January 30, 2018 | Bulletin #18-01
Program Updates
Down Payment Assistance Options

Effective immediately, the down payment assistance provided through the GSFA Platinum Program has been revised to the following:
  • FHA First Mortgages (FICO 660+): Up to a 4% Gift
  • FHA First Mortgages (FICO 640-659): Up to 3% Gift
  • VA First Mortgages (FICO 640+): Up to a 4% Gift
  • USDA First Mortgages (FICO 640+): Up to a 3% Gift
  • Freddie Mac HFA Advantage Mortgages (Purchase / Refinance): Up to a 5% Gift
  • Freddie Mac HFA Advantage Mortgages (with GSFA Paid MI): Up to a 2.5% Gift

FICO Score / DTI on GSFA Paid MI Options

For any reservation made on or after March 1, 2018 with the GSFA Paid MI Options, the borrower must have a credit score of 700 or greater for loans with DTI exceeding 45%.

The GSFA Platinum Terms Sheets have been updated to reflect the above changes and are available online in the GSFA Platinum Participant Guide
© 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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