Due to the COVID-19 pandemic, GSFA and US Bank are expanding the “Select” feature within the GSFA Platinum Program to Medical and Healthcare Workers, in addition to the previously eligible occupations. This change is effective for all new GSFA Platinum loan reservations made on or after Friday, April 10, 2020.
As a reminder, the GSFA Platinum Program provides down payment assistance (DPA), up to 5% of the total First Mortgage Loan amount and is not limited to first-time homebuyers.
For Platinum “Select” transactions, the DPA is in the form of a non-repayable Gift.
For all other Platinum transactions, the DPA is in the form of a zero percent interest rate Second Mortgage Loan, forgivable after 3 years.
Platinum “Select” Eligibility:
Borrowers with the following occupations in California are eligible for the Platinum “Select” feature, which provides DPA in the form of a non-repayable Gift:
- (NEW as of 4/10/20) Medical and Healthcare Workers.
- Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity;
- Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters; or
- Current members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff.
GSFA Platinum Program Term Sheets have been updated.
If you have any questions regarding this Lender Bulletin, please call us toll-free