CalHFA vs GSFA - A Comparison of the 2 Most Popular Down Payment Assistance Programs

California Houseing Finance Agency vs Golden State Finance Authority, which is the right down payment assistance program, for you?! In this episode of Whats a Mortgage, Minh goes over the ins and outs of CalHFA and GSFA loan programs.
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- Minh

[@suchurchgirl]

Thank you so much for breaking this down, especially for newbies like me. Super helpful!

[@WhatsAMortgage]

Glad it was helpful!

[@neptunedawn7121]

@@WhatsAMortgage ]a 0p p

[@matthewphillips5483]

Looked into these and they seem like a ripoff. The GSFA one has up to 1.5% "gift" funds but you pay higher interest rate. Kind of like reverse points. The 3.5% DPA would be fine if it wasnt for the fact that now the lender can charge 2.5% of the first loan amount as an origination fee. Most regular loans are only 1% where I'm at so this is 1.5% extra you are spending for this. When it was all said and done, my cash to close wasnt much better than going regular FHA but my monthly payment was way worse.

[@YOUNGSCRAPPY3700]

I need your help on my home buying !! Thanks for this info

[@jaywright4671]

Why is so much confusion with buying a home? Why do they muddy the waters.

[@WhatsAMortgage]

Remember the crash 2008, that’s why,

[@vente7489]

Could you provide the comparison between both but in conventional loan? 400k purchase price

[@WhatsAMortgage]

Text or call me 714-790-9697

[@myleth7743]

Thank you. This was so helpful. Going through the process now. Was only offered CalFHA. After seeing this I’ve followed up now to see why GSFA wasn’t offered as an adoption.

[@candycane4852]

Have you ever used Home express for any of your loans ?? Maybe you can do a segment on those type of loans or maybe you have ??

[@WhatsAMortgage]

I have not sorry

[@pankakemix99]

What if I am a first time homebuyer and my family co-owns the property and assist with down payment? Can I qualify for these programs?

[@TMXP87]

Great video, great energy ⚡👍

[@13sinaloko1]

Whats the credit score requirement for calfh loan?

[@WhatsAMortgage]

660

[@brunosb0015]

Great video, do you know if DACA individuals can use CalHFA and GSFA? We do know DACA qualifies for conventional (Fannie Mae)

[@WhatsAMortgage]

You can do the conventional version

[@Thefunkeemonkee]

Wait, did you say they can buy mobile homes with FHA?

[@YOUNGSCRAPPY3700]

I need help the fha limit is about 30 to 40k less than the purchase price how can I work this?

[@WhatsAMortgage]

January new loan limits u will see the new limits for 2021 in dec for next year

[@YOUNGSCRAPPY3700]

@@WhatsAMortgage I heard that today! I'm waiting for the live THANKS

[@NickSo510]

So for first responders for the calHFA loans is there no 10k cap?

[@jonathanyugi455]

On gsfa loan, u have to be a first time home buyer?

[@WhatsAMortgage]

Yes sir

[@jonathanyugi455]

@@WhatsAMortgage my wife is a nurse and we want to buy a new home. Is there any grants for that? Thank you in advance

[@marcoesparza6214]

Does the GSFA Platinum require Upfront Mortgage Insurance Premium? I thought that was only for FHA Loans?

[@WhatsAMortgage]

Gsfa there is a fha version and a conventional version , the fha version has upfront pmi

[@marcoesparza6214]

@@WhatsAMortgage bro you got some fire content on here! I'm a new MLO out of LA and this was helpful af

[@cantCme818]

Hello, if there a loan limit for these programs? I was told 550k max loan approximately?

[@WhatsAMortgage]

The conventional version follow Conv limit fha version follows fha limit

[@floydizzle]

I think you referenced it in your video, but does GSFA Platinum abide by the high balance loan limit for counties above the conforming loan limit (ex. $970,800 in Los Angeles County for 2022)?

[@WhatsAMortgage]

Gsfa doesn’t have high balance

[@dandrewhite2387]

Let’s go!!!

[@tryshea1922]

Calhfa has a $10,000 limit on the down payment or just the closing costs?

[@WhatsAMortgage]

Downpayment, unless your a teacher or fireman then there is no 10k limit

[@georgeacuna6519]

@@WhatsAMortgage what about nurses, my wife is a nurse

[@investingwithedwin6578]

What is best for a great credit score 780+?

[@WhatsAMortgage]

Depends on purchase price

[@altonpaige2388]

Do you have a VA version?

[@WhatsAMortgage]

Yes let me display it again

[@Samaya10]

Hello, I have a investment property under a S-Corp with a group of friends. I would like to use one of these Dp to purchase my first home to live in would I be considered a First time home buyer? I don’t have a mortgage on my credit report I do report passive income on my tax return.

[@WhatsAMortgage]

If u report passive income on a mortgage u are not considered a first time home buyer sorry :(

[@Samaya10]

@@WhatsAMortgage awww ok thanks for answering my question.

[@tax760]

this isn't boxing... stop saying "pound for pound"

[@WhatsAMortgage]

Sorry you feel so strongly about it

[@ryandelgadillo4872]

DirtyBird!!!!

[@WhatsAMortgage]

You know it

[@NeoSoulCrew]

660 credit score is a joke. Who is going to buy a house on "low income" but still have a 660 score?

[@designereats3661]

I have low income but my credit score is over 700. It’s possible. Just need to always pay on time and have enough credit cards open but don’t use it