Chenoa Fund offers three second lien programs that are issued in conjunction with first mortgages that are FHA-insured or conventional loans. 601-24th Street FRNT Bakersfield, CA 93301. The "Codex General Standard for Food Additives" (GSFA, Codex STAN 192-1995) sets forth the conditions under which permitted food additives may be used in all foods, whether or not they have previously been standardized by Codex. Standard FHA vs Platinum Conventional EXAMPLE #1 30-year fixed-rate mortgages. The Platinum income limit varies based on the type of loan program being used and by county. As an additional change, the GSFA has also updated their income limits for the Platinum Program. In San Diego County, for example, the income limit for FHA and VA borrowers is $91,195. Income Limits. GSFA Platinum FHA 5% Grant w/640 score 1 Unit; My Home Assistance Program (DPA) 1 Unit; Extra Credit Teacher Program 1 Unit; Manufactured Home Program with 620 score 1 Unit ; Jumbo Loans. Skip Navigation; Login GSFA staff has worked hard to design a variety of print literature for you. Income guidelines for the GSFA Platinum program depend on the First Mortgage Loan type, as well as the county in which the property is located. FHA: Follow Agency Guidelines. In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. If you have any questions, please Contact Us. In Alameda and Contra Costa, the limit is $208,800, while in Marin, San Mateo, and San Francisco, the limit is $236,800. You can contact GSFA directly with any questions at (855) 740-8422 or e-mail info@gsfahome.org. Qualifying income must not exceed Program Income Limits ( based on Household size) Meet the minimum credit score requirement of 640; Not exceed the maximum debt-to-income ratio of 50% ; Must apply for the program through and approved lender; Home you Purchase must not exceed the county maximum price limits; GSFA Platinum Program Updates. They can charge up to 1.5% of the loan amount. Prior Day Rates: (Note: Rates subject to change without notice) Ginnie Mae FHA / USDA / VA Rates : 2.250% Rate / 0.00% DPA 2.250% Rate / 2.00% DPA 2.375% Rate / 3.00% DPA 2.625% Rate / … 601-24th Street FRNT Bakersfield, CA 93301. In order to be eligible for many USDA loans, household income must meet certain guidelines. Unlike most down payment assistance programs, there is no requirement for applicants to be first-time homebuyers. These income limits are actually quite large, relatively speaking, and allow many people to benefit from the program. Phone: (661) 631-8500 Fax: (661) 631-9500. The following provides methods accepted by CBC Mortgage Agency for calculating Area … HB - 1 - 3555, Appendix 5 GUARANTEED HOUSING PROGRAM INCOME LIMITS Lenders should use the Eligible Income lookup tool to check if their borrowers are eligible for lower interest rates on CalHFA’s Conventional loans. Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $21,000. Below are a few helpful questions and answers regarding the Affordable Subsidy. This is your opportunity to take advantage of the GSFA Platinum Program before it ends. GSFA Platinum Program (Freddie Mac with 3% DPA) GSFA Platinum® GSFA Platinum Grant $0 $5,820 (3%) Monthly P & I $938 $1,012 $139 (0.85%) $105 (0.65%)* Total Monthly Payment $1,077 $1,117 Down Payment Needed $7,000 $180 www.gsfahome.org | (855) 740-8422 Income Limits Median Income = $56,600 . 6875 Clara Lee Avenue in Allied Gardens, San Diego – SOLD! You cannot use the program for vacation homes, second homes, or investment rentals. Search Archived Low Income (Li) Eligible Limits . SDGE Rebate Programs – Get Paid to Upgrade! The lender usually charges an origination fee. I highly recommend Mylene — she got us top dollar for our home in record time. In San Diego County, for example, the income limit for FHA and VA borrowers is $91,195. Please continue to do great work!" The income limit for conventional borrowers is $117,600. Lender may use the AMI limits for purposes of determining income eligibility for HomeReady or other loans that have AMI requirements. Copyright© 2006-2020  Golden State Finance Authority (GSFA). GSFA Platinum Grant Income Limits. We take your personal information seriously and will not sell or share it with anyone. However, you are not required to remain in the home for any period of time after purchase and initial residency. FHA Loan limits are also used by the Department of Veterans Affairs as the … GSFA is pleased to announce that additional allocation is available for the GSFA Mortgage Credit Certificate (MCC) Program. Down Payment Options are available in California for buyers with at least a 620 Credit scrore, and can provide up to $75,000 to help you buy your home. Prior Day Rates: (Note: Rates subject to change without