Posts Tagged ‘down payment assistance’

GSFA Affordable Subsidy – Platinum down payment assistance program just got better!

Monday, July 31st, 2017

GSFA Affordable Subsidy

If you’ve been thinking of purchasing a home, or know someone else who is, we’ve got great news! Golden State Finance Authority (GSFA) has announced a new promotional offer for borrowers purchasing a home with conventional loan financing through the GSFA Platinum Program.

In addition to the Platinum down payment assistance (DAP) grant, low-income borrowers may be eligible for a GSFA Affordable Subsidy, an additional incentive to help them with down payment and/or closing costs. Like the GSFA DAP grant, the GSFA Affordable Subsidy has no repayment requirement!

Below are a few helpful questions and answers regarding the Affordable Subsidy.

How much money does the Affordable Subsidy provide? (Click here for program income limits.)
  • 2.0% of the loan amount for income ≤ 50% AMI
  • 0.5% of the loan amount for income ≤ 80% AMI
Do you need to be a first-time home buyer to take advantage of the Affordable Subsidy?
  • No, but you must meet the qualifying income requirements.
Does the Affordable Subsidy need to be repaid?
  • No, unlike many other down payment assistance programs the GSFA Platinum and Affordable Subsidy to not require repayment.
How can the money be used?
  • The Affordable Subsidy and Platinum grant money can be used for down payment and closing costs. (There can be no cash back to the borrower.)
Where can I learn more about the GSFA Platinum Program?
  • Visit our Platinum Program page to learn more about this great down payment assistance program.

If you have any questions about the GSFA Platinum Program or the Affordable Subsidy, contact us at (800) 570-5300 or fill out our contact form.

Platinum Grant – Now Use With Conventional 97%

Tuesday, January 27th, 2015

Platinum - Now Use with Conventional 97%

With the rollout of the new Conventional 97% home loan program, first-time homebuyers now have a great home financing alternative to FHA. Up until recently, though, borrowers had to use FHA financing if they wanted to utilize the Platinum Grant down payment assistance program. Thankfully, that changed this week!

The Platinum Grant down payment assistance program is now available on conventional (Fannie Mae) 1st loans. This is great news for borrowers that prefer to purchase a home using conventional financing rather than FHA financing. Below are a few benefits and things to know about the Platinum Grant program.

Platinum Grant Program with Conventional 97%*:

  • Grant for up to 3% of conventional first mortgage loan amount (Up to 5% of first loan amount is available when used with an FHA or VA home loan)
  • Does not require any repayment
  • Proceeds may be used for down payment and/or closing costs
  • Eligible properties include: single family residences, agency approved condominiums, and planned unit developments (PUDS)
  • Income restrictions apply

*This is not a commitment to lend. Not all borrowers will qualify.

To learn more about Platinum and how it can help
make homeownership possible, contact your VITEK
Mortgage Loan Originator or contact us today!
(800) 570-5300

Access – The 1/2% Downpayment Program

Thursday, April 19th, 2012

Access Downpayment Assistance Program

The Access downpayment assistance program allows low-to-moderate income homebuyers the ability to finance most of the associated downpayment through a second loan. This means buyers can purchase a home with only a 1/2% out-of-pocket funds. Best of all, you don’t have to be a first-time homebuyer to utilize the program!

Access First Time Homebuyer

Access Benefits:

  • Up to 3% of the sales price in downpayment assistance as a 2nd loan
  • NO first-time homebuyer requirements
  • FHA 30-year fixed 1st loan
  • May own other properties (Access program must be used on owner-occupied primary residences only)
  • Seller can contribute up to 6% of sales price
  • Gift funds allowed
  • Proceeds may be used for downpayment and/or closing costs

Access Guidelines:

  • Income limits apply
  • 15-year fixed rate fully amortizing 2nd loan (Monthly payment required)
  • FHA 30-year fixed 1st loan
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