Buying a home in California can be challenging, especially with rising home prices and the high cost of living. GSFA’s Assist-to-Own Program is designed to make homeownership more attainable for California residents, especially for those working in specific member counties of the Golden State Finance Authority (GSFA).
This unique down payment assistance program offers a range of benefits for eligible borrowers, including down payment support, closing cost assistance, and competitive interest rates for those who qualify. Let’s explore how this program works, who it benefits, and how it could help you achieve your goal of homeownership in California.
What is the GSFA Assist-to-Own Program?
Think of the GSFA Assist-to-Own Program as your helping hand toward homeownership. It’s a specialized assistance program from the Golden State Finance Authority that focuses on supporting essential workers of GSFA Member Counties. The program’s main goal? To reduce your upfront costs by providing down payment and closing cost assistance when you’re buying or refinancing your primary residence.
Understanding the GSFA Assist-to-Own Program in California
Looking to buy a home in California but struggling with the down payment? The GSFA (Golden State Finance Authority) Assist-to-Own Program offers a solution for California residents, particularly those working in GSFA member counties. This comprehensive guide explains how you can access down payment assistance and achieve your dream of homeownership in California.
The GSFA Assist-to-Own Program is a state-sponsored initiative designed to help California residents overcome the challenge of high down payments. As a specialized assistance program from the Golden State Finance Authority, it primarily supports:
- Essential workers in GSFA Member Counties
- California residents seeking primary home purchases
- Homebuyers needing help with down payments and closing costs
- Current homeowners looking to refinance
GSFA Program Details
If you have questions about any of the below eligibility requirements, please don’t hesitate to reach out JVM Lending for guidance.
Financial Assistance Breakdown
- Total Assistance: Up to 5.5% of your loan amount
- Deferred Assistance Payment: 3.5% deferred until sale, refinance, or payoff of your current home loan
- Gift Funds: Additional 1.5% of potential gift funds are available
- Loan Types: Compatible with Conventional and FHA loans
- Income Benefits: Special rates for below-80% AMI (Area Median Income) households
Eligible Property Types
- Single-family homes
- Condominiums
- Townhouses
- 1-4 unit properties (primary residence)
Employment Requirements
- Must work in a GSFA Member County
- Can purchase property within the county they work in
- Employment verification required
Financial Requirements
- Minimum credit score: 640
- No income limits
- No asset limits
- Special rates for lower-income households
GSFA Member Counties Include:
Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Glenn, Humboldt, Imperial, Inyo, Lake, Lassen, Madera, Mariposa, Mendocino, Merced, Modoc, Mono, Monterey, Napa, Nevada, Placer, Plumas, San Benito, San Luis Obispo, Santa Barbara, Shasta, Sierra, Siskiyou, Sutter, Tehama, Trinity, Tulare, Tuolumne, Yolo, and Yuba.
How to Apply For Your GSFA Loan
Ready to take the next step? Here’s how to get started with JVM Lending:
- Check Your Eligibility: Contact JVM Lending to verify if you qualify for the program, especially if you work in a GSFA Member County.
- Speak With an Expert: Our mortgage specialists will explain how the program can benefit your specific situation.
- Submit Your Application: We’ll help you gather the necessary documents and complete your application.
- Track Your Progress: We will keep you informed about your application status through regular updates from our team.
Frequently Asked Questions
Do I need to be a first-time homebuyer to qualify for the GSFA Assist-to-Own Program?
No, you don’t need to be a first-time homebuyer. The program is open to both first-time and repeat homebuyers in California.
If I work in a GSFA Member County, do I have to buy a home in that same county?
Yes, you need to purchase a home in the same county you work in.
How much assistance can I receive through the GSFA Assist-to-Own Program?
The program offers up to 5.5% of the loan amount in assistance, with 3.5% being deferred for the life of the loan (repayable when you sell or refinance). You may also qualify for up to 1.5% in gift funds.
Your Next Steps
At JVM Lending, we specialize in GSFA down payment assistance programs and are here to help you navigate every step of the process. Contact us today to speak with a mortgage expert or start your application online. Let us help you make your California homeownership dreams a reality!
