Golden Opportunities® — Overview
Program Overview
Golden Opportunities Program
Down Payment Assistance — NOT Limited to First-time Homebuyers
The Golden Opportunities Program helps low-to-moderate income homebuyers in California purchase a home with little-to-no money out of pocket by providing down payment and/or closing cost assistance (DPA) with an FHA, VA or USDA Mortgage Loan.
Program Highlights(1)
- Financial assistance up to 5% of the First Mortgage Loan amount
- Assistance can be used towards down payment and/or closing costs
- Homebuyer does not have to be a first-time homebuyer to qualify
- Perfect credit not required. FICO scores as low as 620 can qualify
- DTI's up to 55% allowed in some circumstances
- 1 unit residences, condos, townhomes and manufactured homes allowed
- Various First Mortgage loan types available to fit the needs of the homebuyer (FHA, VA and USDA financing)
- No income limits for FHA and VA Mortgage Loans
How to Apply if You are a Homebuyer
We are here to answer questions about the Program and provide a general understanding of how it may help you purchase a home in California. However, when you are ready to discuss your personal financial situation and/or get started, you will need to work with one of our Participating Lenders.
GSFA is not a direct lender and relies on a vast network of Participating Lenders to process loan applications for the GSFA homebuyer assistance programs, furnish current interest rates and APRs.
Lender Participation Guide
The Participation Guide furnishes Lenders (and real estate professionals) with complete program guidelines and an understanding of the steps to be taken to process loan applications for the Golden Opportunities® Program. Information in the Participation Guide is intended for mortgage professionals only.
Quick Links
Golden Opportunities Program
Down Payment Assistance — Description and Terms
The Golden Opportunities Program provides DPA up to 5% of the First Mortgage Loan amount. That can be a lot of money to help you purchase a home. For example: On a $450,000 First Mortgage Loan, 5% in DPA = $22,500 ($450,000 x 0.05). On a $725,000 First Mortgage Loan, 5% in DPA = $36,250 ($725,000 x 0.05).
But maybe you are wondering if using DPA is the right choice for you? Or maybe you want to know if the assistance has to be repaid. Browse the information below for more details. Then when you are ready to get started on your homebuying journey, talk with a Participating Lender.
Does the DPA Have to be Paid Back?
The Golden Opportunities Program provides DPA up to 5% of the First Mortgage Loan amount. It is a combination of a Second Mortgage and optional Gift as follows:
- The primary amount of assistance (3.5% of the First Mortgage Loan) is in the form of a 15-year fully amortizing Second Mortgage Loan. The interest rate on this DPA Second Mortgage is the same as the interest rate on the First Mortgage Loan, and has monthly payments
- Additional assistance (up to 1.5% of the First Mortgage Loan) may be available in the form of a Gift, subject to market conditions. Any assistance provided as a Gift does not have to be repaid
Determining how much in assistance you need is a great conversation to have with your Participating Lender. The Lender can go over the options with you and help you determine what is best for you and your individual circumstances and goals.
No First-time Homebuyer Requirement to Qualify
One of the most unique features of GSFA Down Payment Assistance Programs, is that there is no requirement that an applicant be a first-time homebuyer to qualify.
So whether you are buying your first home, or returning to homeownership, or maybe even own a home today, but are purchasing a home that you will be occupying as your primary residence, you can apply for the GSFA Golden Opportunities Program.
(1) Certain restrictions apply on all programs. See a Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs).
Questions or Ready to Get Started?
What People Say?
We found our forever home.
Homebuying during the pandemic seemed like an impossible thing to do. We spoke to our realtor. He was incredible at finding a lender that provides assistance with 1st time homebuyers. He told us we qualified for the gift (grant) and 2nd mortgage for a combine down payment assistance of over $20,000. This helped us enormously as it made it possible for us to make competitve offers in a competitive market.
— Carmen RodriguezLos Angeles County, January 2022
GSFA OpenDoors Program
Stablility and safety were a reality.
Becoming a homeowner became extremely important in providing stability for myself, my children and my mother who was battling cancer. Receiving this assistance granted us an opportunity that was previously out of reach. The grant allowed me to purchase a home where I could watch my children grow and care for my mother.
— Patricia WaggonerFresno County, January 2022
GSFA OpenDoors Program
Somewhere to finally call home.
After years of renting and saving we decided to look into buying our first home! Even with savings, the prospect of buying a house would not have been possible if not for the gracious help from GSFA... I would recommend, and have recommended, this program to fellow teachers looking to purchase their first home. I have mentioned to them how easy and how beneficial this program is in helping reach the goal of homeownership. Thanks to GSFA, we own our first home, somewhere we can be happy and safe, somewhere to finally call home.
— Victor Gutierrez CuellarSacramento County, February 2021
GSFA Platinum Program
GSFA made it possible to attain the American Dream.
With low interest rates and pre qualifying for a VA Loan I started looking for a home. My mortgage lender told me about the GSFA Program that I qualified for being employed as a state correctional officer. Not all mortgage companies are aware of this program for first responders. Other friends buying a home were not told about GSFA they were qualified for. Buying a home was easy after renting for so long. VA Home Loan; Axia Home Loans; and GSFA made it possible to attain the American Dream.
— Scott ShihadehLassen County, February 2021
GSFA Platinum Program
Buying a house during the COVID Pandemic was really stressful.
As a Healthcare worker, I am grateful for Jeff. If it wasn't for him I would still be renting my small apartment in Glendale. Living in California isn't easy when you're constantly being taxed and facing an upward battle of constant financial hardships. Buying a house during COVID Pandemic was really stressful, especially when caring for others in the Emergency Department. This loan really meant the world to me because my kids no longer have to share a bedroom together and for this I'm appreciative.
