GSFA Platinum Forgivable Loan

GSFA Platinum Forgivable Loan is a forgivable loan for homebuyers in California. Forgivable second mortgage up to 5% of first mortgage amount. Forgiven after 3 years if buyer remains in home. Alternative to GSFA grant option. Minimum 640 FICO, statewide CA. Up to 5.0% of purchase price in assistance. loan forgiven after required occupancy. Funding comes from Bond/Authority.

GSFA Platinum Forgivable Loan is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale or refinance within 3 years. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

GSFA Platinum Forgivable Loan is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 640 FICO score required for all borrowers. Residency requirement: Primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Forgivable after 3 years continuous occupancy; must use GSFA-approved first mortgage; min 640 FICO.

GSFA Platinum Forgivable Loan sets its income limit as follows: Contact program provider for current income limits. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

GSFA Platinum Forgivable Loan caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are eligible.

GSFA Platinum Forgivable Loan serves homebuyers purchasing anywhere in California.

Applications for GSFA Platinum Forgivable Loan go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through GSFA lender portal. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.