April 10, 2020 | Bulletin #20-09
Platinum “Select” Grant Feature Extended to Medical and Healthcare Workers
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.

DPA Form:
1.       For Platinum “Select” transactions, the DPA is in the form of a non-repayable Gift.
2.       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.


Additional Resources:



If you have any questions regarding this Lender Bulletin, please call us toll-free
at (855) 740-8422 or email info@gsfahome.org

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Program 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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