— Juan RonQuilloLos Angeles County, February 2021
GSFA Platinum Program
We needed the space…
I was prompt to purchase a home because I was living in a 2 bed 1 bath duplex with 4 children. We needed the space and when I went looking at homes 4 rent that were bigger. The price they were asking for rent was the amount you would pay in a mortgage. My loan officer was the one who told me about the GSFA program and when he did I felt like it was God who okayed my decision in purchasing a home. I would definitely [sic] recommend this program to everyone. I would tell them don't lose faith in the cost. Use the grant that's available to us.— Shuntina BryantLos Angeles County, August 2021
GSFA OpenDoors Program
It was all worthwhile.
Coming up with that initial down payment is hard. I thought I had saved enough but with pre & closing costs it just wasn't going to work. I wouldn't have been able to make the purchase without the assistance. It was a no brainer. With the help of GSFA I was able to make an offer and find a home. The approval and home buying process is definitely a big paperwork effort and an intimidating responsibility, but the minute the keys were mine, it was all worthwhile.— Angela LandisLos Angeles County, March 2018
GSFA Platinum Program
Magnificent.
Helping one of the baby boomers that ask 'how didn't we lose on the last Vegas "Bust" after the largest Builder in the nation with the largest Banks offering loans they shouldn't have. In a two week period Sept-October 2004, is when the dominos started to [sic] fall. Needless to say we went bankrupt. Thank you to the person involved giving us a second chance after such a huge loss.— Marilyn AdamsTulare County, January 2018
GSFA Platinum Program
I recommend this program to every one….
I would like to thank the GSFA for providing the open doors program. Without it, it would have been another year or more for me and my wife to purchase our first home! We are very grateful and I recommend this program to every one I meet who is looking to purchase a home!— David RosalesRiverside County, August 2021
GSFA OpenDoors Program
This program is beyond amazing.
GSFA Platinum down payment assistance made our dream of owning a home possible. Without the generous help we would still be renting. We never realized how much of a down or closing costs we would need until the numbers were in front of us. Our loan officer quickly reassured us with this amazing program that eased our mind of the stressful process of buying a home. We're blessed to own a beautiful home which wouldn't have happened without the extra help. This program is beyond amazing. Thank you so very much.— Michael WatkinsTehama County - March, 2018
GSFA Platinum Program
I qualified for a grant of $13,671.
When I found the home I wanted, I didn’t have enough $$$ for a down payment. I thought I’d have to borrow some $$$. But, as I was going through the application process, I was informed that I qualified for a grant of $13,671. My home closed. I was given the keys. My dog and I ran around inside, with joy, until we were exhausted.— Kristi EllefsenKern County, July 2017
GSFA Platinum Program
I got so excited…
I would like to thank GSFA so much for the $15,034 you provided in down payment assistance. It is so greatly appreciated and helped me out so much! I was extremely motivated to buy my First home just wasn't sure I was ready yet because I didn't have the total amount needed to be able to pay for my down payment and closing costs and that's when a friend told me about the Platinum down payment assistance [sic] program. When I closed escrow it was one of the best days of my life. Thank you so much GSFA. Please continue to do great work!— Jerome WilliamsLos Angeles County, March 2018
GSFA Platinum Program
I'm a first-time homebuyer…
Without this program my dream of owning a home may not have happened. I thank God for this program because it allowed me to achieve my goal. I'm a first time home buyer who didn't know a lot about the ins and outs of the real estate business and this program helped me in a very big way. So thanks everyone who had a hand in making my dream goal work.— Melanie HamiltonSan Joaquin County, March 2018
GSFA Platinum Program
I am so thankful…
I lost my first home after my husband died and I had no income. I got a job and waited the time required and applied for a home loan. I work for minimum wage now and I am on social security but I still qualified. I would not have been able to buy without the help of the down payment assistance program. I love my new home and I am so thankful for this program.— Brenda DudleyFresno County, April 2018
GSFA Platinum Program
We had been looking for a couple years
My wife and I can't thank you enough for the $. We had been looking for couple of years. Summer of 2016 had a financial set back and had to use our down payment $. Then the summer of 2017 we found a new realtor and finance guy (Prime Lending) and he told us about you. A few months later we are in our first home. Again we would like to thank you. Too bad more people do not know about you. There are a lot of lenders that don't know about your program.— Jeff MoserSacramento County, March 2018
GSFA Platinum Program
The $12,029 Grant that we received…
The $12,029 Grant that we received through the GSFA Platinum Program really helped to offset the down payment and closing costs on our mortgage loan with Skyline Financial Corp. Because we didn't have enough money saved. We were extremely thankful for the Grant because we were in the need of a bigger home for our family. Having a child makes it difficult to save money especially because our only income is from my husband's job. Thanks to the grant with the money we had saved up managed to buy new furniture and gardening supplies for our house. If we wouldn't of had this grant it would of been difficult for us to buy these special things we needed for our home. Thanks for this Grant and may God bless you all to keep helping more families like ours.— Jorge ReinaLos Angeles County, September 2017
GSFA Platinum Program
It took a huge weight off of home buying process.
Thank you for the amazing program. The grant that was provided allowed me to focus on other issues that come with purchasing a new home. My reaction to the program was disbelief, however, it took a huge weight off of the homebuying process. I want to thank all of you at Golden State Finance [sic] Authority for your wonderful generosity. And for having this superb program. I recommend to all!!— Dustin KingLassen County, February 2021
GSFA Platinum Program