Borrower must meet the following requirements:
- Occupy the residence as their primary residence; non-occupant co-borrowers are not allowed.
- Borrower income cannot exceed GSFA income limits for the county in which the property is located: 120% Area Median Income (AMI). Refer to www.gsfahome.org
- Minimum Credit Score of 640.
- Meet all required Conv, FHA, VA, USDA-RHS underwriting criteria
Grant Funds Available from GSFA:
- May not exceed 5% of the First Mortgage Loan amount on Conv, FHA, or VA loans
- Proceeds may be used for down payment and/or closing costs
- There must be no cash back to the borrower from the Grant Fund proceeds