Wouldn’t it be Great if Someone Paid for Your Down Payment?
According to a study by Zillow, 67.9% of renters cite saving for a down payment as the largest barrier to buying a home.
There are many programs across the US that offer financing for the down payment of a home and even for the closing costs of a mortgage.
Arguably the best down payment assistance option in California is the GSFA Platinum down payment assistance program. The program offers home buyers the option of funds in the form of a second mortgage or a gift, depending on eligibility.
Consider These Benefits…
There are many advantages specific to the GSFA platinum program such as:
You don’t need to be a first time home-buyer.
Up to 5% can apply to down payment or closing costs.
Funds may be a gift or a 0% rate second mortgage.
Eligible for FHA, VA, USDA, and Conventional financing.
Flexible income limits.
You don’t have to pay it back.
Most borrowers who apply for this program are eligible to borrow funds in the form of a second mortgage. The second is offered at a 0% interest rate, with no monthly payments, and is completely forgiven after 3 years from closing!
Yes it’s true!
Many other programs offer a second with deferred payment or at a small interest rate, making GSFA a clear winner.
Who Doesn’t Like Gifts?
A gift is just that, the funds received do not have to be paid back. Select borrowers such as law enforcement and teachers are eligible to receive funds in the form of a gift. Also, certain programs such as the FHA energy efficient mortgage and USDA loans also gives the home-buyer eligibility to receive funds as a gift.
What You’ll Need
To qualify for this program, individuals must meet certain requirements. Some of these requirements include:
Meeting income limits.
Property must be primary residence.
Minimum FICO of 640.
Maximum DTI is 50%.
Borrower must apply with a GSFA approved lender.
Before applying for a home loan, give us a call to see if you qualify for the GSFA platinum program. You could save thousands on down payment and closing costs!