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
- Flexible income limits (low-to-moderate income)
- Various First Mortgage Loan types available to fit the needs of the homebuyer (FHA, VA, USDA and Conventional financing)
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 Lender 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 Lender 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?
Frequently Asked Questions (FAQs)
Click the question below to reveal the answer.
The DPA through the GSFA Golden Opportunities Program is provided as a combination of a Second Mortgage and optional Gift. The down payment assistance funds provided as a Second Mortgage have a 15-year term and do require monthly payments. Please refer to the Please review the section titled "Down Payment Assistance — Description and Terms" on the Program Overview page for more details. The portion provided as Gift funds does not have to be repaid.
Contact Us or a GSFA Participating Lender for additional questions or to get started.
The GSFA Golden Opportunities Program can be used to purchase a residential property in the state of California, as long as the homebuyer intends to occupy the property as their primary residence.
Newly constructed or existing homes are eligible. One unit residences are allowed, including manufactured homes, condominiums, townhomes and PUDs, depending on the type of First Mortgage.
Contact Us or a GSFA Participating Lender for more info.
No. With the GSFA Golden Opportunities Program, the homebuyer is not required to remain in the home for any period of time after purchase and initial residency.
There may be income limits depending on the type of First Mortgage for which the homebuyer qualifies. For example, GSFA publishes specific income limits for Conventional Loans, based on the county where the property is located. Click here to view the Income Limits.
No. To qualify for the Program, the home being purchased must become the primary residence of the homebuyer. Vacation, second homes and rentals are not eligible.
Homebuyers interested in the GSFA Golden Opportuntities Program must work with a GSFA Participating Lender. The Lender will furnish the homebuyer with complete program guidelines, current interest rates, applicable APRs and fees and assist with the application and qualification process.
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
I don't have the worries of a renter.
When I first started looking for a house I thought it was impossible. But with the help of the program it gave me some relief with the down payment. I appreciate programs like the GSFA Platinum Program. And I want to thank the program for helping me achieve one of my goals. As a home buyer I don't have the worries of a renter. A place to really call my own. Thanks once again.— Edwin HargroveSan Joaquin County, September 2022
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