GSFA Platinum Bulletin #2017-1113

#2017 -1113 | November 13, 2017

Updates to Guidelines for GSFA Paid MI Options

Effective for new loan reservations made on or after December 4, 2017, a minimum FICO of 660 is required for the GSFA Paid-MI Options within the GSFA Platinum Program.

The Program Term Sheet for Conventional Loans has been updated.

What are the advantages of the GSFA Paid-MI Options?

There are two conventional loan options within the GSFA Platinum Program where GSFA pays the mortgage insurance on behalf of the borrower. With these options the borrower will not incur a monthly payment for mortgage insurance regardless of the loan-to-value of the First Mortgage. The potential savings is hundreds of dollars each month and may be helpful in qualifying borrowers.

With either GSFA-Paid MI Option, GSFA also provides gift funds to be used towards the borrower's down payment and/or closing costs.

The two options are as follows:

Freddie Mac HFA (with GSFA Paid MI) - $1,000 Gift
Freddie Mac HFA (with GSFA Paid MI) - 2.5% Gift

Complete program guidelines are available online in the GSFA Platinum Participant Guide.

Additional Resources:

Program Term Sheet (Conventional Loans)
Lender Training (webinar-style)
Marketing Support
Online Reservation System (where you can view current interest rates)

Reminder: "GSFA Affordable Subsidy" Provides Additional Incentive for Low Income Borrowers

GSFA currently offers an added feature on the GSFA Platinum Program, the GSFA Affordable Subsidy, which offers borrowers at or below 80% AMI an additional incentive (up to 2.0%) to be used towards down payment and/or closing costs.

The GSFA Affordable Subsidy Promotional Offer is set to expire December 31, 2017.

Terms and conditions of this promotional offer are available online in the GSFA Platinum Participant Guide.

Lender Bulletins are intended for mortgage professionals only. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders.

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