KENNER, La., July 15, 2011 (GLOBE NEWSWIRE) -- Tim and Stacy Couch have dreamed of buying their own home since they were married. Just a few months ago, the dream came true. The couple was able to purchase a three-bedroom home in Kenner, Louisiana, just a block over from the street where Mr. Couch grew up.
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"I can't even put it into words how I feel. I never thought this year would come," Mrs. Couch said.
The Couches were able to purchase their home with the help of the city of Kenner's soft second mortgage funds and a $4,600 Homebuyer Equity Leverage Partnership (HELP) grant from Fidelity Homestead Savings Bank and the Federal Home Loan Bank of Dallas.
The HELP grant enabled the Couches to qualify for the city of Kenner funds, which required a specific income-debt ratio.
"We'd been married for six years. We had built up our credit score and we had been saving, saving, saving, but the numbers were just not adding up," Mrs. Couch said. A loan officer with Fidelity Homestead Savings Bank told the Couches about FHLB Dallas's HELP program.
"Acquiring the HELP grant funds was a breeze. Our loan officer at Fidelity Savings Bank had all the paperwork prepared and all I had to do was go in and sign everything. She heard back a week and a half later," Mrs. Couch said.
Since 2008, nearly $90,000 in HELP grant funds have been awarded through Fidelity Homestead Savings Bank to assist nearly 20 first-time homebuyers with their down payment and closing costs.
"The Couches are the poster family for why Fidelity Homestead Savings Bank is proud to be a member of the Federal Home Loan Bank of Dallas. Through the HELP program we are able to assist families, like the Couches, in achieving their lifelong dreams of homeownership," said Karin Coleman, Vice President for Fidelity Homestead Savings Bank. "Many of the families we have helped would not have been able to realize those dreams if it had not been for the HELP program."
The Couches have been in their home for about four months.
"My children love having their own bedrooms," said Mrs. Couch, who has a 5-year-old son and a 2-year-old daughter. "This is the very first time they've had their own rooms. We love the house and the location. Plus, we are just two blocks away from the apartment we were renting, so my children didn't have to change school districts."
Since moving into their home, the family has had a lot to celebrate.
"We closed March 15th, a day after my mom's birthday," Mrs. Couch said. "Both our children's birthdays are in April. We moved in and still had things in boxes and we were throwing birthday parties. Our friends and family didn't care."
HELP grants assist income-qualified, first-time homebuyers with down payment and closing costs. The funds are available through FHLB Dallas member institutions, such as Fidelity Homestead Savings Bank. In 2010, FHLB Dallas awarded $3 million in HELP funds through its member institutions to assist eligible families within the Bank's five-state District. In 2011, FHLB Dallas has made $1.7 million in HELP funds available to its members. HELP grant recipients can receive up to $5,000 in grant money. The amount may increase up to $7,000 if a member, or another mortgage lender, contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
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 $33.2 billion as of March 31, 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.
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