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GSFA OpenDoors Program

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.

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.

 

Features & Eligibility

The DPA Second Mortgage provided through the GSFA OpenDoors Program has a repayment requirement. The Deferred DPA Second Loan has a 30-year term and a zero percent note rate. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of the First Mortgage. Any DPA provided as a Gift, does not have to be repaid.

  • 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)
  • Statewide eligibility
  • Primary residence only
  • Various first mortgage loan types available to fit the needs of the homebuyer
    (FHA, VA, USDA and Conventional financing as outlined below)

Government Financing (FHA, VA, and USDA loans)

  • Up to 6% of the First Mortgage Loan amount
  • No income limit
  • 620 minimum credit score (FHA and VA)
  • 640 minimum credit score (USDA)
  • FHA/VA/USDA County loan limits apply
  • Maximum debt-to-income ratio requirement 55%
  • Borrowers may have ownership interest in other properties at time of closing

Conventional Financing

  • Up to 7% of the First Mortgage Loan amount
  • Income limits apply per county
  • 620 minimum credit score
  • Loan limits apply per county
  • Debt-to-income ratio requirements apply
  • Approved homebuyer education required for first time home buyers