For More Information
Carolyn Sunseri
(855) 740-8422
FOR IMMEDIATE RELEASE
September 19, 2018
GSFA Partners with USDA on Cash Back Program for Homebuyers
Sacramento, CA, September 19, 2018 – Craig Ferguson, Golden State Finance Authority (GSFA) Deputy Director, joined Kim Dolbow Vann, U.S. Department of Agriculture (USDA) Rural Development California State Director, today to announce a partnership on a new gift program that will benefit rural homebuyers in California.

Individuals or families purchasing a primary residence in California with a USDA Rural Development Singe Family Loan Guarantee through the GSFA Platinum Program will be eligible for assistance of up to four percent in the form of a non‐repayable gift. The amount of the gift is based on the amount of the mortgage loan. Funds from the gift can be used for closing costs and/or principal reduction.

“Partnerships like this one with USDA Rural Development are essential to meeting the needs of California homebuyers.” said Ferguson. “We are excited to expand our existing down payment assistance program and focus on how to help more rural homebuyers achieve the dream of homeownership.”

USDA’s loan guarantee program offers 100 percent financing and is available to low‐to‐moderate income homebuyers in rural areas, typically communities with populations of 35,000 or fewer. Coupled with the GSFA Platinum Program, qualifying homebuyers may be able to purchase a home with no money out of pocket.

“With California’s high home prices, affordability is a real struggle for many homebuyers,” said Vann. “Through this partnership with GSFA, we have another great tool to help increase affordability, and support rural prosperity.”

To participate in the program, homebuyers must meet income eligibility and the property must be located in an eligible rural area.
ABOUT U.S. DEPARTMENT OF AGRICULTURE RURAL DEVELOPMENT
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community services such as schools, public safety and health care; and high‐speed internet access in rural areas. For more information about USDA, visit www.rd.usda.gov/ca or find USDA on Twitter @CaliforniaRD.
ABOUT GOLDEN STATE FINANCE AUTHORITY
Golden State Finance Authority (GSFA) is a California joint powers authority and a duly constituted public entity and agency. GSFA was established in 1993 by the Rural County Representatives of California (RCRC), a public service organization that champions policies on behalf of California’s rural counties. GSFA has distinguished itself as a leader in housing finance in California for more than 25 years, helping more than 74,200 individuals and families purchase a home. GSFA has provided over $531.7 million in down payment assistance and helped finance 48,400 energy efficiency improvement projects.

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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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