AZTEC, N.M., Sept. 30, 2011 (GLOBE NEWSWIRE) -- Wendy Henderson, a single mother living in Aztec, New Mexico, said homeownership has opened the door for a new life and new opportunities for her and her two children, Megan and Preston, thanks in part to a $5,000 Homebuyer Equity Leverage Partnership (HELP) grant she received through Four Corners Community Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Ms. Henderson had always rented a home for her family, and between working full-time and attending nursing school, she didn't think she had any other option. The idea of homeownership had always been one of her life-long goals, but she never thought she would be able to make a purchase anytime soon. As her family grew, she decided to make buying a home a priority. With two semesters remaining in nursing school, she decided to begin exploring her options.
Ms. Henderson worked more than eight years as a loan assistant at Four Corners Community Bank, but knew very little about the bank's partnership with FHLB Dallas. When she approached a former colleague at the bank about homeownership, she was referred to Economic Council Helping Others (ECHO) Inc. and its Home Ownership Problems Eliminated (HOPE) housing program.
For the past two years, ECHO and Four Corners Community Bank have partnered to facilitate HELP funding to low-income, first-time homebuyers in San Juan County. HELP is available through FHLB Dallas member institutions, such as Four Corners Community Bank, to provide grant funds to assist income-qualified, first-time homebuyers with down payment and closing costs on newly constructed or existing homes.
"While the last few years have brought on many challenges, owning a home continues to be a goal for so many residents living and working in San Juan County," said Leslie Schnell, compliance officer with Four Corners Community Bank and chairman of ECHO Inc. "The bank is always looking for new ways to help the community, and partnering with ECHO Inc. to bring the FHLB Dallas HELP grants to members of our community is just one of the ways we are able to contribute to the success of San Juan County. It brings me joy to be a part of such an amazing program that has helped more than 25 families in our community realize the dream of owning a home."
In 2011, FHLB Dallas set aside $1.7 million in HELP funds to provide eligible recipients up to $5,000. The amount may be increased up to $7,000 if a member financial institution or another mortgage lender contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
With the help of Rosalyn Fry, housing director at ECHO, Ms. Henderson was able to qualify for a HELP grant and purchase her first home.
"This is such a wonderful program," said Ms. Henderson. "I had no idea anything like this was available, and that I could qualify. I don't think people realize what it takes to purchase a home. The grant helped me make ends meet, and I am actually paying the same amount for a four-bedroom home as I was for a two-bedroom apartment."
In addition to the HELP grant, Ms. Henderson qualified for lower financing through the U.S. Department of Agriculture Rural Development Mortgage Loan Program. She also qualified for an Individual Development Account (IDA), which matched 4:1 every dollar Ms. Henderson saved, up to $1,000. ECHO works diligently with various private and federal programs to ensure that its clients receive the best funding resources for their needs.
"The ECHO HOPE program is assisting families by providing pre-purchase counseling, home buyer education and financial literacy classes," said Ms. Fry. "Our partnership with Four Corner's Community Bank and the Federal Home Loan Bank has benefited many deserving families by providing additional subsidy through the HELP program to make their homes more affordable. It is always exciting to hand over the keys of a new home to our happy families."
Ms. Henderson, Megan, and Preston moved into their four-bedroom, two-bathroom home in May 2011. Ms. Henderson was able to choose her lot, and make her home her own by choosing the floor plan, paint colors, cabinets, flooring, and window coverings. Ms. Henderson said both her children now have their own rooms, and they really enjoy playing in the backyard. She has converted one of the bedrooms into a study for Megan, who is now in fourth grade.
"I never thought I would be here, especially right now," said Ms. Henderson. "It's just wonderful for my family."
About Four Corners Community Bank
For over a decade, Four Corners Community Bank (FCCB) has focused its strengths on being a safe, sound and local independent bank dedicated to providing better than expected service to the local communities it serves. Headquartered in Farmington, New Mexico, the bank serves San Juan and Montezuma counties with five locations: 500 W. Main, 2811 East 20th St., 5900 E. Main, in Farmington, NM, 1301 W. Aztec Blvd. in Aztec, NM and 343 E. Main in Cortez, CO. For more information, please visit www.thebankforme.com or contact (505) 327-3222. Member FDIC.
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 $31.4 billion as of June 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans 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 website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013