Exploring Down Payment Assistance Programs: CAFA, SETH, and GSFA

For many prospective homebuyers, saving for a down payment can be one of the biggest obstacles to purchasing a home. Fortunately, down payment assistance (DPA) programs are available to help bridge that gap, making homeownership more accessible. At Reliant Mortgage, we’re excited to offer three excellent DPA programs: the CAFA (Capital Area Finance Authority), SETH (Southeast Texas Housing Finance Corporation), and GSFA (Golden State Finance Authority) programs. Each of these programs provides unique benefits to eligible homebuyers, helping to make the dream of homeownership a reality.

Capital Area Finance Authority (CAFA) Down Payment Assistance

The CAFA program is designed to help homebuyers in Louisiana by providing down payment and closing cost assistance. This program offers various options, including grants and second mortgages, to help cover the costs associated with purchasing a home. One of the standout features of CAFA is that it offers forgivable grants, meaning that if you meet certain conditions, you won’t have to repay the assistance. This program is an excellent option for first-time homebuyers or those looking to purchase in designated areas within Louisiana.

Southeast Texas Housing Finance Corporation (SETH) Down Payment Assistance

The SETH program is tailored for homebuyers in Texas, offering down payment and closing cost assistance through various programs such as the 5 Star Texas Advantage Program. SETH provides both grants and repayable second mortgages to help cover the initial costs of purchasing a home. What sets SETH apart is its flexibility; it’s available to first-time and repeat homebuyers alike, and it can be used in conjunction with FHA, VA, USDA, and conventional loans. The SETH program is a fantastic option for Texas residents looking to secure affordable home financing with minimal upfront costs.

Golden State Finance Authority (GSFA) Down Payment Assistance

The GSFA program is a prominent DPA option for homebuyers in California. It offers grants and second mortgages that can be used to cover down payment and closing costs, significantly reducing the amount of money needed upfront. GSFA’s Platinum Program is especially noteworthy because it provides assistance that can be partially or fully forgiven after a certain period, making it an attractive choice for homebuyers. This program is available for a variety of loan types, including FHA, VA, USDA, and conventional loans, and it’s open to both first-time and repeat homebuyers.

Why Consider Down Payment Assistance Programs?

Down payment assistance programs like CAFA, SETH, and GSFA are invaluable resources for homebuyers who may struggle to save for a down payment. These programs can significantly reduce the financial burden of buying a home, allowing you to allocate more of your savings toward other important expenses. Additionally, many of these programs offer grants that don’t need to be repaid, providing a financial cushion that can make the process of purchasing a home much smoother.

How to Get Started

If you’re interested in learning more about these down payment assistance programs and how they can help you achieve your homeownership goals, we’re here to help. Our team at Reliant Mortgage is ready to guide you through the process, ensuring that you find the best program to meet your needs. Don’t let the fear of a large down payment hold you back—explore your options today and take the first step toward owning your dream home.

To get started or to see if you qualify for one of these programs, contact us at Reliant Mortgage, and let’s make your homeownership dreams a reality. Click here to learn more!