (The size of grant depends on the loan type. For FHA, VA, or Conventional 30-year fixed rate mortgages up to a 5% sized grant is available, for USDA 30-year fixed-rate mortgages up to a 3% sized grant is available)

 

loan amount

Step 1. Get Pre-Approved.

How Does Pre-Approval Work?

Getting pre-approved is as easy as 1-2-3!

1. Create an Account

Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.

2. Submit Information

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.

3. Get Pre-Approved

Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.

You have questions? We have answers.
Call Now:
805-543-LOAN

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