GSFA is pleased to announce the following updates to the GSFA Platinum Program, effective for loan reservations made on or after December 5, 2022:
Updates for Conventional Loans Only
The following guidelines for Conventional Loans under the GSFA Platinum Program will be effective December 5, 2022:
- 1-4 unit properties will be permitted, as allowed per Agency guidelines.
- 2-4 unit properties will have a maximum LTV of 95% and TLTV of 105%.
- Non-occupant co-borrowers will be permitted on 1-2 unit properties.
- Manufactured homes will be permitted, per Agency guidelines (maximum 95% LTV/TLTV ratios).
- Condominiums will be allowed for LTVs up to 97% with US Bank approval, in addition to meeting Agency guidelines as applicable.
GSFA will eliminate the pricing separation by FICO score for Conventional Loans above 80% AMI, also effective December 5, 2022. These borrowers will have the same pricing and DPA options available, regardless of FICO.
Updates to DPA Terms – Conventional & Government Loans
The Note Rate for the DPA 15-year Amortizing Second Mortgage provided under the GSFA Platinum Program will be the same as the Note Rate on the First Mortgage, effective December 5, 2022.
ATTENTION ALL PARTICIPATING LENDERS:
With the new changes to the GSFA Platinum Program we highly encourage all Lenders to participate in our Lender Trainings to prevent conditions and buyback from the Master Servicer.
For questions or additional assistance regarding this bulletin, please call us toll-free at (855) 740-8422 or email firstname.lastname@example.org.