Owning a home is a dream many aspire to, but saving for a down payment and closing costs can make that dream seem out of reach. The Golden State Finance Authority (GSFA) Platinum Program is here to help you overcome those hurdles and make homeownership a reality. With its unique benefits and flexible options, this program is tailored to meet the needs of buyers across California.

The GSFA Platinum Program is a down payment assistance (DPA) initiative designed to make homeownership more accessible for low-to-moderate income homebuyers in California. Whether you're a first-time buyer or a repeat homeowner, this program can help you bridge the gap to homeownership.

The assistance comes in the form of a forgivable loan that can cover up to 5% of the total loan amount, offering significant relief for upfront costs. The program works with various loan types, including FHA, VA, USDA, and conventional loans, making it versatile and accessible.

The GSFA Platinum Program stands out for several key reasons:

1. No Income Limits with FHA Loans: This is the only program in California that imposes no income limit if you are using an FHA loan, making it accessible to a broader range of borrowers.

2. Not Limited to First-Time Homebuyers: Unlike many assistance programs, you do not need to be a first-time buyer to qualify. Repeat homeowners are welcome to take advantage of this program.

3. Purchase Up to a 4-Unit Property: The program allows you to purchase up to a 4-unit property with zero down payment, provided it is a primary residence, the loan amount is under the national conventional lending limit, and high-balance loans are not allowed. Note that rental income from the property cannot be used to qualify.

4. Flexible Structure: The program offers three distinct versions to meet specific borrower needs:

Eligibility for the GSFA Platinum Program is broad, making it accessible to many Californians. Here are the key requirements:

✅Income Limits: While there are no income limits for FHA loans, limits may apply for other loan types based on the county you are buying in.
✅Credit Score: A minimum credit score of 640 is required, which is lower than many traditional loan programs.
✅Loan Compatibility: The program works with FHA, VA, USDA, and conventional (Freddie Mac) loans, providing flexibility for different financial situations.
​✅First-Time and Repeat Buyers: You don’t need to be a first-time buyer to qualify, making this program an excellent choice for those looking to purchase their next home.

The housing market can be challenging, especially in California, where prices and competition are high. The GSFA Platinum Program helps alleviate some of these challenges by:

✅Reducing Upfront Costs: Covering up to 5% of the loan amount can significantly ease the financial burden of purchasing a home.
✅Supporting Diverse Borrowers: With three versions to choose from, the program accommodates a wide range of professions and financial situations.

If the GSFA Platinum Program sounds like the right fit for you, here’s how to take the next steps:

✅Schedule a Consultation: Reach out to me and my team to discuss your eligibility and options.
✅Explore Program Versions: Learn more about the Standard, Select, and Assist-to-Own programs to determine which one aligns with your needs. (Links to detailed blog posts about each program will be included here.)
✅Get Prequalified: Work with us to get prequalified and understand how much assistance you’re eligible to receive.

Before deciding on any one particular program, you should consider alternatives. Here is a current list of my favorite down payment assistance programs in California, ranked in order of lowest cost at the top to most flexible at the bottom. Ideally, you would want to use a program closer to the top of the list if you can qualify, but all of the programs have specific pros and cons that may make a more flexible program the better option for you.

✅CalHFA Dream For All
✅CalHFA MyHome
✅GSFA Platinum
✅​GSFA Open Doors

Homeownership may feel out of reach, but the GSFA Platinum Program can make it a reality. With its flexible options, forgivable loans, and wide eligibility criteria, this program is a valuable resource for those looking to achieve their homeownership dreams in California.

​Ready to learn more? Contact me and my team today to find out how the GSFA Platinum Program can help you unlock the door to your new home.