What Questions Do You Have on Down Payment Assistance and the Lending Process for Your Clients - February 3, 2021 Transaction Rescue
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What Questions Do You Have on Down Payment Assistance and the Lending Process for Your Clients February 3, 2021 Transaction Rescue California Association of REALTORS®
Format for today’s WEBINAR
• For Webinar’s please use Questions & Answers feature to submit questions
and for Meeting Layout, you will need to use the Chat selection with Me.
• Please keep questions general.
• If you have specific questions or afterwards, please email
• TransactionRescue@car.org
• Do to the changing nature of the material, we will be providing the slides on our website
later today. We appreciate your patience.
• We are trying to record this, and these will be available tomorrow, for your review.
https://www.car.org/FinWebinars
CALIFORNIA ASSOCIATION OF REALTORS®
page
02
HTTP://www.car.org/finwebinars
For a full recording of webinar &
the corresponding slide deck
https://www.car.org/knowledge/multimedialibrary/webinars/financehelpline
SOURCE: California Association of REALTORS®
page
3
Please be advised that you aren’t required to seek services
from any of the companies suggested in the presentation
and that they aren’t in any way supported or endorsed by
C.A.R.
We’re merely suggesting them because we believe they’ll be
helpful in providing education without requiring you to give
them business. Having said that, we’re not making any
representations or warranties regarding the quality of their
services.
We understand that you may have your own preferred
companies and ultimately, it’s your decision as to whose
services you will seek.
SOURCE: California Association of REALTORS®
page
4
Your direct line to all finance
and mortgage related questions
The CALIFORNIA ASSOCIATION
OF REALTORS® Transaction
Rescueq is a FREE C.A.R. member
What can Transaction Rescueq
benefit providing you with
help you with?
invaluable one-on-one assistance
• Issue with a Lender
for any of your mortgage related
• Finding a Lender
questions or issues.
• Loan Qualifications
• Financing Assistance
• Down Payment Assistance
• Closing Delays
(213) 739-8383 • Title and Escrow
• Short Sale
TransactionRescue@car.org • Forbearance
• Foreclosure
• Lending Discrimination
mortgage.car.org
• Appraisals
• SBA Loans, PUA
What Questions Do You Have on DPA & Lending Process for Clients
2021 Conforming & High Balance Loan Limits
by County for Freddie & Fannie
(As of 1/01/2021)
The Federal Housing Finance Agency’s (FHFA) announcement to increase the 2020 conforming loan limits for mortgages acquired by Fannie Mae and
Freddie Mac to $548,250 on one-unit properties and a cap of $822,375 in high-cost areas. The previous loan limits were $510,400 and $765,600,
respectively. Higher Loan Limits = More Properties Available to Entry Level Buyers
Loan Limit Counties
$822,375 – Alameda, Contra Costa, Los Angeles, Marin, Orange
San Benito, Santa Clara, Santa Cruz, San Mateo
$548,250 > San Diego, Ventura, Santa Barbara, San Luis Obispo, Monterey
< 822.375 Napa, Sonoma, Yolo, Sacramento, Placer, El Dorado
$548,250 – All Remaining Counties for FHLMC/FNMA, FHA are less.
Link to Freddie Mac (FHLMC) / Fannie Mae (FNMA) 2021 Loan Limits
▪ https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx
Link to FHA Loan Limits just changed on the 24th of November for 2021 Limits – Conforming $548,250 max, less in many areas
https://entp.hud.gov/idapp/html/hicost1.cfm
SOURCE: California Association of REALTORS®
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6
Did you know? C.A.R.’s Down Payment
Resource Directory
http://FindDownPayment.car.org
63% of consumers would start Within the C.A.R Tool, you can find:
searching for a home if they • Participating Lenders
• Program Guide/Flyer
knew they could qualify for a • Filters/Guidelines:
low-down payment • Special Groups (Teachers, Protectors, etc.)
