GSFA Platinum Program

Down-Payment Assistance Program
Competitive Fixed-Rate Financing With Up to a 5% Forgivable Grant

Academy Mortgage is pleased to offer an exclusive loan solution and grant program for low- to moderate-income individuals and families in California.

Through the GSFA Platinum Program, Academy provides qualified homebuyers with competitive 30-year home financing and a grant that can be used toward down payment or closing costs. The grant does not have to be repaid if certain conditions are met. Many times this allows homebuyers to purchase a home sooner than they thought possible.

Program Benefits
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  • An attractive 30-year, fixed-rate mortgage with a grant for up to 5% of the loan amount to help cover down payment and closing costs.
  • The grant funds are not required to be repaid if certain conditions are met.
  • No first-time homebuyer requirement.
  • Available for purchases of both new and existing homes.
Program Eligibility and Property Requirements
  • No minimum borrower contribution required.
  • Must have a minimum credit score of 620 or higher, depending on the financing type and grant amount, with a maximum of a 5% grant.
  • Maximum debt-to-income ratio of 45%.
  • Income requirements are based on the credit qualifying loan applicant and are not tied to household income.
  • Property must be owner-occupied, but the borrower may be able to own other property under certain conditions.

Sample loan scenario: $250,000 purchase price, $245,471 loan amount, 3.5% down payment (funds from the NHF program), $1,671.73/month (PITI), 30-year fixed 4.5% interest rate, 5.664% APR. he GSFA Platinum Program is offered through the Golden State Finance Authority. This is not an offer for extension of credit or a commitment to lend. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply. Please contact Academy Mortgage for more information.