Haris Ashley
The Golden State Finance Authority (GSFA) offers several programs to help homebuyers and property owners in California. The GSFA Platinum Program provides down payment and/or closing cost assistance of up to 5% of the total loan amount in the form of a non-repayable grant. The GSFA Assist-to-Own Program is another initiative that helps California residents with high down payments. While the former is available in the form of a gift, the latter is a deferred assistance payment of 3.5% until the sale, refinance, or payoff of the current home loan. The GSFA also offers the Platinum Select Program, which provides up to 5% in down payment assistance for specific occupations. This program is available as a second mortgage combined with a gift.
| Characteristics | Values |
|---|---|
| Down Payment Assistance | GSFA offers down payment assistance programs to help homebuyers with upfront costs. |
| Closing Cost Assistance | GSFA provides assistance with closing costs, which can be up to 5.5% of the loan amount. |
| Gift Funds | GSFA may offer additional assistance in the form of a gift, which does not need to be repaid. |
| Second Mortgage | GSFA's Platinum Program may provide assistance through a second mortgage with the same interest rate as the first mortgage. |
| Loan Types | GSFA's programs are compatible with Conventional and FHA loans. |
| Income Limits | GSFA considers income limits for different types of mortgages and has special rates for below-80% AMI households. |
| Property Types | GSFA programs are available for primary residences and may have eligibility guidelines related to property types. |
| Eligibility | GSFA programs are open to both first-time and repeat homebuyers. Eligibility may depend on occupation, county of residence, and other factors. |
| Interest Rates | GSFA offers competitive interest rates for eligible borrowers. |
| Credit Score Requirements | Credit score requirements may vary, and GSFA can help determine eligibility based on credit history. |
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What You'll Learn
Down payment assistance
The Golden State Finance Authority (GSFA) offers down payment assistance through its Platinum Program. This program provides down payment and/or closing cost assistance to low-to-moderate income homebuyers in California. The GSFA has been offering financial assistance programs to homebuyers and property owners across California since 1993.
The Platinum Program offers a non-repayable grant of up to 5% of the total loan amount. This grant is a gift, meaning it is not a second mortgage and does not create a lien against the property. It is available to those who need financial help with the upfront costs of purchasing a home, including the down payment and closing costs. The program applies to the majority of homebuyers, but there are also specific options for certain occupations, such as public safety, education, medical or healthcare workers, and employees of GSFA Member Counties.
The GSFA also offers a Platinum "Select" feature, which allows homebuyers to qualify for assistance of up to 5% of the First Mortgage Loan amount. The primary amount of assistance (3.5%) is a 15-year fully amortizing Second Mortgage Loan with the same interest rate as the first mortgage. Additional assistance of up to 1.5% may be available as a gift, depending on market conditions.
The GSFA encourages potential homebuyers to contact a GSFA Participating Lender to discuss their unique situation and determine which program best fits their needs.
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Closing cost assistance
The Golden State Finance Authority (GSFA) offers the Platinum Program, which provides low-to-moderate-income California homebuyers with down payment and/or closing cost assistance. This program is designed to help eligible applicants purchase a home by providing financial assistance for upfront costs, including closing costs and prepaid items required to obtain homeownership.
The GSFA Platinum Program offers closing cost assistance in the form of a non-repayable grant of up to 5% of the total loan amount. This assistance is considered a gift, meaning it is not a second mortgage, does not create a lien against the property, and has no repayment terms. The primary amount of assistance (3.5%) is structured as a 15-year fully amortising second mortgage loan with an interest rate identical to that of the first mortgage loan. Additional assistance of up to 1.5% may be available as a gift, contingent on market conditions.
To qualify for the GSFA Platinum Program, applicants must work with a GSFA Participating Lender, who will provide complete program guidelines, interest rates, and applicable APRs, and assist with the application process. The lender will also help determine eligibility based on factors such as credit score requirements, debt-to-income ratios, and income limits associated with the type of first mortgage for which the homebuyer qualifies.
The GSFA also offers the Assist-to-Own Down Payment Assistance Program, specifically for employees of the County of San Luis Obispo, a GSFA Member County. This program is another resource for homebuyers seeking down payment and closing cost assistance.
The GSFA has been a trusted public entity and agency since 1993, providing financial assistance programs to homebuyers and property owners across California. These programs aim to simplify the home-buying process and make homeownership more accessible and affordable for eligible applicants.