• Eligible Properties
• Maximum Sales Price
• Eligible Borrowers
If you knew you could
• Maximum Household Income
qualify for a mortgage with a
Yes, much lower down payment,
• Loan Terms
would you start to look for a • Benefits
63% house? • Latest Updates
(n=1,008)
Source: 2019 C.A.R. Consumer Survey
Get Down Payment
Assistance
7
http://FindDownPayment.car.org
Website:
http://Mortgage.car.org
FREE Member Benefit Email:
TransactionRescue@car.org
Phone:
(213) 739-8383
page
9
Transaction Rescue™
CALIFORNIA ASSOCIATION OF REALTORS®
What Questions Do You
Residential Have in
Lending onaDown Payment
Assistance & LendingEnvironment
COVID-19-impacted Process for Clients
Megan S. Harris Diana Zepeda Moderated by:
Golden State Finance Movement Mortgage Marc Farfel
Authority
SOURCE: California Association of REALTORS®
page
10Down Payment Assistance – Lending Terms /Abbreviations
• AUS – Automated Underwriting System
• LPA – Loan Prospect Advisor (previously – Loan Prospector LP) (Freddie)
• DU – Desktop Underwriter (Fannie)
• GUS – Government Underwriting System
• FICO – Fair Isaac Company (Loan Scoring Model Used By a Majority of Lenders / Investors)
• DPA – Down Payment Assistance
• MI – Mortgage Insurance
• UFMIP - Up-Front Mortgage Insurance (FHA Loans)
• MMI – Monthly Mortgage Insurance (FHA Loans)
• PMI – Private Mortgage Insurance (Conventional Loans)
• LPMI – Lender Paid Mortgage Insurance
• OO - Owner Occupied Borrower / Co-Borrower
• NOO – Non-Owner Occupied Borrower / Co-Borrower
• FTHB – First Time Home Buyer
• CalHFA – California Housing Finance Agency
• GSFA – Golden State Finance Authority (Platinum)
• Flipping – Selling within 3 months, with large value increase, may trigger Lender RED Flags
• Calculations
• DTI – Debt to Income
• LTV – Loan to Value and Combined Loan to Value (CLTV)
• PITIA w/MI – Principal, Interest, Taxes, (Hazard) Insurance, Association Fees, and Mortgage Insurance
SOURCE: California Association of REALTORS®
page
11• Http://FindDownPayment.car.org
• Overview
• 367 total programs
• 236 active/funded/available (64%)
• From over 200 housing agencies
• In addition to CalHFA and GSFA, there are over 300
additional programs mostly from municipalities and
nonprofits, as well as Federal Home Loan Bank and
others, many of which offer layering opportunities.
SOURCE: California Association of REALTORS®
page
12• Http://FindDownPayment.car.org
Breakdown
• 279 DPA Programs
• 22 MCCs
• 8 Affordable 1st Mortgages
• 58 Other Programs
Of the DPA Programs
• 238 (85%) defer payments for some duration
• 77 (28%) are forgivable
SOURCE: California Association of REALTORS®
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13Types of Down Payment Assistance (DPA)/Subsidy Programs
• Community Second Program (CSP)
• Employer Assisted Housing (EAH)
• Grants
• Deed Restrictions
• Mortgage Credit Certificate (MCC)
• Matched Savings Program
• First Mortgage Programs with Combined Assistance
SOURCE: California Association of REALTORS®
page
14FindDownPayment.car.org
https://www.car.org/marketing/clients/downpaymentresource
Filters Available:
• PROPERTY INFORMATION
• HOUSEHOLD INFORMATION
• SPECIAL CIRCUMSTANCES
• GENERAL SEARCH –
CITY, COUNTY, TOWN, ETC.
