Platinum Assistance Restructured -- GSFA Lender Updates & Insights 2022-10-04

Today's GSFA Lender Updates and insights explains recent changes to the GSFA Platinum Program. Previously, the GSFA platinum program provided down payment and/or closing cost assistance in the form of either a gift or a forgivable second mortgage. However due to current market conditions, the assistance has been restructured.

The primary assistance is now in the form of a fully amortizing 2nd Mortgage Loan with a 15-year term and regular monthly payments. The 2nd Mortgage Loan has an interest rate of 2% above the interest-rate on the 1st Mortgage Loan. The due date and first payment date of the 2nd Mortgage Loan is the same as the 1st Mortgage Loan, and the borrower will make their 2nd Mortgage Loan payment to the same lender as their 1st Mortgage Loan.

Additional assistance may be available as a gift, depending on the borrower’s qualification.

Video Highlights
1. The structure of the down payment assistance provided through the GSFA Platinum program has changed.

2. The primary assistance is now in the form of a 2nd mortgage that has repayment requirement. Additional assistance may be available as a gift. It is important that lender fully explain the terms on the assistance explained to borrowers.

3. Down payment assistance is still a way to accelerate your borrower’s pathway to homeownership by providing them with money they need today, instead of having to wait several months or years to save for a down payment.

Remember, knowledge is Power!
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Question or need more assistance?
~ Call us toll-free @ (855) 740-8422
~ Email us @ [email protected]
~ Visit our website @ www.gsfahome.org

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Note: The Lender Updates & Insights videos are intended for mortgage professionals only. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders.

Visit the GSFA website at www.gsfahome.org for complete program details, a list of Participating Lenders and the latest Single-Family Lender Bulletins.

Тэги:

#gsfa #golden_state_finance_authority #affordable_lending #real_estate #homebuying #lender_insights #gsfa_platinum

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