Conventional, FHA, VA, and USDA 30-year mortgages are all allowed. Household or non-borrower income is not counted part of the equation. NMLS: 788504. GSFA has helped more than 78,400 individuals and families in California to purchase homes, providing more than $569.7 million in down payment assistance. You may be eligible for a non-repayable grant from the GSFA Platinum Down Payment Assistance Program. These income limits are actually quite large, relatively speaking, and allow many people to benefit from the program. A proud member of the. Toggle Navigation. Here are links to my articles about some popular down payment programs: As always, feel free to contact me with any questions about down payment assistance programs, or if you have general questions about buying a home. 6875 Clara Lee Avenue in Allied Gardens, San Diego – SOLD! Program Highlights. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. State County Name Area Median Income (AMI) Income Limits updated as of 8/22/2018 GSFA PLATINUM PROGRAM INCOME LIMITS California San Francisco $236,800 California San Joaquin $127,400 California San Luis Obispo $161,200 Best to check with a loan officer, who can review your file and give you all the updated Freddie Mac policies. Maximum DTI is 50%. The maximum Debt-to-Income ratio is 45%. GSFA Platinum FHA 5% Grant w/640 score 1 Unit; My Home Assistance Program (DPA) 1 Unit; Extra Credit Teacher Program 1 Unit; Manufactured Home Program with 620 score 1 Unit ; Jumbo Loans. GSFA is pleased to announce that additional allocation is available for the GSFA Mortgage Credit Certificate (MCC) Program. Qualifying income is calculated is for the borrower on the loan only. GSFA Platinum Program (Freddie Mac with 3% DPA) GSFA Platinum® GSFA Platinum Grant $0 $5,820 (3%) Monthly P & I $938 $1,012 $139 (0.85%) $105 (0.65%)* Total Monthly Payment $1,077 $1,117 Down Payment Needed $7,000 $180 www.gsfahome.org | (855) 740-8422 back to top To find out if you are eligible for GSFA Platinum Down Payment Assistance, contact a GSFA Platinum Participating lender. 210 Avenida Descanso in Oceanside – SOLD in 5 Days! So, 7% DPA on a $450,000 loan amount = $31,500 in … FHA loan limits are the maximum allowed loan amount for Federal Housing Administration loans. Maximum DTI is 50%. When I closed escrow it was one of the best days of my life. All reservations which include the GSFA Affordable Subsidy must be reserved through the Online Reservation System or lock through GEMS by close 4:00 PM PST, February 7, 2020. Low- to median-income borrowers may qualify for down payment assistance. For FHA borrowers, your FICO score also determines what you can receive. This site is used to evaluate the likelihood that a potential applicant would be eligible for program assistance. The income limit for conventional borrowers is $117,600. Down Payment Options are available in California for buyers with at least a 620 Credit scrore, and can provide up to $75,000 to help you buy your home. Proposition 19 – Property Tax Reassessment Exemptions for 2021, 495 San Pasqual Valley Road #159 in Escondido is IN ESCROW. GSFA Platinum Grant Income Limits. Income guidelines for the GSFA Platinum program depend on the First Mortgage Loan type, as well as the county in which the property is located. In Alameda and Contra Costa, the limit is $208,800, while in Marin, San Mateo, and San Francisco, the limit is $236,800. Income Limits. Because the loans are insured, lenders provide excellent rates for first time homeowners and those with poor or no credit history. Grant up to 5% of the First Mortgage amount available to be used towards borrower-paid mortgage insurance and/or closing costs. In San Diego County, for example, the income limit for FHA and VA borrowers is $91,195. Credit Score and DTI Ratio. If you have any questions about real estate in Carlsbad, Cardiff-by-the-Sea, Encinitas, Escondido, Oceanside, San Marcos, Solana Beach, or Vista, call or text me at (760) 637-7231 or. *Income limits are determined by county and type of first mortgage . In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. How Much is … GSFA Platinum ® Income Limits. GSFA Platinum Down Payment Assistance can be used to purchase both existing homes and new construction in California. UPDATE: From July 1 – December 31, 2017, in addition to the GSFA Platinum down payment assistance grant, low income borrowers may be eligible for a GSFA Affordable Subsidy, an additional incentive to help them with down payment and/or closing costs. GSFA Platinum Down Payment Assistance Program – Up to 