February 8, 2018 | Bulletin #18-02

Income Limit Update

Effective immediately, the income limits for GSFA Platinum have been updated.

View Income Limits

Reminder Concerning US Bank Loan File Requirements

Per US Bank Lender Operations Update, effective February 28, 2018, GSFA Platinum Lenders must include the Freddie Mac Loan Closing Advisor Feedback Certificate with all GSFA Platinum Conventional loans submitted to US Bank for review and purchase. For more information, refer to the US Bank Lender Operations Update L-2018-007 .

Details Regarding DPA Changes Effective March 1, 2018

Effective March 1, 2018, the DPA assistance provided through the GSFA Platinum Program will be provided in the form of a forgivable Second Mortgage Loan. Updated Term Sheets for both Conventional Loans, as well as FHA, VA, and USDA Loans will be available shortly.

The DPA Second Mortgage Loan will have no interest rate and no monthly payments and will be forgiven after three (3) years, as long as the borrower keeps the First Loan financing in place. Term Sheets for Loans reserved on or after March 1, 2018 are available for download from the GSFA Platinum Participant Guide online at www.gsfahome.org .

Conventional Term Sheet   -- Effective 3/1/18 FHA, VA, USDA Term Sheet -- Effective 3/1/18

Join us at Upcoming “What’s New” Lender Training Webinars In a further effort to help our Participating Lenders prepare for the upcoming changes to the GSFA Platinum DPA, effective March 1, 2018, we have scheduled several “What’s New” online training webinars. Note: Pre-registration for any Live Webinar is strongly recommended; space is limited.

Upcoming Dates:  Wednesday, Feb 14, 2018 1:00 - 1:30 PM Thursday, Feb 22, 2018 1:00 PM - 1:30 PM Tuesday, Feb 27, 2018 9:00 AM - 9:30 AM

Topics to be Covered: Changes to the down payment assistance coming March 1, 2018. Corresponding changes to the origination process. Loan docs and other related matters.

© 2018 Golden State Finance Authority. All rights reserved. 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. Stay Connected

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