RENO, Nev.— Greater Nevada Mortgage (GNM), a subsidiary of Greater Nevada Credit Union (GNCU), said it 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 program launched, GNM said it has 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.”
GNM said that under the program, eligible buyers who contribute a minimum of $10,000 may qualify for a $50,000 grant to assist with down payments 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.
Helping Middle-Income Buyers
“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,” Greater Nevada Mortgage said in a statement. “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.”
According to GNM, in 2025 alone it 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.
Reducing Barriers
“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,” Jeff Newbury, senior vice president of mortgage lending for Greater Nevada Mortgage, said in a statement. “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.”
