HOUSING HELP: New Program Offers Up to $50,000 in Down Payment Assistance for First-Time Homebuyers in Nevada

According to The Sun USA, First-time homebuyers in Nevada have a unique opportunity to receive substantial financial assistance thanks to a new program designed to ease the challenges of entering the housing market. The initiative, launched by Greater Nevada Mortgage (GNM), a subsidiary of Greater Nevada Credit Union, offers up to $50,000 in down payment support.

GNM recently joined the Federal Home Loan Bank of San Francisco’s Middle-Income Down Payment Assistance Program. This program aims to help at least 35 eligible homebuyers with their down payments and closing costs, potentially overcoming barriers to home ownership.

Eric Cicourel, community investment officer at the Federal Home Loan Bank of San Francisco, highlighted the program’s goal to make home ownership more accessible. He noted that the initiative has already allocated $1.75 million to assist middle-class homebuyers in Nevada, Arizona, and California, with a total of approximately $30 million distributed so far.

One of the beneficiaries, Destiny White from Henderson, just southeast of Las Vegas, shared her experience with the program. White received a $50,000 grant, which she described as a significant boost toward her financial security and long-term goals. “This grant has been a major help in building generational wealth and a financial security blanket,” White said.

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While applications for this year have closed, future first-time homebuyers can prepare for upcoming opportunities by understanding the program’s eligibility requirements:

First-Time Homebuyer Status: Applicants must meet the U.S. Department of Housing and Urban Development (HUD) definition of a first-time homebuyer.

Income Requirements: Applicants’ earnings must fall between 80.01% and 140% of the HUD Area Median Income Limits, depending on household size.

Homebuyer Counseling: Completion of a homebuyer counseling program is required.

Qualifying Property: The property must be a single-family home, condo, cooperative housing, or a multi-unit property with at least one owner-occupied unit in Nevada.

Open Escrow: The home must have an open escrow with a closing date at least 60 days before applying for the grant.

Minimum Payment: A minimum payment of $10,000 on the home is required.

Those interested in learning more about the program or seeking assistance can contact GNM. Additionally, other states offer financial aid programs; for example, some California residents might qualify for $500 monthly payments through a guaranteed income initiative, and select women in Georgia could receive $1,000 monthly for three years through a unique program.