CLINTON, Miss., Dec. 5, 2011 (GLOBE NEWSWIRE) -- Before moving his family into their own home earlier this year, John Bullard was paying $900 a month to rent a townhouse that really didn't provide his family enough growing room. When he realized he could pay about the same amount on a mortgage if he bought a home, he knew it was time to make a change, but he wasn't sure he could qualify for the loan.
"My wife, Breanna, is a stay-at-home mom, so we didn't know if we could qualify with a just a single income," Mr. Bullard said.
The property the family ultimately decided to buy was Mr. Bullard's parents' home in Clinton, Mississippi. "They had done business with BankPlus in Jackson in the past, so that's where we went when we decided we wanted to buy this house," Mr. Bullard said.
The Bullards were able to obtain their mortgage with the aid of a $7,000 Homebuyer Equity Leverage Partnership (HELP) grant through BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) .
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 BankPlus. In 2011, FHLB Dallas made $1.7 million in HELP funds available to its members. HELP grant recipients can receive up to $5,000 in grant money, but the amount may increase to $7,000 if a member, or another mortgage lender, contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
"I'm happy BankPlus was here to assist the Bullard family with a mortgage loan and HELP grant," said Mark Ouellette, vice president and director of Affordable Housing at BankPlus. "First-time homebuyers often just need someone to listen. When lenders listen, we are better able to address their needs. HELP grants have helped dozens of families in our community and have proven to be invaluable in providing down payment and closing cost assistance to first-time homebuyers."
Since 2002, nearly $750,000 in HELP grant funds have been awarded through BankPlus to assist nearly 125 first-time homebuyers with their down payment and closing costs.
The Bullards moved into their four-bedroom, two-bath home in April, and there's more than enough room for them. Sons Jesse and Mason have their own rooms, and Breanna uses one of the bedrooms for her photography business.
"Becoming a homeowner changes your attitude about a lot of things," said Mr. Bullard, who is employed by a sporting goods retailer. "When I go to work now it's different, because I know I'm really working for something."
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 September 30, 2011, 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 website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About BankPlus
BankPlus, with total assets of more than $2.2 billion, has over 60 banking offices in 33 Mississippi communities. In addition to its Belzoni Main Office, other BankPlus offices are located in Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. For additional information on BankPlus, please visit www.BankPlus.net.