FOR CASES ASSIGNED ON OR AFTER 9/14/15 Must be referred to ...

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GSFA PLATINUM

FHA

Must be referred to AFS for Origination

(loan cannot be originated by branch)

Must be processed by Corporate Processing Team

(loan cannot be processed by branch)

DPA options subject to change based on market conditions

Must confirm availability with Housing Authority.

30 Year Fixed

LTV

CLTV2

Purpose

Units

Occupancy

96.50

1051

Purchase

1-4

O/O

Credit Score

680

640

DTI Ratio

50

45

1. On purchases, the CLTV is further limited to 100% (of the adjusted value) or the standard FHA LTV limit (96.50%)

(depending on the type of financing) if the subordinate lien is NOT from an instrumentality of government or

government agency that is providing down payment and/or closing cost assistance in the form of secondary

financing.

2. Any loan utilizing the Single Unit Approval will have a maximum LTV of 90% LTV (can only be exceeded with

financed upfront MIP), maximum TLTV 90%, no other secondary financing allowed

PRODUCT NAME

ALLOWABLE

ORIGINATION CHANNELS

GSFA Platinum FHA Product Profile

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GSFA Platinum Standard 30 Year FHA Fixed

GSFA Platinum Select 30 Year FHA Fixed

GSFA Platinum Assist to Own 30 Year FHA Fixed

GSFA Platinum Amortizing DPA 2nd

GSFA Platinum Deferred DPA 2nd

Retail

? Loans must be referred to the AFS department for origination

? Must be processed by Corporate Processing Team (loan cannot be processed by

branch). Branch to assign Processing queue 000 ¨C PALS Corp and send email with

Loan Number and Borrower name to processingoverflow@

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PROGRAM

SPONSOR/SERVICER

EIN (FEDERAL TAX ID)

AMORTIZING 2ND DPA

DEFERRED 2ND DPA

GSFA Platinum FHA Product Profile

? Golden State Finance Authority (GSFA) (California) (HFA)

? U.S. Bank ¨C Master Servicer

? GSFA Platinum EIN: 68-0322272.

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The Amortizing 2nd DPA can be used with GSFA Platinum Standard or GSFA Platinum

Select first mortgage programs. Occupational requirements apply to the Select Option.

For a list of occupations refer to GSFA term sheet available on their website:



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You will receive an amortizing 15-year Second Mortgage Loan up to 5.00% of the first

mortgage loan amount depending on the rate chosen.

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On the Select, you can receive up to 5 %. Up to 1.50% of that can be a gift

depending on the rate chosen. The 2nd mortgage will be the amount remaining

after the gift amount. Example 5%- 1.50% gift chosen the 2nd mortgage will be for

3.5% of the 1st loan amount

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Note rate of second mortgage is the same as the note rate of the first mortgage

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Amortizing interest and principal payments over a 15-year loan term.

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Additional loan must be created in FT360 to accommodate 2nd lien and should be

created at the same time the 1st lien is created for disclosure, document and funding

purposes.

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The DPA funds may be used towards down payment and/or closing costs.

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There is no cash back allowed to the borrower from the DPA proceeds.

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The second mortgage is due and payable upon sale, refinance, or payoff of the first

mortgage.

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Enter GSFA EIN on HUD¡¯s FHA Loan Underwriting and Transmittal Summary in

conjunction with secondary financing assistance, grants or gifts to the borrower when

the borrower is receiving an FHA First Mortgage.

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Lender must conform to federal RESPA and Truth-in-lending laws in disclosing the

terms of the Second Mortgage.

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Lender upfronts the DPA at closing to be reimbursed by the Servicer, on behalf of GSFA

upon purchase of the Platinum First Mortgage Loan.

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GSFA must serve as the Lender and beneficiary for the Second Note and Security

Instrument.

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Lender is responsible for recording Second Mortgage Loan Security Instrument.

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The Deferred 2nd DPA can be used with GSFA Platinum Assist to Own first mortgage

program. (Occupational Requirements apply). For a list of occupations refer to GSFA

term sheet available on their website:



? On the Assist to Own, you can receive up to 5 %. Up to 2.00 % of that can be a gift

depending on the rate chosen and daily pricing available. The 2nd mortgage will be

the amount remaining after the gift amount. Example 5%- 1.50% gift chosen the

2nd mortgage will be for 3.5% of the 1st loan amount.

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You will receive a deferred Second Mortgage Loan up to 3.5% of the first mortgage loan

amount.

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The interest rate of the second mortgage is 0%.

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Non-amortizing 2nd loan.

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30 YEAR Deferred loan. There are no monthly payments.

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The Deferred 2nd DPA is deferred and due and payable in full upon sale or refinance of

the First Mortgage.

