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.