March 20, 2019 | Bulletin #19-02
GSFA Updates DPA Options for
Platinum Program FHA Loans
Effective immediately, down payment assistance (DPA) options available on GSFA Platinum FHA loan transactions will be as follows:

Ginnie Mae FHA
  • No DPA 
  • 3% DPA 
  • 4% DPA 
GSFA has consolidated the DPA options for FHA loan transactions. There are no longer separate categories of DPA and pricing based on FICO score ranges.
"GSFA Affordable Subsidy" Provides Additional Assistance for Low-Income Borrowers
Reminder for GSFA Platinum Participating Lenders:

The GSFA Affordable Subsidy is an additional incentive available to low-income borrowers who are purchasing a home with Conventional financing through the GSFA Platinum Program. The GSFA Affordable Subsidy is an on-going promotion.
How Much is the Subsidy?
  • $2,500 for Qualifying Income ≤ 50% AMI
  • $1,500 for Qualifying Income ≤ 80% AMI

What Can the Subsidy be Used For?
  • It can be used towards the down payment and/or closing costs. (No cash back to borrower.)



Please refer to the GSFA Affordable Subsidy Promo Term Sheet below for applicable income limits.

Additional Resources:
 
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Program Bulletins 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.

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