Andrade Real Estate Services

The GSFA Platinum Program provides down payment and closing cost assistance to California homebuyers using an FHA first mortgage. Assistance is offered as a second mortgage with different options (Standard, Select, Assist-to-Own). These funds help cover the borrower’s minimum required investment, closing costs, or both. Borrowers may be first-time or repeat buyers, but must occupy the property as their primary residence.

This program is ideal for buyers who:

Need down payment/closing cost help with an FHA first mortgage.
Have minimum FICO 640 (660 for manufactured homes).
Are purchasing a primary residence in California.
Benefit from targeted area gifts or Select/Assist-to-Own enhancements.

Property Type	Credit Score	Min Down	Max LTV	Max CLTV	Max DTI	Notes
SFR / PUD	680+	0% (w/ GSFA)	96.5%	105%	50%	GSFA covers FHA min 3.5% + closing costs.
SFR / PUD	640-679	0%*	96.5%	105%	45%	GSFA covers FHA min 3.5% + closing costs.
Condo (FHA-approved)	680+	0%*	96.5%	105%	50%	Must be HUD HRAP/DELRAP approved.
Condo (FHA-approved)	640-679	0%*	96.5%	105%	45%	Must be HUD HRAP/DELRAP approved.
Manufactured Home (Doublewide+)	660+	0%*	96.5%	105%	45%	No manual UW. Permanent foundation required.
2-4 units	680+	0%*	96.5%	105%	50%	Must pass HUD self-sufficiency.
2-4 units	640-679	0%*	96.5%	105%	45%	Must pass HUD self-sufficiency.

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	3.5% second mortgage (15-year amortizing) + up to 1.5% gift	Up to 1.5% 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 (3.5%) still repayable.
Assist-to-Own	3.5% 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 (3.5%) due upon sale, refinance, payoff, or NOD.

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.
Ineligible Non-permanent residents are ineligible. Individuals with EAD (Employment Authorization Document) are not eligible. Individuals with work permits are not eligible. ITIN borrowers are ineligible. Foreign nationals are ineligible.

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, 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 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.

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, step-grandparent, foster grandparent, or grandchild, Aunt, uncle, niece, nephew, or cousin, In-laws, future in-laws, fiancé or fiancée, or ex-spouse, Charitable organization, Employer or Labor union, Government agency or public program, Seller only for a gift of equity and only when the seller is a family member.
Ineligible Donors Not allowed as sources of down payment or closing cost funds: Real estate agent, Loan originator or loan officer, Builder or contractor, Developer, Seller (except for family gift of equity as noted above).

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 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 FHA county loan limits.

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

Property Types
Eligible 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 Properties with ineligible subordinate financing

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 Up to 6% of the sales price. (combined with GSFA assistance).
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 FHA

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