• ACTUAL PROPERTY
• SALES PRICE
• CURRENTLY OWN A HOME
• HOUSEHOLD INCOME
• VETERAN
• EDUCATOR
• LAW ENFORCEMENT
• FIREFIGHTER
• HEALTHCARE
• DISABILITY
• MILITARY
• ENERGY EFFICIENT
• VIDEO
page
15FindDownPayment.car.org
https://www.car.org/marketing/clients/downpaymentresource
Within the C.A.R Tool, you
can find:
• Participating Lenders
• Program Guide/Flyer
• Filters/Guidelines:
• Special Groups (Teachers, Protectors, etc.)
• Eligible Properties
• Maximum Sales Price
• Eligible Borrowers
• Maximum Household Income
• Loan Terms
• Benefits
• Latest Updates
SOURCE: California Association of REALTORS®
page
16California Association of REALTORS® Free Member Benefit:
Loan Education:
• FHLMC – Freddie Mac - http://www.freddiemac.com/creditsmart/
• FNMA - Fannie Mae - https://www.frameworkhomeownership.org/get-started/homebuyer-education
Down Payment Assistance (DPA) programs
• GSFA Materials:
• https://wholesale.lhfs.com/download/GSFA_Gov_FHA_Select.pdf
• https://www.eprmg.net/guidelines/NHF-GSFA%20Platinum%20FHA.pdf
• CalHFA
• https://www.calhfa.ca.gov/homeownership/bulletins/index.htm
• https://www.calhfa.ca.gov/homeownership/materials/index.htm
• https://www.calhfa.ca.gov/homeownership/programs/myhome.pdf
HUD Counselor Selection Options
Loan Limits: Conventional Loan Limits FHA Loan Limits
CALIFORNIA ASSOCIATION OF REALTORS®
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17What Questions Do You Have on Down Payment
Assistance & Lending Process for Your Clients
QUESTIONS?
SOURCE: California Association of REALTORS®
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18Fannie Mae 3% Down Options
Freddie Mac 3% Down Options • Home One
Freddie Mac 3% Down Options
What Questions Do You Have on DPA & Lending Process for
Clients? - Take-Aways
More people would be interested if they understood the benefits
More people would qualify if they were educated on what steps they needed to take
Many people that think they don’t qualify actually do
Early start helps with Knowledge, Expectations, Timing, and Comfort of the Process
A big down payment is not required
Together we can help more prospective homeowner’s and ensure a
smooth transaction
SOURCE: California Association of REALTORS®
page
22California Association of REALTORS® Free Member Benefit:
• Transaction Rescue™
• Assist you with Communication & Escalations with Your Lender
• Property Concerns with Valuations, Title, & Vesting.
• Provide Insights to Lender & Down Payment Assistance
Website http://Mortgage.car.org
• Email TransactionRescue@car.org
• Hotline (213) 739-8383
• Webinars http://car.org/FinWebinars
https://www.amortization-calc.com/ - amortization schedule for mortgages to show
how much is going toward principal & interest.
https://www.calculator.net/amortization-calculator.html - another site that I
use to show amortization schedule along with figuring out mortgage P&I
CALIFORNIA ASSOCIATION OF REALTORS®
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23REALTOR® Resource: A field guide
to identifying “mortgage-ready”
buyers
Get answers to these questions from your buyers: Yes No
1 Do you have income sources that can be documented with current pay checks, bank statements,
W2s and tax returns?
3 Has it been at least two years since you discharged debts in bankruptcy or three years since a
home you owned was foreclosed?
4 Do you have access to down payment money from sources that can be verified and
documented?
5 Do you have at least two or three open credit accounts in good standing?
6 Are you a US citizen, permanent resident or do you have a current work authorization card?
If the response to these questions is “yes”, send your buyer to your lender partner for pre-approval. If the
answer is “no”, send them to a trusted housing or credit counselor referral partner and stay in touch with
them as they resolve their issues.
