GSFA Platinum Bulletin #18-06

April 19, 2018 | Bulletin #18-06

Updates to the GSFA Affordable

Subsidy Promotional Offer

Effective for loan reservations on or after Monday, April 30, 2018 , the GSFA Affordable Subsidy will be calculated as a fixed dollar amount based on qualifying income.

The amount of the Subsidy will be as follows:

$2,500

for Qualifying Income

< 50% AMI

$1,500

for Qualifying Income

< 80% AMI

What Can the GSFA Affordable Subsidy be Used For?

The GSFA Affordable Subsidy is an additional incentive for low income borrowers who are purchasing a home with Conventional Loan financing through the GSFA Platinum Program.

The Subsidy can be used towards down payment and/or closing costs.

Income Limits for the GSFA Affordable Subsidy are published in the GSFA Affordable Subsidy Promo Term Sheet.

The GSFA Affordable Subsidy is an on-going promotion. Updates will be published in Lender Bulletins and available online on the GSFA Website .

Process Steps:

The process to the Lender and borrower remains unchanged.

Verify that your borrower meets the applicable income limits.
Select the GSFA Affordable Subsidy option at the same time you reserve the GSFA Platinum Conventional Loan for your borrower.
Print the GSFA Platinum Reservation Confirmation documents.
Include the GSFA Affordable Subsidy on Page 3, Section L of the Closing Disclosure.
Process and close the loan. (Lender will be reimbursed for the GSFA Affordable Subsidy by the Servicer upon purchase of the loan.)

Additional Resources:

Join Us for In-Person Lender Training

Energizing, fun and informative, don't miss this training on the GSFA homebuyer assistance programs.

Our interactive training session will teach you the ins and outs of the GSFA Platinum® Program and its various down payment assistance options, as well as the GSFA MCC® Program, which features a 20% Mortgage Credit Certificate for eligible borrowers.

Attend to:

Debunk down payment assistance myths.
Learn how to optimize purchasing power with homebuyer assistance.
Attain program guidelines and support resources.
Walk through the origination/application processes with ease.

Recommended:

For loan officers, originators, processors and underwriters. Content is also relevant to real estate professionals.

Presenters:

Include representatives from GSFA, Freddie Mac and MGIC.

REGISTRATION IS OPEN

Limited seating; pre-registration is required.

SANTA ANA - Wednesday, April 25, 2018 | 1:00 - 3:30 PM - Reserve Your Seat

OCEANSIDE - Thursday, April 26, 2018 | 9:00 - 11:30 AM - Reserve Your Seat

REDLANDS - Tuesday, May 15, 2018 | 1:00 - 3:30 PM - Reserve Your Seat

CORONA - Wednesday, May 16, 2018 | 9:00 - 11:30 AM - Reserve Your Seat

GLENDORA - Thursday, May 17, 2018 | 2:00 - 4:30 PM - Reserve Your Seat

SACRAMENTO - Tuesday, May 22, 2018 | 9:00- 11:30 AM - Reserve Your Seat

STOCKTON - Wednesday, May 23, 2018 | 1:00 - 3:30 PM - Reserve Your Seat

More dates/locations coming soon. Visit our Lender Training Calendar for updates.

Lender 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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