March 14, 2018 | Bulletin #18-03
Program Guidelines Updated
The following guidelines for the GSFA Platinum Program have been updated and are effective immediately:

  • Manufactured housing is allowed on FHA, VA and USDA First Loans with a minimum FICO of 680 (No manual underwriting allowed).

  • Fees charged on the Down Payment Assistance Second Loan cannot exceed 1% of the Second Loan amount (recording fees and transfer taxes are not included in the 1% maximum).

Term Sheets have been updated and are available online in the GSFA Platinum Participant Guide.
Important Reminders for Lenders
Freddie Mac HFA Advantage Loans (with the exception of GSFA Paid MI Options) are allowed up to super conforming loan limits by County. However, Lenders are reminded that super conforming loans may not be run through Desktop Underwriter (DU). Super conforming loans must be underwritten through Loan Product Advisor (LPA). Non-adherence to this underwriting requirement will put the Lender at risk of not having the loan purchased by US Bank.

Lenders are also reminded to follow agency guidelines concerning Homebuyer Education requirements. For Freddie Mac HFA Advantage Loans, homebuyer education is required if all borrowers are first-time homebuyers.
© 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.

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