Well if you have any fence sitters who need the assistance
from the GSFA Platinum program you will need to let them know starting March 1st
it is no longer a total gift/grant. There will be a 2nd lien that is
not forgivable for 3 years so if it is a short term purchase or if they were
told they can refinance in 6 months that is no longer a viable option as the
grant will have to be paid back in full.
Might get a few buyers to move a little quicker!! Realtors
need to know this as well J
Changes to Down Payment Assistance, Effective March 1, 2018
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Effective for GSFA Platinum mortgage loans reserved on or
after March 1, 2018, the optional down payment assistance will be provided
in the form of a second mortgage, forgivable after 3 years and with a 0%
interest rate. The forgivable second mortgage replaces the existing down
payment assistance gift.
Helping individuals and families bridge the affordability gap
in homeownership remains GSFA's focus and we continue to navigate the
changing housing market to generate the most innovative and competitive
programs and products we can.
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The Program will continue to feature various mortgage loan types
and assistance options for Lenders to choose from in order to best meet the
needs of borrowers.
GSFA will provide additional direction and guidelines to GSFA
Platinum Participating Lenders in the coming weeks.
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