Mortgage co. offering $50,000 grants to first-time homebuyers

Reno – Greater Nevada Mortgage, a subsidiary of Greater Nevada Credit Union, has opened applications for the Middle-Income Down Payment Assistance program. The program, made possible by the Federal Home Loan Bank of San Francisco, will provide up to $10 million in total funding for approved lenders to access, helping make homeownership a reality for qualified middle-income homebuyers looking to purchase their first home in eligible states. 

As an approved lender for this program, GNM will accept qualified applications from Nevada and California purchasers for as long as FHLB funds remain available. Eligible homebuyers may receive up to $50,000 toward closing costs and down payment assistance. Grants will be awarded to eligible applicants on a first-come, first-served basis. These funds are available across multiple states, so interested homebuyers are encouraged to act quickly.

Amid rising interest rates and increased housing costs, the program aims to help turn qualified middle-income families and individuals into homeowners. Eligible grant applicants are those earning between 80.01% and 140% of the area median income where the property is located. Full eligibility and application requirements can be found online. Qualified homebuyers are encouraged to apply for a mortgage through the online application process, or schedule an appointment through the Greater Nevada Mortgage website at greaternevadamortgage.com. 

“Greater Nevada has been one of the more successful lenders in the three years this program has been around,” said Jeff Newbury, senior vice president of mortgage lending at GNM. “We understand that with the high cost of homes and tight demand, these programs can have a generational impact for homeowners. Our talented team is here to assist homebuyers navigate this program and increase their likelihood of success. This program provides a unique opportunity for working families and individuals who serve our community, as the assistance is a grant that doesn’t need to be paid back and isn’t a lien on the property.”

The Middle-Income Down Payment Assistance program requires eligible homebuyers to contribute a minimum of $10,000 to secure a $50,000 grant. To be eligible for these funds, applicants must be a first-time homebuyer as defined by the U.S. Department of Housing and Urban Development (HUD), fulfill income eligibility requirements, complete a homebuyer counseling program and purchase an eligible property in Nevada, Arizona or California as their primary residence. GNCU is offering access to homebuyer counseling programs at no cost for those who apply through GNM.