There’s a new down payment assistance program, and it’s designed especially for homebuyers employed in service fields. It’s the Platinum Select program from Golden State Financing Authority (GSFA). The GSFA Platinum Select program is specifically for people employed as law enforcement officers, fire fighters (or fire department support staff), paramedics, emergency medical technicians, and school teachers (or school district employees).
How the Platinum Select Program Works
With the Platinum Select down payment assistance program, eligible home loan borrowers are able to receive up to 5% of the first mortgage loan amount as a gift toward the down payment and/or closing costs on a home. Because this assistance is provided as a gift, the amount does not need to be repaid. Many times, the assistance can help a homebuyer purchase a house with little-to-no money out of pocket.
Things to Know About Platinum Select
For those employed in the occupations listed above and in need of down payment assistance, Platinum Select may be a good option. Other details about the program include:
- Platinum Select is designed to be for the purchase of a primary residence (not vacation home).
- GSFA does not require Platinum Select applicants to be first-time homebuyers.
- The minimum FICO score is 640.
- FHA, VA, USDA and conventional loan financing options are all available.
The program also features generous income limits; when you apply for a home loan, ask your WCC loan officer if your income is within the limits for GSFA Platinum Select.
Wholesale Capital Corporation is not affiliated with or acting on behalf of or at the direction of the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or any government agency/government-sponsored entity. WCC is licensed by the California Bureau of Real Estate, Broker License #01147747 and CA Finance Lender’s License #603K610, NMLS# 9873. Also licensed in Arizona by the Arizona Department of Financial Institutions, MB #0937346.