RENO, NV (August 29, 2025) |
Greater Nevada Mortgage (GNM), a subsidiary of Greater Nevada Credit Union (GNCU), 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 (FHLB). Since the innovative program launched, 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. Many down payment assistance programs support lower-income households. This program helps middle-income families who often earn too much to be eligible for traditional assistance but still struggle to save for a down payment. It supports first-time buyers earning between 80% and 140% of the area’s median income, finding that rising home prices make it difficult to take the first step into homeownership.
This year alone, GNM facilitated 10% of the FHLB’s total Middle-Income Down Payment Assistance Program loans across Nevada, California, and Arizona. 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 Greater Nevada Mortgage. “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 here in Nevada. 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 dedicate resources and
lend our expertise because it aligns with our passion, 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 Greater Nevada Mortgage, 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.”
While the Middle Income Down Payment Assistance program is closed for 2025, 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. If the FHLB program is offered again in 2026, GNM plans to participate and support borrowers in the application and funding process. Visit GreaterNevadaMortgage.com to learn more.