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GSFA is excited to introduce a new benefit to our GSFA Platinum® Loan Program. Effective November 25, 2024, borrowers who are purchasing a home in Targeted Area Census Tracts through the GSFA Platinum Program will be eligible to receive an additional closing cost assistance gift of up to $5,000 on FHA mortgage loans.
This new benefit is designed to make homeownership more accessible for FHA borrowers in targeted communities by reducing the upfront costs typically associated with purchasing a home, helping them achieve their homeownership goals with greater ease and affordability.
View the Targeted Area Census Tracts in the online Lender Participation Guide under Program Guidelines.
Key Details of the Targeted Area Closing Cost Gift:
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Eligibility: Borrowers purchasing homes in Targeted Area Census Tracts.
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Assistance Amount: Gift of up to $5,000 to be used for closing cost assistance on FHA mortgage loans.
Please note that the Total Closing Cost Assistance from GSFA and Interested Party Contributions (IPCs) cannot exceed 6 percent per agency guidelines.
Additional Resources:
GSFA Platinum Term Sheet for FHA/VA/USDA Loans
Lender Participation Guide
Lender/Realtor Training
Marketing Support
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