Flexible assistance, structured your way.

What GSFA Platinum is, and who it's for

GSFA Platinum is a down payment and closing cost assistance program from the Golden State Finance Authority (GSFA) offering up to 5.5% of your loan amount, paired with an FHA, VA, USDA, or Conventional first mortgage. Assistance is structured as a 15-year second mortgage, a non-repayable gift, or a blend of both, depending on which Platinum option you qualify for. Unlike many state down payment assistance programs, GSFA Platinum has no first-time homebuyer requirement. First-time and repeat buyers are both eligible, provided the home will be your primary residence.

Most down payment assistance programs give you one fixed structure. GSFA Platinum gives you three, and we'll help you figure out which one actually fits: a straightforward second mortgage (Platinum Standard), a blended second-plus-gift option for certain occupations and mortgage types (Platinum Select), or, if you work for a participating county, a deferred, zero-interest second plus gift funds (Assist-to-Own). All three pair with the same core first-mortgage options: FHA, VA, USDA, or Conventional.

How the GSFA Platinum Program works

• Qualify for a first mortgage. GSFA Platinum pairs with an FHA, VA, USDA, or Conventional first mortgage. Credit scores as low as 640 and DTI up to 50% may still qualify.
• Choose the right Platinum option. Standard offers up to 5% as a repayable second. Select blends a smaller second with a gift for certain occupations and loan types. Assist-to-Own (county employees in GSFA member counties) offers a deferred, 0%-interest second plus gift funds.
• Assistance funds your down payment and closing costs. At closing, your chosen Platinum option contributes up to 5% (Standard/Select) or 5.5% (Assist-to-Own) of your loan amount toward down payment and/or closing costs.
• Repay according to your option. Standard, and the second-mortgage portion of Select, are repaid monthly over 15 years at your first mortgage's rate. Assist-to-Own's second is deferred with no monthly payment, due at sale, refinance, or payoff. Any gift portion is never repaid.

Qualifying requirements

Exact terms depend on which Platinum option applies, but eligibility generally comes down to this:

• Paired with an FHA, VA, USDA, or Conventional first mortgage
• FICO scores as low as 640 may qualify, subject to the first mortgage program
• Debt-to-income ratios up to 50% may qualify
• No first-time homebuyer requirement; first-time and repeat buyers both eligible
• Owner-occupied primary residence only; no second homes or investment properties
• Income limits apply on Conventional financing (county-specific); other loan types may have different thresholds
• Assist-to-Own option limited to county employees in GSFA Member Counties
• Select option limited to certain occupations/mortgage types, subject to availability

Pros and cons

Pros: no first-time homebuyer requirement. Three structures to fit different situations: repayable, gift-blended, or deferred. Up to 5.5% in combined assistance, one of the higher combined-assistance ceilings among California DPA programs. Pairs with FHA, VA, USDA, or Conventional financing.

Cons: the Standard and Select second mortgages carry a real monthly payment, not deferred. Assist-to-Own is limited to county employees in participating GSFA member counties. Select's gift portion is subject to market/fund availability, not guaranteed. Conventional financing carries county-specific income limits.

Who GSFA Platinum is best for

• Repeat buyers. Buyers who've owned before and don't qualify for first-time-buyer-only assistance programs.
• Buyers who want options. Buyers who want a choice in how their assistance is structured: repayable, gift-blended, or deferred.
• County employees. Employees of GSFA Member Counties who may qualify for the deferred, zero-interest Assist-to-Own option.
• Select-eligible occupations. Buyers in specific occupations or loan types that may qualify for Select's blended gift assistance.