5% Grant for Home Buyers, Mortgage Loan Limits – Conventional, VA, FHA Home Loans. The Program Income Limit for Freddie Mac first mortgages are as follows: The homebuyer must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Most federal and State housing assistance programs set maximum incomes for eligibility to live in assisted housing, and maximum rents and housing costs that may be charged to eligible residents, usually based on their incomes. Qualifying income is calculated is for the borrower on the loan only. Income guidelines for the GSFA Platinum program depend on the First Mortgage Loan type, as well as the county in which the property is located. Housing Authority of the County of Kern. GSFA Platinum Refinance Options. GSFA announces new Income Limits for Conventional Loans for borrowers with income above 80% Area Median Income (AMI) for both the GSFA Platinum and GSFA OpenDoors Program. Income limits are determined by county and type of first mortgage. They can charge up to 1.5% of the loan amount. Information presented by: GSFA … See “Programs” for details. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. Income limit is the same regardless if there is 1 person in the household or 8. Also, the home to be purchased must be located in an eligible rural area as defined by USDA. MAXIMUM LOAN AMOUNT • Max loan amounts are $484,350. Like the grant, this Subsidy never needs repayment. No income limits. You could save thousands on … Note: GSFA Paid MI option will not increase the loan limit of $450,000 in 2018 (MGIC overlay). Income limits vary by County. Income Limits published in “Affordable Subsidy Terms and Conditions” on website GSFA Platinum® EXAMPLE 2.0% subsidy on $200,000 loan = $4,000. Prior Day Rates: (Note: Rates subject to change without notice) The maximum loan eligible for the GSFA Platinum Down Payment Assistance  program is $417,000. Coronavirus Mortgage Assistance for Homeowners, How Lower Mortgage Rates Can Help You Purchase or Refinance a Home, Conventional Home Loan Programs – as low as 3% down, 7 Ways to Finance Energy Efficient Upgrades for Your Home, North County San Diego Real Estate Market Report – June 2017, Concurrent Closing – Selling and Buying a Home at the Same Time, Buyer Closing Costs – Buying a Home in California, Buyer Escrow Timeline – What to Expect When Buying a Home. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. — Jerome Williams, Los Angeles County, March 2018 . Welcome to the USDA Income and Property Eligibility Site This site is used to evaluate the likelihood that a potential applicant would be eligible for program assistance. Are you a low- to median-income home buyer? Stats updated 01/06/2020 . The grant amount is based on the loan amount and interest rate. 30 year term only; Minimum 3% equity required; Income Limits apply - Freddie Mac Income Limits; No cash out; Full documentation only; GSFA Platinum Grant | Loan Terms. Lender may use the AMI limits for purposes of determining income eligibility for HomeReady or other loans that have AMI requirements. You can check income limits for all California counties on the GSFA Income Limits page. Hello Theresia, the answer depends on the date of the foreclosure. Skip Navigation; Login The Golden State Finance Authority (GSFA) was formerly known as the California Rural Home Mortgage Finance Authority (CRHMFA). Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. GSFA Platinum Refinance Options. GSFA Gift sized at 3% of Total First Loan. Minimum FICO of 640. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. This is your opportunity to take advantage of the GSFA Platinum Program before it ends. Please refer to the columns below for further details. Let’s See Some of the Actual Income Limits 05/08/2017 16 County FHA First Mortgages Freddie Mac HFA Advantage First Mortgages Butte $80,500 $98,000 Fresno $80,500 $98,000 Kern $80,500 $98,000 Merced $80,500 $98,000 Orange $97,750 $107,520 Riverside $80,500 $98,240 Sacramento $80,500 $111,840 … You could save thousands on down payment and closing costs! Each Lender must determine borrower and loan eligibility in accordance with the Selling Guide and its Lender Contract. 