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Greater Nevada Mortgage Helps 75 First-Time Buyers Become Homeowners With $3.75 Million in Forgivable Grants Over Three Years
Greater Nevada Mortgage (GNM), a subsidiary of Greater Nevada Credit Union, has helped 75 first-time buyers achieve homeownership over the past three program years through the Middle-Income Down Payment Assistance Program from the Federal Home Loan Bank of San Francisco. In total, GNM secured $3.75 million in forgivable grants for eligible buyers: $1 million in 2023, $1.75 million in 2024, and another $1 million in 2025, placing Greater Nevada among the most successful participants in this competitive grant process.
Under the program, eligible buyers who contribute a minimum of $10,000 may qualify for a $50,000 grant to assist with down payment and closing costs. Applicants must be first-time homebuyers, meet income eligibility requirements, complete a homebuyer counseling program, and purchase an eligible property in Nevada or California as their primary residence.
The program aims to reduce the financial barriers to first-time homeownership amidst rising housing prices. Home values have risen nationwide, making the increased cost of homeownership a reality for qualifying buyers in the region—those earning between 80.1% and 140% of the area median income where the property is located.
This year alone, GNM facilitated 10% of the FHLB’s total Middle-Income Down Payment Assistance Program loans across three states. With a lender limit of $1 million, 20 grants were made possible for these eligible Nevadans through GNM.
“For the past three years, we have fully utilized the funds allotted to us through this program, and we are proud to help qualifying first-time buyers access the full $50,000 grant,” said Jeff Newbury, Senior Vice President of Mortgage Lending for GNM. “Because these are forgivable grants that do not have to be repaid and are not liens on the property, they meaningfully reduce barriers to homeownership and allow buyers to focus on building a stronger financial future.”
“Enabling first-time homeownership is more than just originating a loan,” Newbury said. “It opens a door to generational wealth and helps families put down roots where they can thrive. Our team works closely with borrowers to meet every requirement, promote the program, and move quickly to secure approvals. When funding opens, it is a sprint — and we are built for it — so we believe we are uniquely qualified to support borrowers across the Silver State.”
“We are delighted by the remarkable interest in our Middle-Income Down Payment Assistance Program and are proud to partner with our member financial institutions, including GNM, to deliver these funds to hard-working first-time homebuyers who often have stable incomes but struggle to come up with enough money to cover the down payment and closing costs to buy a home,” said Eric Cicourel, Community Investment Officer at FHLBank San Francisco. “With current market conditions and the high cost of housing in our communities, this funding can make all the difference in middle-income workers and their families having an opportunity to own a home in the communities where they make essential contributions.”
Newbury encourages people interested in owning a home to contact GNM, even if homeownership may currently seem like a challenging goal. Down payment assistance programs like these are among the tools GNM can leverage to help more Nevadans take greater strides toward homeownership.
