Both new and existing homebuyers can receive Down Payment Assistance of up to 6.5% of the mortgage amount with up to 4% as a gift that never has to be repaid! Fairway Independent Mortgage Corporation, 2016 All Rights Reserved. The Deferred DPA Second Loan has a 30-year term and a zero percent note rate. The Program features some enhancements to credit score requirements, debt-to-income ratios and pricing. Down payment assistance programs are put in place to help eligible homebuyers provide funds for their down payment on a new home or closing costs. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. You must be a first-time homebuyer for this program. . In the unpredictable situation we are currently experiencing in the mortgage market, both interest rates and the ability to offer some products are being impacted. Golden State Finance Authority provides the GSFA OpenDoors down payment assistance (DPA) program to help California homebuyers purchase a home with little-to-no money out of pocket. Programs are available for purchase or refinance of a primary residence anywhere in California and there is no first-time homebuyer requirement to qualify. The Open Doors Program provides homebuyers in California with flexible down payment assistance options. Reservations for this program are available Monday through Friday between 9:00 AM PST and 4:00 PM PST (holidays excluded). • Save completed Registration Form in pdf format and upload into GEMS as a stored document under your first lien loan number. Guide to GSFA OpenDoors Down Payment Assistance Program. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. Our Commitment Desk will lock uploaded pdf Registration Form. These are often state-specific. Example: On a $300,000 Mortgage Loan, the OpenDoors … GSFA OpenDoors™ — Down Payment Assistance Program A New Homeownership Program from GSFA, featuring up to 7% in down payment assistance GSFA OpenDoors™ Lender Participant Guide Information in this Participant Guide is intended for mortgage professionals only. (Due to COVID-19 program is currently on hold) The Riverside Down Payment Assistance Program is awarded to applicants in the form of an interest-free, 30-year deferred loan of up to $50,000, or 25% of the sales price, whichever is less. Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289. Income limitations and debt ratio limitations apply. When combined they would reduce the money needed out of pocket and provide homebuyers with a tax credit each year. Down Payment and Closing Cost Assistance Overview Low-income, first-time homebuyers may qualify for a low-interest, deferred payment loan of up to 17% of the purchase price for down payment assistance and 4%, up to $10,000 in closing costs assistance. Co-brand with GSFA to increase your REALTORS® business. Programs like these can be coupled with seller paid closing costs and the MCC program. The GSFA OpenDoors Program (Open Doors Program) provides homebuyers in California down payment assistance (DPA). otItkcZThoFwUhF(); /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ /* Munged addy code - YOU CAN EDIT COMMENT THIS TAG BETWEEN THE TWO STARS */ California offers many Down Payment Assistance Home Loan Purchase Programs: Looking to purchase a home as a first time home buyer (has not owned or been on title of a home in the past 36 months is defined as a first time homebuyer) and needing a little help with the down payment of closing cost, explore the many types of down payment assistance home loan programs available in California. California Housing Finance Agency (CalHFA) - homebuyer programs, including downpayment and closing cost assistance, and foreclosure prevention resources CalVet Home Loans - for Veterans to buy a home in California; Community contacts - find out if your community offers homeownership assistance; Habitat for Humanity - through volunteer labor, builds and rehabilitates houses for … Setup as a GSFA OpenDoors Participating Lender is a 2-step process, as follows: Please Contact GSFA for assistance with this step. 3 CA Loan Officer Jason Whigham will Call / text you to go over your CA down payment assistance options The GSFA Platinum program is currently offline. Learn More About CA Open Doors GSFA Program Down Payment Assistance Program From it's Official Website: Eligible applicants must meet qualifying requirements for a CalHFA loan program. Emeryville First Time Homebuyer Loan Program The First Time Homebuyer Loan Program that was established by the City of Emeryville provides down payment assistance … The literature is available for download in PDF format for ease of printing. The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to … GSFA provides down payment assistance (DPA) programs to help California homebuyers purchase a home with little-to-no money out of pocket. First and foremost your down payment can be as low as 3.5% of your new home’s value. The templates are intentionally designed with blank input fields for the Participating Lender to add company and contact information before printing. Click tabs below to display topic contents. All rights reserved. GSFA has helped more than 78,400 individuals and families in California to purchase homes, providing more than $569.7 million in down payment assistance. |    Privacy Statement    |    Follow us on Facebook    |    Contact Us, GSFA OpenDoors