New program offers down payment help for first-time homebuyers

First-time homebuyers in Nevada can receive help with their down payment through a grant program funded by the Federal Home Loan Bank of San Francisco.

The cooperative announced Wednesday that eligible low- to moderate-income households can receive 4-to-1 matching grants of up to $22,000 for down payment assistance and closing costs.

FHLBank San Francisco is partnering with 36 of its member financial institutions to disperse the $11 million in grants with Greater Nevada Credit Union and WestStar Credit Union serving as its Nevada partners.

Buyers interested in the program should contact either Greater Nevada Credit Union or WestStar Credit Union for details.

FHLBank San Francisco Chief Executive Teresa Bazemore said in a statement that homeownership is key to helping stabilize underserved communities impacted by the pandemic.

“These grants play a crucial role in helping lower-income homebuyers put down roots in their communities and revitalize local economies,” said Bazemore.

Contact Subrina Hudson at shudson@reviewjournal.com or 702-383-0340. Follow @SubrinaH on Twitter.