AZTEC, N.M., Oct. 5, 2011 (GLOBE NEWSWIRE) -- Amber Mason, 27, lived a quiet lifestyle at home with her parents and worked at a local medical billing office. She began noticing advertisements for the Economic Council Helping Others (ECHO) Inc. and its Home Ownership Problems Eliminated (HOPE) housing program, which provides financial and educational assistance to income-qualified homebuyers. Initially, she thought the program sounded too good to be true, but as she learned more, she thought she might potentially qualify and purchase a home of her own.
ECHO, a nonprofit organization that provides a variety of services to low-income residents in San Juan County, has partnered with Four Corners Community Bank for the past two years to assist first-time homebuyers in obtaining homeownership. Through this partnership, ECHO is able to utilize the Federal Home Loan Bank of Dallas's (FHLB Dallas's) Homebuyer Equity Leverage Partnership (HELP) program. HELP provides grant funding to its member institutions, such as Four Corners Community Bank, to provide first-time homebuyers with down payment and closing cost assistance on new or existing homes. Through this partnership, ECHO and Four Corners Community Bank have awarded six HELP grants within the past two years.
"HELP has proven to be a tremendous resource for low-income families that wish to purchase a home," said Leslie Schnell, compliance officer with Four Corners Community Bank and chairman of ECHO Inc. "HELP enables these families to make ends meet during the purchase, and we are very fortunate to work with ECHO to easily distribute these funds to deserving homebuyers. Community banking is all about giving back to the communities we serve, and the HELP program has allowed us to turn many families into happy homeowners."
Ms. Mason moved into her three-bedroom, two-bathroom home in May 2011. She was also able to choose her paint color, flooring, and cabinets in order to make her new home feel truly hers.
"I'm just glad I followed up to find out what opportunities are available for first-time homebuyers," said Ms. Mason. "My home is beautiful, and I feel very blessed to have had this opportunity – I never dreamed I would own a home at this age."
Ms. Mason worked with Rosalyn Fry, housing director at ECHO, who walked her through the process.
"The paperwork was a bit overwhelming, but it was worth it," said Ms. Mason. "I couldn't have done it without ECHO's assistance."
Ms. Fry works with various organizations to ensure that her clients receive the best financing options. In addition to the $5,000 HELP grant, Ms. Mason qualified for a low-interest loan through the U.S. Department of Agriculture Rural Development Mortgage Loan Program.
"Despite the current economic environment, purchasing a home remains a priority for many San Juan County residents," said Ms. Fry. "The ECHO HOPE program utilizes many different resources in order to help these families reach their goal. Owning a home is the most valuable asset for most families, and Ms. Mason will have a head start thanks to this wonderful program and our partnerships."
The ECHO HOPE program further assists families by providing pre-purchase counseling, homebuyer education and financial literacy courses.
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.
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