Andrade Real Estate Services

The GSFA Platinum Conventional Program provides down payment and closing cost assistance for California homebuyers using a Freddie Mac HFA Advantage first mortgage (30-year fixed). Assistance is structured as a second mortgage (amortizing or deferred), with optional gift funds available under certain programs. No minimum borrower contribution is required, and DPA funds may cover all or part of the borrower’s down payment and closing costs.

This program is ideal for buyers who:

Plan to purchase a primary residence in California.
Need help with down payment or closing costs.
Have a minimum credit score of 640 (660 for manufactured homes).
Fall at or below 80% AMI for reduced MI coverage and better pricing, or above 80% AMI with standard MI.

Property Type	Credit Score	Min Down	Max LTV	Max CLTV	Max DTI	Notes
1-2 Unit SFR / PUD	640+	0%*	97%	105%	50%	Owner-occupied only. GSFA covers 3% minimum down.
Condo / Townhome	640+	0%*	97%	105%	50%	Must be warrantable. GSFA covers 3% minimum down.
Manufactured Home (Doublewide+)	660+	0%*	95%	95%	45%	No manual UW. GSFA covers 5% minimum down.
3-4 Units	640-679	0%*	95%	105%	45%	Self-sufficiency test applies. GSFA covers 5% minimum down.
3-4 Units	670+	0%*	95%	105%	50%	Self-sufficiency test applies. GSFA covers 5% minimum down.

Program Option	Assistance Type	Gift Portion	How Gift Is Earned	Forgiveness
Standard	Up to 5% second mortgage (15-year amortizing)	N/A	N/A	N/A
Select	3% second mortgage (15-year amortizing) + up to 2% gift	Up to 2% of loan amount	Borrower must work in an eligible occupation: Teacher, Law enforcement, Firefighter/EMT, Healthcare, School staff, CalSTRS/UCRP member	Forgiven immediately at closing. Never repayable. Loan portion (3%) still repayable.
Assist-to-Own	3% deferred second mortgage + up to 2% gift	Up to 2% of loan amount	Borrower must be employed in a GSFA member county (verified through employer documentation)	Forgiven immediately at closing. Never repayable. Loan portion (3%) due upon sale, refinance, payoff, or NOD.

Down Payment Funds
Eligible Sources Borrower’s own funds, Large deposits, Gift funds, CalHFA MyHome / ZIP / other DPA, GSFA Platinum / OpenDoors / other DPAs, Retirement (401k / IRA), Sale of assets.
Requirements 2 months of bank statements required to verify assets, Large deposits must be sourced if not payroll-related, Gift funds allowed with gift letter + proof of transfer (no seasoning required). DPA programs permitted if approved, Retirement funds require withdrawal terms + statements. Asset sales require bill of sale + proof of deposit.

Repayment Triggers
Trigger Event Sale of the property. Refinance of the GSFA first mortgage. Payoff of the GSFA first mortgage. Transfer of title or adding/removing parties on title. Formal filing and recording of a Notice of Default.
Outcome GSFA subordinate loan due in full

Occupancy Requirement
Primary residence Required — owner-occupied only. Investment or second homes are ineligible. Borrower(s) must occupy within 60 days.
Military stationed > 100 miles away May qualify if a family member occupies the home, or the borrower intends to occupy upon discharge.

Residency Eligibility
Eligible Valid SSN — must have a valid Social Security Number (SSN). Permanent residents — must provide a valid, unexpired Green Card. Non-permanent residents — eligible with valid visa or Employment Authorization Document (EAD). Individuals with work permits are eligible (must show valid documentation per Freddie Mac).
Ineligible ITIN borrowers are not eligible. Foreign nationals are ineligible. Borrowers without a valid Social Security Numbers (SSN).

Income Consistency Requirements
Employment History Two years of employment history required with the same employer or with different employers in the same line of work, One year may be acceptable if the borrower has at least five years of prior experience in the same line of work or holds a professional license in that field, Education or training may be used to fill gaps in history, If on temporary disability, income used will be the lower of the disability pay or the regular employment income.
Notes Frequent job changes are allowed if they are within the same line of work and the income is stable or increasing, provided this is supported by documentation, Gaps over 6 months require explanation + current 6 months continuous employment, Education and training must be documented with transcripts, diploma, certificate, professional license, or official school/training program documentation, An employer’s letter is required and must confirm the return-to-work date. If the return-to-work date is before the first mortgage payment, use regular income; if the return-to-work date is after the first mortgage payment, use the lower of disability income or regular income.