601-24th Street FRNT Bakersfield, CA 93301. PROGRAM DESCRIPTION . FHA Loan limits are also used by the Department of Veterans Affairs as the … The GSFA Affordable Subsidy is an additional incentive available to low income borrowers who are purchasing a home with Conventional financing through the GSFA Platinum Program. Property Tax Calculation for San Diego Real Estate – Tips for Homeowners, Make Your Home a Rental Property and Buy a New Home, Closing Costs for Cash Buyers in California, San Diego Native Plants – Native Garden Tour on April 4, 2020 – CANCELLED, Home Maintenance Quick Tips – Tree Trimming Season, Energy Efficient Home Upgrades with PACE Financing. Borrowers are to contact an approved CalHFA Lender for complete program details. Household or non-borrower income is not counted part of the equation. Income Limits: Conventional: Follow GSFA Income Limits by county, regardless of household size. To calculate the DPA in dollars, multiply the DPA percentage(1) by the First Mortgage Loan amount. You can contact GSFA directly with any questions at (855) 740-8422 or e-mail info@gsfahome.org. If you have any questions, please Contact Us. FHA Loans are federally insured mortgages designed for middle- and working-class Americans. 1 For example purposes only; Interest Rate published 11/15/17, subject to change. Income Limits Median Income = $56,600 . We take your personal information seriously and will not sell or share it with anyone. Select a state to see the income limits for the counties in that state. The income limit for conventional borrowers is $117,600. If you are renting, it’s a no-brainer to use GSFA and level up your living situation. Lenders will still be required to enter the property’s Federal Information Processing Standards (FIPS) code in MAS at loan reservation to validate the borrower’s eligibility. Below are a few helpful questions and answers regarding the Affordable Subsidy. Stats updated 01/06/2020 UPDATE: From July 1 – December 31, 2017, … If you are a qualifying veteran, you can also take advantage of up to 0% down loan through VA to combine with DPA offered through GSFA. For example, FHA borrowers with FICO scores between 640-659 will be offered different options from those with FICO scores above 660. Mortgage Refinancing Closing Costs – How Much to Refinance My Home Loan? Like the GSFA DAP grant, the GSFA Affordable Subsidy has no repayment requirement! Sales Price Limits. Copyright© 2006-2020  Golden State Finance Authority (GSFA). BANK WITH MIKE 925-202-9942. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. Housing Authority of the County of Kern. GSFA Down Payment Assistance is available for owner-occupied homes. You cannot use the program for vacation homes, second homes, or investment rentals. The Platinum income limit varies based on the type of loan program being used and by county. 3989 Baja Vista Drive in Rio Vista, Oceanside – SOLD in 3 Days! The Platinum income limit varies based on the type of loan program being used and by county. WV OH PA ME VT NH MA NY MD DC DE NJ CT RI VA NC SC WA CA NV ID MT WY ND SD NE KS OK MN IA MO AR MS AL WI MI IL IN KY TN GA FL LA TX UT AZ AK HI WP PR VI NM CO OR. The Golden State Finance Authority Platinum Grant Program was created to help low to moderate income homebuyers in California. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. Before applying for a home loan, give us a call to see if you qualify for the GSFA platinum program. GSFA has helped more than 78,400 individuals and families in California to purchase homes, providing more than $569.7 million in down payment assistance. The GSFA Affordable Subsidy promotion will be ending on February 7, 2020. GSFA MCC income and sales price limits here (San Bernardino County) Riverside County MCC income limits; Primary residence owner occupied homes only; MCC Property Requirements. How Much Solar Do I Need for an Electric Vehicle? The GSFA Platinum program is currently offline. However, you are not required to remain in the home for any period of time after purchase and initial residency. |    Privacy Statement    |    Follow us on Facebook    |    Contact Us. Lender may use the AMI limits for purposes of determining income eligibility for HomeReady or other loans that have AMI requirements. In order to be eligible for many USDA loans, household income must meet certain guidelines. Property must be primary residence. GSFA OpenDoors™ Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Low-to-moderate income 05/08/2017 15 GSFA Platinum® www.gsfahome.org | (855) 740-8422 . Additionally, all applicants must fall under the Program’s Income Limits, have a credit score of at least 640, and a maximum debt-to-income ratio of 50 percent. It’s a flexible program that works with multiple mortgage loans and ranging income limits. I highly recommend Mylene — she got us top dollar for our home in record time. >> Archived Sales Price Limits. Qualifying income must not exceed Program Income Limits ( based on Household size) Meet the minimum credit score requirement of 640; Not exceed the maximum debt-to-income ratio of 50% ; Must apply for the program through and approved lender; Home you Purchase must not exceed the county maximum price limits; GSFA Platinum Program Updates. Lenders should use the Eligible Income lookup tool to check if their borrowers are eligible for lower interest rates on CalHFA’s Conventional loans. FHA: Follow Agency Guidelines. Manufactured and mobile homes may be permitted, depending on the mortgage loan type and program guidelines. Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). The updated Income Limits will be available on the GSFA on July 12, 2020. (Click here for program income limits.) Currently, FHA has no income limits. 2647 Gateway Road, Suite 105-220, Carlsbad, California 92009   |   Phone: (760) 637-7231   |   California DRE #01916600. It is so greatly appreciated and helped me out so much! Search Archived Low Income (Li) Eligible Limits . GSFA Single-Family Bulletin #19-14 published --- Updates to Income Limits for GSFA DPA Programs - Invitation to lenders and brokers to attend training for the new GSFA OpenDoors program, featuring down payment assistance up to 7% for both first-time and returning homebuyers. Down Payment Options are available in California for buyers with at least a 620 Credit scrore, and can provide up to $75,000 to help you buy your home. The following provides methods accepted by CBC Mortgage Agency for calculating Area … 1208 Corte Cielo in Santa Fe Hills, San Marcos – SOLD in 12 Days! INCOME LIMITS – Effective – April 01, 2020 . Borrower must apply with a GSFA approved lender. Go to the NHF Homebuyers Fund website to check today’s interest rates and grant amounts. GSFA OpenDoors is designed to provide up to 7% in down payment and/or closing cost assistance in conjunction with FHA, VA, USDA and Conventional financing. Save my name, email, and website in this browser for the next time I comment. The Preamble of the GSFA contains additional information for interpreting the data. Jumbo 20% Down 1 Unit; Jumbo 15% Down 1 Unit; Portfolio Loans. Before applying for a home loan, give us a call to see if you qualify for the GSFA platinum program. GSFA OpenDoors™ - Conventional. Phone: (661) 631-8500 Fax: (661) 631-9500. Some programs can be layered on top of each other, to maximize your benefit. MCC Income and Sales Price Limits are based on household size for target and non-target areas. Income Limits Median Income = $56,600 . … The loan can be FHA, VA, or conventional. The grant is up to 5% of the loan amount. The Program features some enhancements to credit score requirements, debt-to-income ratios and pricing. In addition, GSFA has updated the Income and Sales Price Limits for the Program, effective for new reservations received on or after July 20, 2018. 601-24th Street FRNT Bakersfield, CA 93301. GSFA Platinum Income Limits Revised 9/5/2018 Page 1 of 2. VA and USDA loan limits apply • Max loan amounts for FHA are determined by county location. Standard FHA vs Platinum Conventional EXAMPLE #1 30-year fixed-rate mortgages. All borrowers must have a FICO score of at least 640 to participate. Check the GSFA-approved lender database. Nothing in this service is intended to vary or modify any of Lender's obligations under its Lender Contract. for applicable income limits • Qualifying Income: o Follow agency guidelines with respect to allowable income sources and calculation method to be used o Use 1003 Qualifying income only ... completes the GSFA Open Doors Registration Form on our website. The GSFA is a California housing finance agency and public entity. GSFA will issue electronic “Reservation Confirmation” AND “Grant Letter” ... Let’s See Some Actual Income Limits www.gsfahome.org | (855) 740-8422 11/27/2017 12 County FHA, VA, USDA First Mortgages Freddie Mac HFA Advantage First Mortgages Butte $84,295 $98,000 Fresno $84,295 $98,000 GSFA staff has worked hard to design a variety of print literature for you. Income limits provide an overview of the qualifying income for each program offered by the Chenoa Fund. As defined in Program Bulletin 2020-07, effective June 1, 2020, CalHFA no longer has sales price limits on eligible properties. HB - 1 - 3555, Appendix 5 GUARANTEED HOUSING PROGRAM INCOME LIMITS Income Calculation Method: Use 1003 income … The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. Grant up to 5% of the First Mortgage amount available to be used towards borrower-paid mortgage insurance and/or closing costs. A proud member of the. Please continue to do great work!" GSFA OpenDoors™ - Government 1 Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank – 07-01.2019 . Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). Note: Special Programs may only be originated by trained, approved clients. FHA 30 Year Fixed Mortgage Only - Grant amount up to 5% VA 30 Year Fixed Mortgage Only - Grant amount up to 5% USDA 30 Year Fixed Mortgage Only - Grant amount up … 30 year term only; Minimum 3% equity required; Income Limits apply - Freddie Mac Income Limits; No cash out; Full documentation only; GSFA Platinum Grant | Loan Terms. Program Highlights. See Platinum Income Limits. All borrowers must have a FICO score of at least 640 to participate. Borrower must apply with a GSFA approved lender. Property must be primary residence. VA and conventional loan borrowers do not have varying rates based on FICO scores. San Diego Wildfires, Part 4 of 4: Fireproof Your Neighborhood, North County San Diego Real Estate Market Report – September 2020, North County San Diego Real Estate Market Report – August 2020. The "Codex General Standard for Food Additives" (GSFA, Codex STAN 192-1995) sets forth the conditions under which permitted food additives may be used in all foods, whether or not they have previously been standardized by Codex. Their main website is www.GSFAhome.org. I am an independent real estate broker in Carlsbad, California specializing in residential North County San Diego real estate. Prior Day Rates: (Note: Rates subject to change without notice) Ginnie Mae FHA / USDA / VA Rates : 2.250% Rate / 0.00% DPA 2.250% Rate / 2.00% DPA 2.375% Rate / 3.00% DPA 2.625% Rate / … "I would like to thank GSFA so much for the $15,034 you provided in down payment assistance. The GSFA Affordable Subsidy is an on-going promotion. The median net worth of a homeowner is $231,400, increasing 15% over 3 years. No income limits apply until July 12,2020. You can check income limits for all California counties on the GSFA Income Limits page. Use the California Association of REALTORS® Down Payment Resource Tool to check all available programs. Technical and analytics cookies are used on this website to help make it better. Income Limits. The highest limit is in Santa Clara county, where citizens earning $250,000 a year are still eligible for the Platinum Program. There are no income limits for buyers and no minimal closing costs necessary. Income Limits for CalHFA Home Buying . See our sales agents for more details. SDGE Rebate Programs – Get Paid to Upgrade! Use the drop-down menu below to view income levels by county. Home you Purchase must not exceed the county maximum price limits; GSFA Platinum Program Updates. One to four unit properties are allowed, depending on the first mortgage. Can I get a Freddy Mac 1st time buyer loan with down payment assistance and closing costs assistance if I have a passed bankruptcy and a forclosure? Credit Score and DTI Ratio All borrowers must have a FICO score of at least 640 to participate. Their main website is www.GSFAhome.org. They provide home buyer assistance programs. > 80% AMI: As of July 12, 2020: Income limits are based on the county in which the property is located and will be effective for all Conventional loans locked on or after July 12, 2020. Income limits vary by County. CalHFA income limits must continue to be met for all eligible CalHFA borrowers as well as the loan limits for each county per first loan program’s guidelines. GSFA Platinum Grant Income Limits. See “Programs” for details. Income Limits for Platinum Program Updated. CalHFA assists low and moderate-income homebuyers in the realization of their goal of homeownership in California. Owner Occupied only – borrower must live in the home as a primary residence; Maximum Debt to Income 45% with FICO Scores between 640-659 (FHA/VA/USDA) Maximum Debt to Income 50% with FICO Scores 660 and greater (FHA/VA/USDA) NHF Platinum Grant | Borrower Requirements. Thank you so much GSFA. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. For income limits on FHA, VA and USDA loans, please refer to loan agency guidelines. The loan officer will advise you regarding eligibility and terms. The lender usually charges an origination fee. Meeting income limits. This program is currently available for the Belterra and Canvas at Copper Granville communities. In addition, GSFA has updated the Income and Sales Price Limits for the Program, effective for new reservations received on or after July 20, 2018. 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