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Additional loan must be created in FT360 to accommodate 2nd lien and should be

created at the same time the 1st lien is created for disclosure, document and funding

purposes.

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The DPA funds may be used towards down payment and/or closing costs.

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There is no cash back allowed to the borrower from the DPA proceeds.

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The second mortgage is due and payable upon sale, refinance, or payoff of the first

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PLATINUM SELECT

ELIGIBILITY

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PLATINUM ASSIST TO

OWN ELIGIBILITY

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DOWN PAYMENT

ASSISTANCE ON CLOSING

DISCLOSURE

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SECOND MORTGAGE

CLOSING DOCUMENTS

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GSFA Platinum FHA Product Profile

mortgage.

Enter GSFA EIN on HUD¡¯s FHA Loan Underwriting and Transmittal Summary in

conjunction with secondary financing assistance, grants or gifts to the borrower when

the borrower is receiving an FHA First Mortgage.

Lender must conform to federal RESPA and Truth-in-lending laws in disclosing the

terms of the Second Mortgage.

Lender upfronts the DPA at closing to be reimbursed by the Servicer, on behalf of GSFA

upon purchase of the Platinum First Mortgage Loan.

GSFA must serve as the Lender and beneficiary for the Second Note and Security

Instrument.

Lender is responsible for recording Second Mortgage Loan Security Instrument.

GSFA Platinum borrowers who qualify for the Platinum ¡°Select¡± are eligible for

optional Gift Funds as follows:

? Up to 1.50% gift funds for the Platinum Select first mortgage

Borrower must have one of the following occupations in California:

? Medical and Healthcare workers

? Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others

serving in a Law Enforcement capacity;

? Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs),

including administrative staff that supports firefighters; or

? Current members of the California State Teachers Retirement System (CalSTRS) or

University of California Retirement Plan (UCRP), employees of a California

accredited Private, Charter or Public School District or California State University,

Junior College or Private College, including school administration and staff.

Lenders are required to upload documented evidence of a borrower¡¯s eligible

occupation within five (5) business days of submitting a loan reservation online.

GSFA Platinum borrowers who qualify for the Platinum Assist to Own are eligible for

optional Gift Funds as follows:

Up to 2% gift funds for the Platinum Assist to Own first mortgage.

The Property being purchased or refinanced using the "Assist-to-Own" Down Payment

Assistance can be located anywhere in California. The borrower must work for a GSFA

Member County to be eligible (be a County employee), but they do not have to

purchase or refinance in the same County of their employment. GSFA Member

Counties can be found here:

Lenders are required to upload documented evidence of a borrower¡¯s eligible

occupation within five (5) business days of submitting a loan reservation online.

All down payment assistance proceeds must be disclosed on the Closing Disclosure,

Section L -Paid Already by or on Behalf of the Borrower at Closing. The down payment

assistance proceeds must be labeled accurately. For example: "Second loan" is not

appropriate if the assistance is a grant or gift. Multi-purpose labels such as

Second/Grant/Gift will not be accepted, it must be specific to the transaction. If the

borrower is receiving down payment assistance from multiple sources, all assistance

sources must be itemized on the Closing Disclosure. Unless the CFPB comes out with

guidance restricting it, it is acceptable to place assistance proceeds as "Other Credits"

if necessary due to space limitations.

Repayable Loans ¡°Amortizing 2nd DPA¡± are TRID complaint. LE¡¯s and CD¡¯s can be

disclosed from FT360.

Deferred Loans ¡°Assist to Own 2nd DPA¡± require GSFA¡¯s Partial Exemption Disclosure

to be disclosed with the 1st Mortgage. Fees on 2nd cannot exceed 1% of the loan

amount.

Second Mortgage Loan Documents are retrieved from GSFA Lender Portal:

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TRAINING

Required DPA Second Mortgage Loan Documents include:

? Initial and Final Closing Disclosure for 2nd (for all loan options with amortizing Second

Mortgages) - DPA and Gift if used is to be separated on CD page 3- CD can be pulled

from 360

? Reservation Confirmation

? Funding Commitment Notice

? Promissory Note ¨C Note date and first payment date must match the 1st

? Deed of Trust

? Second Initial and Final Closing Disclosure (for all loan options with amortizing Second

Mortgages) - DPA and Gift if used is to be separated on CD page 3

? Program Partial Exemption Disclosure (for Assist to Own loans)

? GSFA must serve as the Lender and beneficiary for the Second Note and Security

Instrument.

? Lender is responsible for recording Second Mortgage Loan Security Instrument

? Click Program link below to pre-register for training on program:



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AGENCY LINKS

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OBTAINING CREDENTIALS

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MINIMUM LOAN

AMOUNT

MAX. LOAN AMOUNT

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GEOGRAPHIC

GSFA Platinum FHA Product Profile

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US BANK "PLATINUM" Recorded Training ¡ª Closed Loan, Delivery and Funding Training

(For GSFA Platinum Serviced by US Bank) Click the links below to view US Bank

recorded online trainings.