Term Sheet - FHA, VA, USDA Loans - (Gateway Mortgage Group), GSFA OpenDoors Term Sheet - Conventional Loans - (Gateway Mortgage Group), GSFA OpenDoors - Program Lender Agreement, Wednesday, December 23, 2020 | 2:00 PM - 3:00 PM PST, Tuesday, December 29, 2020 | 10:00 AM - 11:00 AM PST, Thursday, January 7, 2021 | 10:00 AM - 11:00 AM PST, Tuesday, January 12, 2021 | 2:00 PM - 3:00 PM PST, Wednesday, January 20, 2021 | 10:00 AM - 11:00 AM PST, Thursday, January 28, 2021 | 2:00 PM - 3:00 PM PST. Homebuyers interested in the GSFA OpenDoors Program will want to Contact Us for a referral to a GSFA OpenDoors Participating Lender for more information and/or a program application. USDA, Conventional: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing … A few Popular CA Loan Options are CalHFA, OpenDoors GSFA, conventional loans, etc. • The First and Second Liens each have a separate loan number and lock confirmation Resources for this video The program provides down payment and closing cost assistance in the form of interest-free loans to qualified applicants for the purchase of their primary residence, to include single-family houses, condominiums, or cooperative units. Buyers could also benefit from the California Homebuyer’s Down payment Assistance Program (CHDAP), which provides buyers up to 3% of the purchase price to use for a down payment. what is down payment assistance? Click Here to Register for any of the following: The marketing literature provided below is for use by Participating Lenders ONLY. Please note: If you need to download the most recent version of Acrobat Reader, you may do so by clicking on the "Get Acrobat Reader" button displayed below. Applications for CAHEC’s 2020 Open Doors Homeownership Grant are no longer being accepted. The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. Pre-registration is strongly recommended, as space is limited. Jason Whigham is a CA Down Payment Assistance Specialist in Roseville California. CalHFA MyHome Assistance Program – The MyHome Assistance programs provides $10,000 or 3% to 3.5% of the sales price or appraised value, whichever is less in down payment and closing cost assistance to first time homebuyers in California. completes the GSFA Open Doors Registration Form on our website. Home buyers must also occupy the purchased home as their primary residence. Moreover, the entity has provided more than $859 million in down payment assistance and has participated in the financing of over $13.7 million in first and second mortgages. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of the First Mortgage. Call Jason Whigham Now 800-807-5022. Help potential buyers open the door to home-ownership by searching from over 400 available down payment assistance programs throughout California. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. Financial assistance up to 7%, to use for down payment and/or closing costs, Homebuyer doesn’t have to be a first-time homebuyer to qualify, Flexible income limits (low-to-moderate income), Various first mortgage loan types available to fit the needs of the homebuyer, Up to 6% of the First Mortgage Loan amount, Maximum debt-to-income ratio requirement 55%, Borrowers may have ownership interest in other properties at time of closing, Up to 7% of the First Mortgage Loan amount, Approved homebuyer education required for first time home buyers. UP TO $15,000 IN HOME LOAN DOWN PAYMENT ASSISTANCE. GSFA OpenDoors is designed to provide up to 7% in down payment and/or closing cost assistance in conjunction with FHA, VA, USDA and Conventional financing. Until the markets find their new normal the situation is a fluid, day-to-day determination. Other resources for first time home buyers in Roseville CA searching on how to get down payment assistance in Roseville California. . Home buyers interested in down payment assistance options in California must meet income and purchase price limits set by federal guidelines, while demonstrating creditworthiness and meeting standard mortgage underwriting requirements. FHA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $10,000. The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. All applications must have been submitted by July 31, 2020 to be considered. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License. Information in this Participant Guide is intended for mortgage professionals only. My-Down Payment Assistance is California’s most trusted name for down payment assistance programs. The City of Phoenix Open Doors Homeownership down payment assistance program offers up to a maximum of $15,000 towards your down payment and/or closing costs in the City of Phoenix jurisdictional area. Use of this Web site constitutes acceptance of our Terms of Use. Program Training for Lenders and REALTORS®. Fill out the form below to find out what options are available today. Down Payment Assistance We know your biggest obstacle to a home purchase can be the required minimum down payment so DC Open Doors offers down payment assistance loans (DPAL) that bridge the financial gap between the purchase price of your home and your first trust mortgage loan. By downloading and using the templates below, you certify that you are a GSFA OpenDoors Participating Lender and agree to abide by the GSFA Marketing Guidelines. 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