notice) Income limits provide an overview of the qualifying income for each program offered by the Chenoa Fund. Income Calculation Method: Use 1003 income … Manufactured and mobile homes may be permitted, depending on the mortgage loan type and program guidelines. Income Limits: Conventional: Follow GSFA Income Limits by county, regardless of household size. GSFA Single-Family Bulletin #19-14 published --- Updates to Income Limits for GSFA DPA Programs - Invitation to lenders and brokers to attend training for the new GSFA OpenDoors program, featuring down payment assistance up to 7% for both first-time and returning homebuyers. FHA Loans are federally insured mortgages designed for middle- and working-class Americans. A proud member of the. 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. The highest limit is in Santa Clara county, where citizens earning $250,000 a year are still eligible for the Platinum Program. 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. Go to the NHF Homebuyers Fund website to check today’s interest rates and grant amounts. There are no income limits for buyers and no minimal closing costs necessary. back to top The grant amount is based on the loan amount and interest rate. Let’s See Some of the Actual Income Limits 05/08/2017 16 County FHA First Mortgages Freddie Mac HFA Advantage First Mortgages Butte $80,500 $98,000 Fresno $80,500 $98,000 Kern $80,500 $98,000 Merced $80,500 $98,000 Orange $97,750 $107,520 Riverside $80,500 $98,240 Sacramento $80,500 $111,840 … The GSFA is a California housing finance agency and public entity. >> Archived Sales Price Limits. 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. Income limits for targeted areas are the same as the standard Platinum income limits. Income Limits. GSFA Platinum Program income limits, based on the location of the property. GSFA Platinum Income Limits Revised 9/5/2018 Page 1 of 2. Best to check with a loan officer, who can review your file and give you all the updated Freddie Mac policies. Property Tax Calculation for San Diego Real Estate – Tips for Homeowners, Make Your Home a Rental Property and Buy a New Home, Closing Costs for Cash Buyers in California, San Diego Native Plants – Native Garden Tour on April 4, 2020 – CANCELLED, Home Maintenance Quick Tips – Tree Trimming Season, Energy Efficient Home Upgrades with PACE Financing. The program can also be used to refinance your home, if you are taking out a Freddie Mac conventional loan. FHA 30 Year Fixed Mortgage Only - Grant amount up to 5% VA 30 Year Fixed Mortgage Only - Grant amount up to 5% USDA 30 Year Fixed Mortgage Only - Grant amount up … Can I get a Freddy Mac 1st time buyer loan with down payment assistance and closing costs assistance if I have a passed bankruptcy and a forclosure? Mortgage Refinancing Closing Costs – How Much to Refinance My Home Loan? You could save thousands on down payment and closing costs! The grant is up to 5% of the loan amount. Up to 4% in DPA is available for an FHA, VA or USDA 30-year fixed-rate mortgage through the GSFA Platinum Program. The Program Income Limit for Freddie Mac first mortgages are as follows: The homebuyer must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Their main website is www.GSFAhome.org. Property must be primary residence. You can check income limits for all California counties on the GSFA Income Limits page. Grant up to 5% of the First Mortgage amount available to be used towards borrower-paid mortgage insurance and/or closing costs. Minimum FICO of 640. It’s a flexible program that works with multiple mortgage loans and ranging income limits. Meeting income limits. For FHA borrowers, your FICO score also determines what you can receive. For example, FHA borrowers with FICO scores between 640-659 will be offered different options from those with FICO scores above 660. No income limits apply until July 12,2020. GSFA announces new Income Limits for Conventional Loans for borrowers with income above 80% Area Median Income (AMI) for both the GSFA Platinum and GSFA OpenDoors Program. The maximum Debt-to-Income ratio is 45%. Visit our Marketing Support page and see if the downloadable literature will help you generate customer interest. … Helping Families Realize The Dream Of Homeownership Since 1990. *Income limits are determined by county and type of first mortgage . See “Programs” for details. It is so greatly appreciated and helped me out so much! In addition, GSFA has provided financing for more than 35,250 residential or commercial energy efficiency projects in California. Each Lender must determine borrower and loan eligibility in accordance with the Selling Guide and its Lender Contract. 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