For additional reference, see Administrators Guidelines at:



In addition to any Product Profile requirements, you must always meet the published

HUD guidelines and master servicer, U.S. Bank, lending criteria. If published HUD

guidelines or U.S. Bank are more restrictive then what is allowed in the Product

Profile, you must always defer to HUD Guidelines.

For additional information regarding U.S. Bank requirements

then click on U.S. Bank Lending Manuals

All PRMG staff can access all end Agency guidelines though AllRegs Online at

. Instructions on how PRMG staff can

access the AllRegs service is available in the Resource Center.

Use the following link to access the HUD Housing Handbooks site, and from there,

obtain access to the 4000.1 Handbook:



/handbooks/hsgh

Access the All Regs version of the Handbook at:



Note: Only AFS or fulfillment center staff should obtain credentials (as needed). Email

Itsupport@.

Referring loan officer will not be able to have credentials to the housing authority

site.

No Minimum Loan Amount

With cases assigned on or after 1/1/2024: max loan amount is lesser of $766,550 or the

particular county¡¯s maximum HUD loan limit. HUD Loan Limits can be found here:



With cases assigned prior to 1/1/2024: max loan amount is lesser of $726,200 or the

particular county¡¯s maximum HUD loan limit. HUD Loan Limits can be found here:



GSFA ¨C California only

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RESTRICTIONS

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Please refer to PRMG¡¯s ¡°Eligible States¡± list, which can be found at this link:



GSFA Member Counties are as follows:

Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Glenn, Humboldt,

Imperial, Inyo, Kings, Lake, Lassen, Madera, Mariposa, Mendocino, Merced, Modoc,

Mono, Monterey, Napa, Nevada, Placer, Plumas, San Benito, San Luis Obispo, Santa

Barbara, Shasta, Sierra, Siskiyou, Solano, Sonoma, Sutter, Tehama, Trinity, Tulare,

Tuolumne, Yolo, and Yuba Counties

Additionally, must be PRMG eligible state (see eligible states list in Resource Center)

203(b) Home Mortgage Insurance

234(c) Mortgage Insurance for Condominiums

MORTGAGE TYPES

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FEES

1st

? First Mortgage: Origination Fee: 2.00% will be charged. Discount Points: 0.00% (This

Program does not allow Discount Points to be charged to the Borrower)

? Funding Fee: $400 charged to the borrower

? Standard PRMG Underwriting and Processing Fee to be charged

? In addition to the fees above, other customary third-party fees such as credit report

fee, appraisal fee, insurance fee, or similar settlement or financing costs may be

charged

? Funds to Lender from Servicer at Loan Purchase: 100% of the outstanding principal

amount of the loan and grant

2nd

? NO FEES ALLOWED ON 2ND

? RESPA applies on 2nd if the fees exceed 1 % of the loan amount/ GFE & TIL required if

fees exceed the 1 %

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Full/Alt Doc

? Verifications and similar documents used for qualifying (such as a VOE, VOD or VOM)

must be independently obtained/authenticated, and should never be handled by a

party to the transaction (including but not limited to the borrower, realtor, loan

officer, seller, etc.) The verifications/document should be ordered/requested by a

processor (or similar) and must be sent directly to the third-party who is providing the

verification and be returned directly from the same independent third-party. The

documents must not pass through the hands of a party to the transaction. If an

Underwriters or other team member sees a red flag to indicate a document was not

independently obtained, additional diligence must be used to confirm the validity of

the documents.

? If the 4000.1 does not address a date for seasoning (regardless of topic) case

assignment date should be used for the seasoning ¡°to¡± date

? Evidence of Borrower¡¯s valid government-issued photo identification or written

statement from lender verifying review of valid government-issued photo identification

is required

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When all income used to qualify a loan for the borrower is made up exclusively of

wage earner income reported on a W2 and/or fixed income reported on a 1099 (i.e.,

social security or VA benefits) transcripts are not required, unless full tax returns are

required for the borrower by the AUS (i.e., borrower employed by family members).

If multiple borrowers are qualifying on the loan, but the tax returns are not filed

jointly, and one borrower requires full returns, but the other borrowers are qualified

exclusively on W2 and/or fixed income then no transcripts are required for the

W2/fixed income borrower and 1040 transcripts are required for the self-employed

borrower/borrower requiring full returns. When using this option, there can also be

no tax returns included in the loan file (including if tax returns are required to be

reviewed by the PRMG underwriter for MCC Approval or other purpose). If the

DOCUMENTATION

GSFA Platinum FHA Product Profile

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