SOURCE: California Association of REALTORS®
page
24Key Concepts – Debt to Income (DTI)
Top (Front-End) Ratio
34.9% = $4,035 (PITIA w/MI) or
34.9% House Payment
57.3% PITIA w/MI House Payment (PITI)
(with higher rate due to 5% forgivable DPA)
(also assumes discounted DPA MI Calculation) and $200 in
Homeowners Association fees)
Taxes, Savings &
Other Expenses Monthy Installment &
7.8% Revolving Payments
The rest of your income
Bottom (Back-End) Ratio
Other Monthly Installment & 34.9% + 7.8% = 42.7%
Revolving Payments 42.7% = $4,935
7.8% = $900 Key DTI Ratio is under 43%
Includes : Car Payments, Student loans, Credit Card payments
SOURCE: California Association of REALTORS® page
25
Based on the Qualifying DPA with Freddie Loan Debt to Income Ratio is 36/43California Association of REALTORS® –
Loan Approval & Closing Steps
> >
Preapproval - Income, Conditional approval - Clear to close - Funding conditions
Prequalification -
asset and credit Underwriter has Underwriter has - Borrower’s credit,
Lender provides an
documents have been approved the file with signed-off on all income, and assets Loan Closes!
estimate of buying
reviewed, file scored conditions to be closing conditions are updated and
power based on
by AUS and if needed satisfied prior to prior to release of reviewed prior to
unverified information.
underwriter. closing loan docs. funding.
Remember, loan approval is a dynamic, ongoing process that takes place up to and including the closing
date! Help your buyer stay mortgage-ready through the entire process!
SOURCE: California Association of REALTORS®
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26Copyright© 2020 Golden State Finance Authority (GSFA). All rights reserved.
Presentation contains program highlights only. All guidelines are subject to change without notice. Visit www.gsfahome.org for complete program guidelines or call toll-free (855) 740-8422.
Golden State Finance Authority (GSFA)
GSFA’s affiliate organization, National Homebuyers Fund, Inc. (NHF) provides down payment assistance in states outside California. For more information, visit www.nhfloan.org.
Meagan Harris, Program Coordinator
Toll-free (855) 740-8422
mharris@rcrcnet.org
Client Relations Dept
Available M-F 8-5 PM
Toll-free (855) 740-8422
Email: info@gsfahome.org
www.gsfahome.org
www.gsfahome.org | (855) 740-8422 2/2/2021Diana Zepeda
Senior Loan Officer
602-741-6946 | diana.zepeda@movement.com
NMLS 1194844CalPLUS
Click to edit
With Zero Master
Interest title(ZIP)
Program style
• 97% LTV Conventional First Mortgage
OR
• 96.5% LTV FHA First Mortgage
• ZIP built in assistance for closing costs only
º 2% - 3%
º Zero Interest
º Deferred Payments
• First Time Homebuyers OnlyClick
CalHFAto
VAedit
LoanMaster
Programtitle style
• VA guaranteed first mortgage up to 100% LTV
• Available for both first time homebuyers and repeat buyers
• Combine with MyHome if first time homebuyer
CalHFA LENDER TRAINING 31Click
MyHometo edit
Assistance
Master title
Program
style
• Loan amount – 3/3.5% or $10,000 whichever is less
º 3.5% for FHA
º 3% for Conventional, VA and USDA
º Based on the sales price or appraised value (whichever
is less)
• Exceptions to $10,000 cap: School Employee, Fire
Department Employee, CalHFA VA first, New Construction,
Manufactured Housing, ADU’s
• Can be used for down payment and/or closing costs
• First Time Homebuyers Only
• Can be combined with ZIPClick
Borrower
to edit
Eligibility
Master title style
• 660 minimum credit score on FHA, VA and
USDA
• 680 minimum credit score on conventional
• Max DTI is 43.00%
• Homebuyer Education Required
• Income Limits Apply
CalHFA LENDER TRAININGClick
Property
to edit
Requirements
Master title style
• Single Family One Unit Residence
• Owner Occupied Only
• Manufactured homes
• 1 Year Home Warranty Required
• Five acres maximumClick
ThanktoYou
edit Master title style
Contact Information:
Molly K. Ellis
CalHFA
Training and Outreach Manager
O: 916.326.8680
C: 916.203.8876
mellis@calhfa.ca.govGolden State Finance Authority (GSFA)
• GSFA OpenDoors™ Down Payment Assistance
• Silent 2nds and/or Gift (up to 7% total)
• Lenders Participating
• Income Limits
• GSFA Platinum® Down Payment Assistance
