First Time Home Buyers – Golden State Finance Authority (GSFA)
The GSFA Program helps home buyers with their down payment and closing costs by making available a non-repayable grant. The Platinum program is designed for low to moderate income homebuyers in California.
Features of GSFA Program
- 0% 2nd Mortgage with no monthly payment.
- 2nd mortgage up to 5% of loan amount.
- Program not limited to first time home buyers.
- Minimum credit score from 640 up.
- Available with eligible refinances.
The silent 2nd mortgage is a zero percent 2nd mortgage that does not have any monthly payment and accrues no interest. After 3 years from the close of escrow, the 2nd is completely forgiven and does not have to be paid back. The money from the 2nd is to be used towards closing cost and/or down payment. The GSFA Platinum program is available for the purchase of both new and existing homes as long as the home will be the primary residence of the homebuyer. The program can be used if you’ve owned a home in the past or you’re buying your first home.
Get Pre-Approved for Down Payment Assistance with GSFA
If you are a first time home buyer in Chico, Walnut Creek, Paradise CA, Sacramento, or anywhere in California, and are interested in learning more about the GSFA Program, contact Tim Kemper at Guild Mortgage – Tim Kemper at 530-377-5394, or click the button below to get a customized quote based on your unique situation!