Middle-Income Downpayment Assistance Grants

By partnering with the Federal Home Loan Bank of San Francisco, Greater Nevada Mortgage is proud to offer first-time homebuyers access to federal down payment assistance programs like the Middle-Income Downpayment Assistance grant program. This program is designed to help put sustainable homeownership within reach for more families and individuals — including many who are among the most essential members of our community, like teachers, police officers, firefighters, and administrative and other service workers.

To be eligible for Middle-Income Downpayment Assistance grant funds, the homebuyer must:

• Be a first-time homebuyer, as defined by the U.S. Department of Housing and Urban Development (HUD);
• Fulfill income eligibility requirements, as published by the Bank at the time disbursement is requested. Such income eligibility requirements will at minimum require the homebuyer household to have earnings between 80.01% and 140% of the HUD defined AMI based on purchase property address and adjusted for household size;
• Successfully complete a homebuyer counseling program;
• Purchase an eligible property as their primary residence in Arizona, California, or Nevada. Such property may include (1) single-family homes, such as a condominium, cooperative housing, and manufactured homes, and (2) housing with two to four dwelling units with at least one owner-occupied unit;
• Open escrow on a home purchase transaction, with closing scheduled within 60 days prior to requesting program funds; and
• Make a minimum contribution of $10,000, which may come from savings or gifted funds.

More information on this grant program can be found on the Federal Home Loan Bank of San Francisco’s website. If you’d like to learn more about Middle-Income Downpayment Assistance grants or other down payment assistance programs, you can contact us and one of our lending experts will be happy to help.