• Forgivable 2nds
• Lenders Participating
• Income Limits
• Details about Gift for Public Safety and Education Occupations
• GSFA MCC® Mortgage Credit Certificates
SOURCE: California Association of REALTORS®
page
36California Housing Finance Agency (CalHFA)
• Participating Lenders
• Available FHA & Fannie Mae Loan Programs
• Silent 2nd TD’s
• Mortgage Credit Certificates
• Income Requirements or Loan Limits
• Special Options or Details about those professions in
(Health, Safety, or Protector) roles
Read More
SOURCE: California Association of REALTORS®
page
37Affordable Housing and Down Payment Assistance in California
California Housing Finance Agency (CalHFA) San Francisco Down Payment Assistance Loan
• Affordable first mortgage programs Program (DALP)
• My Home down payment assistance
• Up to 3.5% of purchase price • $375,000
With cap of $10,000 (with exceptions)
•
• Low interest rate • Deferred shared equity loan
• Deferred • 0%
• Zip down payment assistance
• 0%
• Deferred
Golden State Home Finance Authority (GSFA)
Federal Home Loan Bank – Individual Development • Affordable first mortgage programs
and Empowerment Program (IDEA)
• Will match borrower savings with a 4 to 1 match, • Down payment assistance
up to $22,000 • Up to 5% of first loan amount
• 0%
• Forgiven after three years
County of San Diego Down Payment Assistance
• Up to 17% of the purchase price for down payment
• Up to 4% of purchase price for closing costs
• Payments deferred
2/2/2021 Proprietary and Confidential – Cannot be reproduced or distributed without permission
38Federal Home Loan Bank Wish and Idea Programs
Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and
Empowerment Account (IDEA)
• Grant programs offered through FHLB members
• Offers a 4 to 1 match to borrower savings
• Up to $22,000 that can be applied to down payment and closing costs
• Must complete home buyer education
• Be a first-time homebuyer
• 80% or less of area median income
2/2/2021 Proprietary and Confidential – Cannot be reproduced or distributed without permission
39CRA Programs*
For families of low-to-moderate income
Generally, 80% or less of area median income
Chase Bank of America
DreaMaker® Affordable Loan Solution® first mortgage
3% down payment can be a gift America’s Home Grant – lender credit up to
Reduced mortgage insurance $7,500 for non-recurring closing cost
$2,500 grant Down Payment Grant Program – up to
$10,000 for down payment is some markets
$500 with approved home buyer education
* Community Reinvestment Act Programs
2/2/2021 Proprietary and Confidential – Cannot be reproduced or distributed without permission
40California Housing Finance Agency -
www.CalHFA.Ca.Gov
Realtor Page:
Real Estate Agents
California Housing Finance
Agency
Lender Data Base
CalHFA Approved Lenders
Preferred Loan Officer List -
Find a Loan Officer
CALHFA
Income Limits
Income Limits
Buying a Home
CalHFA
CALIFORNIA ASSOCIATION OF REALTORS®
page
41DOWN PAYMENT ASSISTANCE
PROGRAMS
Training for Mortgage Professionals
Programs Sponsored by Golden State Finance Authority (GSFA) Catalog 3005L1022
www.gsfahome.org | (855) 740-8422 2/2/2021Golden State Finance Authority (GSFA)
Public entity and agency in
California organized in 1993
Supporting Affordable
Homeownership in
California for Over 28 Years
Over 80,665 $597 million
homebuyers in down payment
helped assistance provided
www.gsfahome.org | (855) 740-8422 2/2/2021Common Down Payment Assistance MYTHS
Only in certain areas
Only for first-time homebuyers
Only for low-income homebuyers
Only for those with zero savings
Only for exceptional credit
Accrues interest
Only works with FHA
Harder to qualify
Takes longer to close
Limited funding
* According to findings from the second annual America at Home survey
www.gsfahome.org | (855) 740-8422 commissioned by NeighborWorks America." 2/2/2021GSFA Down Payment Assistance (DPA) Programs
First Mortgage Loans
combined with
Various DPA Options
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA Down Payment Assistance (DPA) Programs
First Mortgage Loans Available throughout California
combined with NO first-time homebuyer
Various DPA Options requirement!
