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Bridging the Affordability Gap with Homebuyer Assistance

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What would your client do with $10,000 in down payment assistance? First-time homebuyer, repeat buyer, as long as they are purchasing a primary residence, they may qualify. Find out more about the GSFA homebuyer assistance programs and how they can help you boost your business and help California homebuyers achieve the dream.

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Bridging the Affordability Gap with Homebuyer Assistance

  1. 1. © 2018 Golden State Finance Authority (GSFA). GSFA is a duly constituted public entity and agency. Restrictions apply on all programs. See GSFA or a GSFA Participating Lender for complete program guidelines. 1215 K Street, Ste 1650, Sacramento CA 95816 | (855) 740-8422 | www.gsfahome.org Help homebuyers secure the missing piece, Down Payment! SINCE 1993, GSFA HAS HELPED OVER 73,600 HOMEBUYERS AND PROVIDED OVER $525.9 MILLION IN DOWN PAYMENT ASSISTANCE 04/11/18 1
  2. 2. GSFA PLATINUM® DOWN PAYMENT ASSISTANCE PROGRAM Up to 5% of the loan amount. DPA Second Loan has zero interest and no payments. DPA Second Loan is forgiven after 3 years. 04/11/18 2
  3. 3. EDUCATION IS POWER LEARN ABOUT THE FLEXIBILITY OF GSFA PLATINUM® Generous income limits Not limited to first-time homebuyers Purchase AND Refinances eligible FHA, VA, USDA & Freddie Mac HFA loans Not harder to qualify Doesn’t take longer to close Hundreds of Participating Lenders Funds don’t run out 1. DISPEL COMMON MYTHS ABOUT DPA 2. HUNDREDS OF APPROVED LENDERS TO CHOOSE FROM (SEE WEBSITE) 04/11/18 3
  4. 4. MORTGAGE QUALIFICATIONS  Standard 30-year Fixed Rate Loans  FHA, VA, USDA and Freddie Mac HFA Advantage Loans  Borrower Eligibility:  Minimum FICO 640  Maximum DTI 50%  Generous Income Limits: (For Example) o Riverside County = $126,400 o San Diego County = 158,600  No additional compliance review from GSFA  Low MI requirement for Conventional Freddie Mac HFA Advantage Loan 04/11/18 4
  5. 5. EXPECTATIONS AND TIMELINE Borrower Gets Pre- Qualified (FICO, DTI and Income Limit) First Mortgage and DPA Second Mortgage Reserved (60-day rate lock) Escrow Closes and Loan Purchased by Servicer (within 60-days of Lock) No additional compliance review by GSFA. Lender closes escrow on Lender’s timeline. DPA Second Loan is forgiven after 3 years. 04/11/18 5
  6. 6. GSFA IS HERE TO SUPPORT YOU Client Relations Department  M-F 8:00 AM – 5:00 PM  (855) 740-8422 Lender Resource Center www.gsfahome.org  Training Webinars  Bulletins and Announcements  Marketing Literature available for download 04/11/18 6 © 2018 Golden State Finance Authority (GSFA). GSFA is a duly constituted public entity and agency. Restrictions apply on all programs. See GSFA or a GSFA Participating Lender for complete program guidelines.

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