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GSFA Platinum Program
The GSFA Platinum Program is a financial assistance program by California's Golden State Finance Authority (GSFA). The program provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance. This assistance is provided in the form of a non-repayable grant of up to 5% of the total loan amount. This means it is not a second mortgage, does not create a lien against the property, and has no terms for repayment.
The GSFA Platinum Program offers enhanced benefits through special options like "Platinum SELECT" for those in public safety, education, medical or healthcare, and "Assist-to-Own" for employees of GSFA Member Counties. The Platinum "Select" feature applies to certain occupations and types of mortgage loans. With "Select", a homebuyer can qualify for assistance up to 5% of the First Mortgage Loan amount, not all of which has repayment requirements. The primary amount of assistance (3.5%) is in the form of a 15-year fully amortizing Second Mortgage Loan, with the same interest rate as the First Mortgage Loan. Additional assistance (up to 1.5%) may be available in the form of a Gift, subject to market conditions. Any assistance provided as a Gift does not need to be repaid.
The GSFA Platinum Program is not limited to first-time homebuyers and can be used in combination with various first mortgage loans, including Conventional, FHA, VA, and USDA loans. There are no requirements for the homebuyer to remain in the home for any period of time after purchase and initial residency. However, the home being purchased must become the primary residence of the homebuyer, and vacation, second homes, and rentals are not eligible.
GSFA publishes specific income limits for Conventional Loans, based on the county where the property is located. There may also be income limits for other types of first mortgages. Homebuyers interested in the GSFA Platinum Program must work with a GSFA Participating Lender, who will provide complete program guidelines, current interest rates, applicable APRs, and fees, as well as assist with the application and qualification process.
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GSFA Assist-to-Own Program
The GSFA Assist-to-Own Program is a state-sponsored initiative by California's Golden State Finance Authority (GSFA) to help California residents overcome the challenge of high down payments. It is a specialised assistance program that primarily supports essential workers of GSFA member counties. The program offers down payment and closing cost assistance of up to 5.5% of the first mortgage loan amount. This includes a 3.5% deferred second mortgage with a zero-percent interest rate and up to 2% in gift funds. The program can be used to purchase or refinance a 1-4 unit primary residence anywhere in California.
The Assist-to-Own Program is designed to make homeownership more attainable for California residents, especially those working in specific member counties of the GSFA. It is available to both first-time and repeat homebuyers with a minimum FICO score of 640 and a generous debt-to-income ratio of up to 50%. To be eligible, an individual must be employed by a GSFA member county, such as the County of San Luis Obispo.
The GSFA Assist-to-Own Program is just one of the many homebuyer assistance programs offered by the Golden State Finance Authority. Since 1993, GSFA has been providing financial assistance to homebuyers and property owners across California, helping them achieve their dream of homeownership. Their programs include down payment assistance, closing cost assistance, and low-interest rates to make homebuying more affordable.
If you are interested in applying for the GSFA Assist-to-Own Program or any other GSFA down payment assistance programs, you can reach out to one of their participating lenders. These lenders will explain the program guidelines, provide interest rates and APRs, and help you determine the best option for your specific needs and financial situation.
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FHA-insured loans
The Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD), insures FHA-insured loans. FHA-insured loans are available to U.S. citizens, permanent U.S. residents, and citizens of Micronesia, the Marshall Islands, and Palau. Non-permanent U.S. residents are not eligible for FHA-insured loans as of May 25, 2025.
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Frequently asked questions
The California Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate-income California homebuyers with down payment and/or closing cost assistance to help them achieve their homeownership goals.
The GSFA Assist-to-Own Program is a state-sponsored initiative designed to help California residents overcome the challenge of high down payments. This program offers benefits such as down payment support, closing cost assistance, and competitive interest rates for eligible borrowers.
The GSFA OpenDoors® Conventional Program provides up to 7% in assistance as a deferred second mortgage with 0% interest and no monthly payments.
GSFA offers various programs that provide down payment assistance, closing cost assistance, and other benefits to help homebuyers. While GSFA does not directly provide mortgage insurance, its programs can help reduce the upfront costs associated with purchasing a home, including insurance and tax escrow fees.
To apply for GSFA programs, interested homebuyers should work with a GSFA Participating Lender. The lender will provide complete program guidelines, interest rates, applicable APRs, and fees, as well as assist with the application and qualification process.