NO Income Limits from GSFA
Up to 7.0% DPA available
FICO scores as low as 620
FHA, VA, USDA and
Conventional Loans
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA Down Payment Assistance – Form of DPA www.gsfahome.org | (855) 740-8422 2/2/2021
GSFA OpenDoors® Program – Overview
Borrower can get up to 7% in Down Payment Assistance
Up to 3.5% DPA in the form of a Silent Second
• ZERO interest accrual; no payments
• DPA Second is due and payable upon sale or refinance
Up to 3.5% more DPA as a Gift
• This portion is forgiven when escrow closes
General Eligibility
Minimum FICO
• Conventional loans:
620 (with LPA approval)
680 for income above 80% of Area Median Income (AMI)
• Government Loans: FHA/VA = 620; USDA = 640
Maximum DTI = As allowed by AUS Approval
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA Platinum® Program – Overview
Borrower can get up to 5% in Down
Payment Assistance
DPA as a Gift for:
• FHA Energy Efficient Mortgage
• USDA Guaranteed Home Loan
• Public Safety or Education Occupations
DPA as 0% Second Mortgage for:
• All other First Mortgage Loans
• DPA Second is forgiven after 3 Years
General Eligibility
Minimum FICO:
• Conventional, VA and USDA = 640
• FHA = 660
Maximum DTI = 50%
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA DPA – General Guidelines
Primary Residences Borrowers ≤ 80% AMI
SFR (1-4 units)
More attractive pricing and DPA
Condos
options; and
PUDS
Manufactured Homes Eligible for greatly reduced Mortgage
Insurance Requirements on
No Purchase Price Limit
Conventional Loans
Loan Limit = $548,250
30-Year Fixed Rate Mortgages
FHA, VA, and USDA
Conventional Freddie Mac HFA Advantage
Homebuyer Education
GSFA does not require, but follows agency
guidelines, based on loan type
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA DPA – Expectations AND Timeline
First Mortgage Escrow Closes +
Borrower Gets and DPA Loan Purchased by
Pre-Qualified Reserved Servicer
(60-day rate lock) (within 60-days of Lock)
FICO GSFA Participating No additional compliance
DTI Lenders lock/reserve review by GSFA.
funds Lender closes escrow on
Income Range
150+ Lenders Lender’s timeline.
Occupation of Borrower
(See GSFA Website)
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA MCC®
GSFA Mortgage Credit Certificate Program
GSFA MCC® – What is it?