Income Type	Requirement	Documentation
Wage Earner	2 years stable employment history (gaps allowed if explained). Must show likelihood of continuance.	30 days paystubs + 2 years W-2s; VOE if required.
Self-Employed	2 years of self-employment required (1 year possible with ≥5 years prior work history in same field or relevant professional license.). Must demonstrate stable or increasing income.	2 years tax returns; YTD P&L; business bank statements if requested.
Part Time	2-year history required; must be likely to continue.	W-2s, paystubs, VOE verifying hours and history.
Seasonal	2-year history required; must be likely to continue.	W-2s, paystubs, VOE or employer letter confirming rehire pattern.
Social Security, Disability, and Retirement Income	Must be expected to continue ≥ 3 years.	Award/benefit letter (SSA, pension, disability) + proof of receipt (bank statements, 1099s, or deposits).
Alimony / Child Support	Must be court-ordered or written agreement; ≥ 3 years continuance.	Divorce decree, separation agreement, or order + 6 months proof of receipt.

Down Payment Funds
Eligible Sources Borrower’s own funds, Large deposits, Gift funds, GSFA Platinum / OpenDoors / other DPAs, Retirement (401k / IRA), Sale of assets.
Requirements 1 month of bank statements if using Freddie Mac, 2 months of bank statements if using Fannie Mae, Large deposits must be sourced Gift funds allowed with gift letter + proof of transfer (no seasoning required), Retirement funds require withdrawal terms + statements, Asset sales require bill of sale + proof of deposit.

Gift Funds
Eligible Donors Allowed, in addition to GSFA assistance, from acceptable sources such as: Spouse or domestic partner, Parent, step-parent, or foster parent, Child, step-child, foster child, or adopted child, Brother or sister, step-sibling, foster sibling, or adopted sibling, Grandparent, great-grandparent, step-grandparent, foster grandparent, or grandchild, Aunt, uncle, niece, nephew, or cousin, In-laws, future in-laws, fiancé or fiancée, ex-spouse, or former relative, Relative of a domestic partner, Godparents.
Ineligible Donors Not allowed as sources of down payment or closing cost funds: Real estate agent, Client’s employer, Loan originator or loan officer, Builder or contractor, Developer.

Homebuyer Education
Requirement Required for at least one occupying first-time homebuyer. Must be completed before the Note date.
Note Online or in-person through HUD-approved counseling agencies.

Temporary Interest Rate Buydowns
Types Allowed 3-2-1, 2–1, and 1–0 buydowns are allowed.
Scope Borrower must still qualify at the note rate.
Restrictions & Qualification Funds for buydowns can come from seller, lender, or builder (not GSFA).

Loan Amounts
Minimum Loan Amount $50,000 minimum (case-by-case exceptions possible).
Maximum Loan Amount Must meet FHFA conforming loan limit values.

Non-Occupant Co-Borrowers
Eligibility Allowed for purchase and rate/term transactions, but must follow Freddie Mac guidelines.
Note Income of non-occupant can be considered, subject to Freddie Mac restrictions.

Property Types
Eligibility SFR FHA-approved condos PUDs Manufactured homes (on permanent foundation) 2–4 units (subject to HUD self-sufficiency)
Ineligible Second homes Investment properties Certain flip transactions Rural/agricultural properties exceeding acreage restrictions

Self-Sufficiency (3–4 Units)
Requirement Net rental income from all units (including the borrower’s unit) must meet or exceed the property’s monthly PITIA.
Calculation Rental income is taken from the appraiser’s market rent schedule, then reduced by a vacancy factor (typically 25%). After deducting the vacancy factor and allowable expenses, the net income must be ≥ PITIA.

Multiple GSFA Loans
General Policy Borrowers may only use one GSFA DPA program at a time. Multiple simultaneous GSFA loans are not allowed.
Exceptions A borrower could use GSFA again in the future on another property (case by case).

Seller Contributions
Maximum Contribution 3% max: LTV > 90% 6% max: LTV 75.01% – 90% 9% max: LTV ≤ 75%
Allowed Uses Closing costs Prepaid items Discount points Buydown escrows

Disclaimer – This matrix was published on 09/20/2025. Program guidelines may have changed since then. Please contact Alexis to confirm the most current requirements. For complete details, refer to the Partner Matrices PDF or reach out directly to Alexis for program-specific guidance.

GSFA Conventional

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