NORTH LITTLE ROCK, Ark., May 27, 2010 (GLOBE NEWSWIRE) -- After renting for four years, Hollie Lewis decided it was time to take a step towards homeownership. A close friend, who is a realtor, referred Ms. Lewis to First Financial Bank for more information regarding a Homebuyer Equity Leverage Partnership (HELP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas).
Ms. Lewis works at Arkansas Children's Hospital and just completed a Master's degree in public health. She is a single-mother of two young children, ages 8 and 4, and said she spent the past couple years paying off debt and preparing her credit for homeownership.
Carla Nettles, branch manager at First Financial Bank in North Little Rock, Arkansas, worked with Ms. Lewis to help her qualify for a $3119 HELP grant to assist with down payment and closing costs on a new home.
HELP, a first-time homebuyers program available through FHLB Dallas member institutions, such as First Financial Bank, provides grant funds to assist income-qualified, first-time homebuyers with down payment and/or closing costs on a new or existing home. In 2010, FHLB Dallas set aside $3 million in HELP funds, and each HELP recipient is eligible to receive up to $5,000. If a member financial institution contributes at least $350 towards costs associated with providing the mortgage to the homeowner, the homeowner is eligible to receive up to $7,000 in grant funds.
"The grant was truly a blessing. It covered most of my upfront costs and helped me lower my mortgage payment to what I paid in rent," said Ms. Lewis. "I think I actually came out ahead because my rent was about to go up again."
Ms. Lewis's 3-bedroom, 1.5 bathroom home was built in the mid-1970s. She said it is located in a nice, quiet neighborhood with great schools. She also said the yard is beautifully landscaped with flower and vegetable gardens.
"I had been looking for a little, and immediately jumped on this home when it became available," said Ms. Lewis. "It was perfect. I made an offer only three hours after it was put on the market."
Ms. Nettles said she recently began using the FHLB Dallas HELP program, and is very enthusiastic about the positive impact it has had on her clients.
"First Financial Bank is utilizing HELP funds to benefit the people in our community," said Ms. Nettles. "It is a great program, and there is such a need for it. When I sat down with Ms. Lewis, we decided it was better to get her into her own home with a fixed mortgage payment rather than risk an annual increase in rent. I'm just tickled pink for the clients I can help by using this program."
Ms. Lewis closed on her home in April and she and her children moved in mid-May, shortly after Ms. Lewis's graduation ceremony. Ms. Lewis said she highly recommends the HELP program and First Financial Bank to anyone that may qualify for assistance.
For more information about FHLB Dallas programs, contact the Corporate Communications Department at 214.441.8445.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.7 billion as of March 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013