Federal Income Tax Credit
Based on 20% of the Annual
Mortgage Interest Paid
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA MCC®
GSFA MCC® – Eligible Areas
DEL NORTE
SISKIYOU MODOC
TRINITY SHASTA
LASSEN
GSFA MCC available in 45+
HUMBOLDT
TEHAMA
counties of California
PLUMAS
MENDOCINO GLENN
COLUSA
BUTTE
YUBA
NEVADA
PLACER
SIERRA
Other jurisdictions may have
their own MCC Program
LAKE SUTTER
YOLO EL DORADO
SONOMA ALPINE
NAPA SACRAMENTO
AMADOR
SOLANO
Includes CALAVERAS
City of Vacaville MARIN SAN MONO
CONTRA TUOLUMNE
(Solano County) COSTA JOAQUIN
SAN FRANCISCO
ALAMEDA
STANISLAUS MARIPOSA
SAN MATEO
SANTA MERCED
CLARA
SANTA MADERA
CRUZ
SAN
FRESNO
BENITO INYO
TULARE
MONTEREY
KINGS
SAN LUIS
OBISPO KERN
SAN BERNARDINO
SANTA
BARBARA
VENTURA LOS ANGELES
RIVERSIDE
ORANGE
IMPERIAL
SAN DIEGO
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA MCC®
MCC Benefit #1 – The Tax Credit
Tax Credit is Based on the Amount of Interest Paid on the
Mortgage Loan (annually)
Example
Annual Interest = $12,000
$300,000 mortgage
loan with 4.00% fixed MCC Tax Credit = $2,400
interest rate.
20% of $12,000
12 Months of Interest
(Jan-Dec) = $12,000
Dollar-for-dollar reduction in Federal Tax Liability
GSFA MCC Rate = 20%
Example of Impact on Taxes Owed
Example purposes only. Gross Federal Tax Liability $7,000
Homebuyers are encouraged
to consult a tax advisor
regarding the impact of an
- MCC Tax Credit $2,400
MCC on their individual tax
liability. = Net Federal Tax Liability $4,600
www.gsfahome.org | (855) 740-8422 2/2/2021Realtor / Lender Support
GSFA Client Relations
(855) 740-8422
M-F 8:00 AM – 5:00 PM
info@gsfahome.org
GSFA Website
www.gsfahome.org
Look up Participating Lenders
Training Webinars
Marketing Literature
www.gsfahome.org | (855) 740-8422 2/2/2021Marketing Literature Templates
Pre-designed Literature for
Realtors to Utilize
Flyers and brochures
English & Spanish
View/download from GSFA website
• Adobe PDF format
• Embedded with text-fields for Mortgage
Professionals to add contact info
Use Guidelines:
Represent programs accurately
Must be working with or able to refer
to a GSFA Approved Lender
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA OpenDoors™
Remember these Common MYTHS regarding DPA?
Do these apply to GSFA OpenDoors™?
No Only in certain areas
No Only for first-time homebuyers
No Only for low income buyers
No Only for those with zero savings
No Only for exceptional credit
No Accrues interest
No Only works with FHA
No Harder to qualify
No Takes longer to close
No Limited funding
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA OpenDoors®
Review of Program Advantages
HOMEBUYERS LENDER
Financial Assistance: Access Funds with Ease
Lock through GMG Lock Desk
DPA up to 7.0%
Auto-filled DPA Documents
Flexibility: available through NHF
Don’t have to be a first-time homebuyer Variety of Assistance Options
Innovative, flexible and priced competitively
Flexible Income Limits
More qualified borrowers =
FICO scores as low as 620 More closed loans
AUS approval on DTIs No Hurdles to Jump
Variety of mortgage loan types and Underwriting delegated to YOU,
the Lender
assistance options
No additional compliance review
from GSFA or GMG
www.gsfahome.org | (855) 740-8422 2/2/2021GSFA OpenDoors®
Next Steps – How to Participate in Programs
1. Approval as a Correspondent Lender of Specific Program Servicer
GSFA OpenDoors – Gateway Mortgage Group
GSFA Platinum – US Bank
2. Approval and Setup through GSFA
• Program Terms Sheets NOTE:
• Program Lender Agreement For GSFA MCC, only the approval steps
with GSFA are necessary; MCC’s can be
• Lender Profile
combined with a variety of mortgage
GSFA Client Relations products.
Toll-free (855) 740-8422
info@gsfahome.org
www.gsfahome.org | (855) 740-8422 2/2/2021You can also read
