HATTIESBURG, Miss., March 2, 2012 (GLOBE NEWSWIRE) -- Chrissy Black, a 25-year-old recent graduate of the University of Southern Mississippi, had been renting a room from a close friend who had purchased a house soon after graduation. She considered her monthly rent payment, and wondered if homeownership could be an option for her as well.
Ms. Black is originally from Hattiesburg, Mississippi, but attended high school in Chicago. She has family in the area and after taking a job working as an admissions counselor at the university, she knew she wanted to make Hattiesburg her permanent home.
"Rather than helping my friend pay her mortgage, I wanted to put my money toward my own mortgage," said Ms. Black. "I got the idea when several of my friends began purchasing homes – I had one friend even build a home – and that made me realize that maybe homeownership wasn't as far out of reach as I thought. I did some research, and approached The First for financing. From there, they really held my hand and walked me through the process."
The Homebuyer Equity Leverage Partnership (HELP) program provides grant funding to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes. HELP grants are available on a first-come, first-served basis through Federal Home Loan Bank of Dallas (FHLB Dallas) member institutions, such as The First. Approximately $1.7 million in HELP grants was awarded in 2011 through FHLB Dallas and its member institutions, and $1 million in HELP funds were allocated for 2012.
"HELP has been great in helping local first-time homebuyers achieve homeownership," said Jerome Brown, vice president and director of community development at The First. "Ms. Black is just starting out, and was a great candidate for the HELP grant. At such a young age, she now owns a home and can build on her investment. Homeownership is quite an accomplishment for a young adult, and The First was happy to assist her in the process."
The First helped Ms. Black qualify for a $7,000 HELP grant, which enabled her to purchase a quaint three-bedroom, two-bathroom home. She moved into her home in August 2011, and said she is especially enjoying the extra living space and the backyard for her dog. Ms. Black said the grant funds covered all of her down payment and closing costs, and made her monthly mortgage more affordable.
"I am so grateful for The First – I couldn't have done this without their help and guidance," said Ms. Black. "They truly care about their customers, and through this experience, they have earned my business for life."
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 $33.8 billion as of December 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013