Guideline Update for Conventional Loans
Effective immediately, US Bank allows a min 640 FICO score for DU and LP on
the Freddie Mac HFA HPA Program.
Lenders are also reminded to follow Freddie Mac's guidelines about pre-closing Homebuyer Education for Freddie Mac community lending products. See US Bank Bulletin 2017-01 - Homebuyer Education for details.
New Lender Recognition Program Coming Soon
We realize GSFA couldn't help thousands of Californians purchase homes without the help of our dedicated lending partners. So, we are excited to announce a NEW Lender Recognition Program, targeted to launch in March 2017.
Every year GSFA will recognize loan officers who consistently promote affordable housing by offering GSFA programs. More details about the Lender Recognition Program will be provided shortly.
Modification to Online Reservation System to Collect Loan Officer Information
As part of GSFA's lender recognition effort, the following additional
information will be requested on all transactions reserved through the Online Reservation System as of March 1, 2017:
- Loan officer’s first and last name
- Loan officer’s telephone number
- Loan officer's email
This information will allow GSFA to identify loan officers who currently offer GSFA programs,
and enable GSFA to offer special recognition to these loan officers.
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***REMINDER - MCC Promotion Ends March 31st***
$250 OFF Application Fee
For any GSFA MCC reservation made through March 31, 2017, GSFA has lowered the Application Fee from $350 to $100. That's a $250 savings to borrowers!
The federal income tax advantage provided by the GSFA MCC is equal to 20% of the mortgage interest paid annually. This means that 20% of the annual mortgage interest paid is deducted directly from annual tax debt. The remaining 80% of the mortgage interest can still qualify to be taken as a deduction from gross income in the usual manner.
The approval of an MCC, may also help the homebuyer to qualify
for the mortgage loan itself. To learn more, visit visit our website and/or
register to attend a Training & Education webinar.