57.2 F
Reno

Greater Nevada Mortgage Grants $1.75 Million in Down Payment Assistance to Middle-Income, First-Time Homebuyers (sponsored)

Date:

Getting your Trinity Audio player ready...

FHLBank San Francisco’s Middle-Income Down Payment Assistance program empowered 35 qualified homebuyers to achieve homeownership amid the challenging home-buying market.

Greater Nevada Mortgage, a subsidiary of Greater Nevada Credit Union, enabled 35 first-time homebuyers to pursue homeownership by facilitating grants through the Federal Home Loan Bank of San Francisco’s Middle-Income Down Payment Assistance program. As an approved participant in this program, GNM provided $1.75 million in funds for down payments and closing costs to help remove common barriers to purchasing a home.

Amid high interest rates and the increased cost of housing, the program aims to help make homeownership a reality for qualified middle-income families and individuals like Destiny White who was awarded a $50,000 grant through the 2024 program and is purchasing a home in Henderson, Nevada.

“I got a big boost towards financial security,” White said, “I didn’t have that before, and now I’m building generational wealth and I’m building a financial security blanket. This grant definitely helped me get closer to those long-term goals I set out to achieve.”

With FHLB San Francisco’s Middle-Income Down Payment Assistance program, eligible homebuyers who contributed a minimum of $10,000 qualified for a grant of $50,000 to assist with their down payment and closing costs. To be eligible for these funds, applicants had to be a first-time homebuyer, fulfill income eligibility requirements, complete a homebuyer counseling program, and purchase an eligible property in Nevada, Arizona or California as their primary residence. GNCU offered access to homebuyer counseling programs at no cost for those who applied through GNM.

“At the Federal Home Loan Bank of San Francisco, we understand the critical need to support middle-income households in achieving the dream of homeownership in our high-cost district,” said Eric Cicourel, community investment officer at FHLBank San Francisco. “Over the last two years, we have committed to fund $30 million in downpayment assistance through our member financial institutions for households earning from 80% up to 140% of area median income, allowing homeownership to become a reality for hundreds of families and individuals in Arizona, California and Nevada.”

Although FHLBank San Francisco’s Middle-Income Down Payment Assistance program for 2024 has concluded, GNM offers several other assistance programs to help homebuyers overcome barriers to homeownership. James Anderson, president of GNM, encourages those interested to explore programs online at GreaterNevadaMortgage.com and to reach out, even if they fear it may be out of grasp. 

“We realize there are several barriers that families and individuals may face when purchasing their first home,” said Anderson. “Our team at GNM helps buyers explore options and create a path to help them overcome those challenges––we don’t want people to throw away the dream of homeownership. Owning a home not only provides a place where they can build lasting memories, but it’s also one of the keys to building wealth for themselves and their loved ones in the long term.”

GNM’s lending professionals are available to help answer questions and assist homebuyers in navigating the purchase of a home. For more information visit greaternevadamortgage.com

About Greater Nevada Mortgage
Founded in 2001, Greater Nevada Mortgage (GNM) is a wholly owned subsidiary of Greater Nevada Credit Union, a not-for-profit financial institution. Greater Nevada Mortgage provides mortgage lending products to meet the needs of a variety of borrowers throughout Nevada and California, from investors to first-time homebuyers, and also offers local underwriting and closing. GNM has been named a top mortgage lender in several of its service areas, a best place to work, and the 2017 recipient of the International Service Excellence Award in the small business category by the Customer Service Institute of America. For more information about GNM, call (800) 526-6999 or visit GreaterNevadaMortgage.com.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-owned cooperative supporting local lenders in Arizona, California, and Nevada to build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

ThisIsReno
ThisIsRenohttps://thisisreno.com
This Is Reno is your source for award-winning independent, online Reno news and events since 2009. We are locally owned and operated.

TRENDING

RENO EVENTS

MORE RENO NEWS