San Diego GSFA Down Payment Assistance Program Q and A (2017 Update)

When you’re researching the GSFA down payment assistance program, you might have some questions about the program and what it can do for you.

While many of the answers can be found in our main article on the topic, here’s an outline of some of the most common questions that people have when they consider the program.

If you have other specifics that you want to know about, you can find a pros and cons article for the GSFA program as well as more information on the limits on the loan type.

Here's a quick rundown of our list:

Where can I Use this Program?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

The GSFA program is only available in the state of California.

However, because there are tons of different areas to live in California and plenty of amazing homes.

The costs of many properties in California are a little on the expensive side, which means that getting a down payment put together can be a little bit more difficult.

It may not cover everything, but it can really help you out when you’re looking at getting a home.

Must Read: San Diego Down Payment Assistance Programs - Rates, Terms, Limits...

Do I Have to Pay Back the Money that I Am Given?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

Unless something happens and you back out of a home before the down payment, no.

As soon as you have closed the mortgage loan, you won’t have to worry about the GSFA program.

It is considered a gift, after all.

You wouldn’t be expected to pay back a gift from your family or a friend.

This means that you can focus more on the loan payments and getting settled into your new home.

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How Do I Get Involved in this Program?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

You will need to meet all of the qualifications that are required for the program, which means a credit score over 640 and then a debt to income ratio of 45% or less.

Once you meet those requirements and have a loan set up through FHA, VA, USDA, or other conventional means such as Freddie Mac, you can then start looking for a lender that will help you.

You might be able to find a lender that will work with you on the main loan as well as the GSFA gift program.


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Can I Use this for My Second Home?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)


The GSFA gift is meant to be used on a primary residence.

This will be the home that you live in for a while.

However, the gift doesn’t have to be repaid if you make this into a secondary home or a vacation home later on.

But you cannot use it on a secondary home, vacation house, or a rental property when you are starting the program.

This gift is meant to be used for those that are struggling to get a home in the first place.

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Do I Have to be a First Time Home Buyer?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

Nope!  This program can be used by anyone and everyone that meets the requirements.

If you have owned a home in the past or want to move into a bigger or better home, then you will be able to use this loan.

As we have mentioned before, you will need to just meet the requirements that the program requires.

At that point, it won’t matter if you have owned a home before or not.

Even if you’ve owned a home in the past, that doesn’t mean that you’re going to find it easy to save up the amount necessary to pay the down payment and the closing costs for a home now.

This gift is just based on the fact that California people need a little help getting into that home.

Can I Use this on a Home that Hasn’t Been Built Yet?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)


This gift can be used for the down payment on a home that you are building or that is being built by someone else.

However, the plan of the home will still have to meet the requirements of the loan that you are getting in the first place.

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This usually means that the house is 1 to 4 units.

But other than the size requirements, you will only have to worry about what the loan requires you to get.

Why is there an Income Limit?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

The program is meant to be used by those that are medium to low income, which is why there is an income limit.

The income limit might seem a bit high when you look at San Diego county’s limits but you have to consider the price of homes and the kind of monthly payments that they would have to make for a reasonable home in the area.

The limit means that anyone under that amount can get the gift from the GSFA program and get that extra little push when it comes to paying for a home in the area.

What is the Limit for the Gift?

San Diego GSFA Down Payment Assistance Program Q and A (2019 Update)

There is no amount that is the upper limit for the gift.

Instead, the gift is considered in terms of a percentage of the loan amount that you are getting.

You will usually see 3% or 5% for the gift.

It can really depend on what you qualify for.

However, getting even 3% can be a great boost when you are trying to get into that perfect home.

You will be able to get that full 5% if you are going through the FHA, VA, or another conventional loan that has a term of 30 years.

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However, you can still get the 3% through other means and lenders.

There is one limit that you really need to be aware of which is the maximum loan amount that they will give you a gift for, which is $612,950.

If you want to know even more about the GSFA down payment assistance program, then take a look at our main article on the subject.

Of course, you might have more questions about what’s going on with the GSFA program, but I have information about the loan limits, answers to some commonly asked questions, and some pros and cons about the program.

I encourage you to take a look at everything see whether or not the GSFA down payment assistance program is right for you.

If there’s something here that you still don’t quite understand, contact me and I’ll be able to help you get on the right track.

What do you think – is this program for you?

Leave me a comment below – or, call/text me at (760) 297-4539

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