The scheme – the first of its kind in Scotland – allows firsttime buyers who work within NHS Greater Glasgow and Clyde to apply for up to a 90% mortgage and secure the funds for an interest-free deposit on a property.
The health board say it will allow staff to move closer to the new South Glasgow Hospital, in Govan, which is scheduled to open in 2015.
Six nurses have already bought homes thanks to the scheme which is a partnership between NHSGGC, Glasgow Credit Union and Cruden Homes.
Funding packages backed by the Scottish Government and Glasgow City Council are available for four Cruden developments in Govan.
The mortgages are supplied by Glasgow Credit Union and the funds for the deposit come from the NHS Credit Union.
According to the Council of Mortgage Lenders, mortgage advances to first-time buyers have dropped by more than 50% in just three years – 35,300 in 2007 to 17,600 in 2010.
The average price of a one-bedroom flat in Glasgow is £100,000 and most traditional mortgages require a deposit of 20% or £25,000.
Hannah Buist, 27, a paediatric nurse at the Royal Hospital for Sick Children was one of the first to take advantage of the service. The hospital will close in 2015 when the new Southern General opens.
Hannah and her partner Graeme, 29, a manager, had been renting for 18 months in Partick before taking the decision to buy.
Hannah said: "Despite having very little deposit, we were able to secure a 90% mortgage.
"We instantly fell in love with the one-bedroom apartment and we are over the moon to finally have our own place.
"The apartment is situated across from the Subway station which means I can easily get to Yorkhill and, when I move to the new children's hospital on the Southern campus, I can walk to work."
The new South Glasgow Hospital will have 1109 beds for adults alongside 256 children's beds, providing maternity, paediatric and acute services on one site.
Ian Reid, director of human resources for NHSGGC said: "With the building on track for completion in 2015, we are already seeing staff want to move home in anticipation of their new place of work opening its doors.
"This new service is a superb opportunity for our staff to make their house move a reality."
Robert Kelly, General Manager of the NHS Credit Union, said: "The innovative nature of the product has delivered a tangible and real difference to the members who have accessed it.
"This is especially relevant in the current economic climate where the pressures on accessing finance options for home ownership are so tough."