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Financing • May 30, 2020

Golden State Finance Authority (GSFA)

by Jessica Perla

Golden State Finance Authority

Golden State Finance Authority is a California-created program that helps people purchase homes by providing financing that is coupled with down-payment assistance.

 

Like CALHFA MyHome down-payment assistance program, the GSFA down-payment assistance program or DPA is a junior loan that doesn’t have to be paid until you sell the home or refinance.

 

It can be combined with FHA loans, VA, USDA, and Conventional loans.

It is up to 5% of your first mortgage and not capped to $10,000 like MyHome. The money can be used for down-payment and/or closing costs.

The maximum loan amount is $510,400. While there is no income limit for conventional loans, but for the other loans, the limit is set by the county they are in. One can obtain a 97% loan of the purchase price and be fixed at a low-interest rate for 30-years.

Contact me for more information 305.586.2441 or jessica.perla@cbnorcal.com

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