Greater Nevada Mortgage opens applications for $50,000 grants available to middle-income, first-time homebuyers
Submitted by Carson Now Reader on Wed, 05/29/2024 - 9:00am
Greater Nevada Mortgage (GNM), a subsidiary of Greater Nevada Credit Union (GNCU), has opened applications for the Middle-Income Down Payment Assistance program.
The program, made possible by the Federal Home Loan Bank (FHLB) of San Francisco, will provide access for up to $20 million, helping make homeownership a reality for qualified middle-income homebuyers looking to purchase their first home.
As an approved lender, GNM will offer up to $2 million, for as long as the funds are still available through the FHLB. Eligible homebuyers may receive $50,000 towards closing costs and down payment assistance. Grants will be awarded to eligible applicants on a first-come, first-served basis. The competition for these funds will occur across multiple states, so participants are encouraged to act quickly.
The program aims to help make homeownership, amidst rising interest rates and the increased cost of housing, a reality for qualifying middle-income families and individuals—those earning between 80.01% to 140% of the area median income in the area where the property is located. Full eligibility and application requirements can be found online. A free webinar explaining the program is set for 6 p.m., Thursday, May 30. Qualified grant applicants are encouraged to apply for a mortgage through the online application process or by scheduling an appointment through the GNM website, found at greaternevadamortgage.com. GNM consultants will follow up to gather additional information.
“Now, in its second year, we’ve seen the life-changing impact that this program can have on grant recipients in making homeownership possible,” said James Anderson, president of Greater Nevada Mortgage. “We recognize the challenges many people face when purchasing a home. This program provides a unique opportunity for working families and individuals who serve our community. We encourage those interested to apply quickly, as this is a considerable amount of money for down payment assistance, and this 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 in order to secure a $50,000 grant to assist with downpayment and closing costs. 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. Greater Nevada Credit Union is offering access to homebuyer counseling programs at no cost for those who apply through Greater Nevada Mortgage.
“I never thought it was ever going to be possible for us to afford to buy a home,” said Justina Yellowhair, a 2023 recipient of GNM’s Middle-Income Down Payment Assistance program. “It is such a huge accomplishment – considering where and how my husband and I grew up – to be here now and to be homeowners.”
GNM’s lending experts are available to help answer questions and assist homebuyers in navigating the purchase of their first home. Those interested in learning more can register for the free webinar or apply for the Middle-Income Down Payment program online.
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.
