Small Business Owner Becomes Homeowner with HELP Grant Assistance
BOSSIER CITY, La., June 23, 2015 /PRNewswire-USNewswire/ -- Al Amin, 33, owns a small business operating kiosks in two area malls. However, his monthly income did not allow him to save for the down payment on a home. He shared a two-bedroom apartment with his fiancée and her two small children, but Mr. Amin knew his family needed a home of their own.
He turned to BancorpSouth Bank, where he learned about the Homebuyer Equity Leverage Partnership (HELP) program. HELP grants are offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member financial institutions, like BancorpSouth Bank, to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes.
"At BancorpSouth Mortgage, our number one goal for our clients is homeownership," said Carrie Spradling, assistant vice president for BancorpSouth Bank. "The road to homeownership can be full of challenges, and one particular challenge is the down payment. The HELP grant from FHLB Dallas is available to assist buyers with down-payment assistance."
Mr. Amin was awarded a $7,000 HELP grant that was applied toward his down payment and closing costs on a three-bedroom home in Bossier City. "The whole family is excited to have a house," Mr. Amin said, adding that his 3-year-old son loves to run around the backyard. "It gives us more freedom and more responsibility."
In 2015, FHLB Dallas has made $1 million available for the HELP program on a first-come, first-served basis, just as it did in 2014. To date in 2015, BancorpSouth Bank has awarded $48,000 in HELP grants to assist income-qualified, first-time homebuyers.
"FHLB Dallas is delighted to offer the HELP program through our members," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "We value these opportunities for deserving families and individuals."
About BancorpSouth Bank
BancorpSouth Bank was founded over 135 years ago and is headquartered in Tupelo, MS. BancorpSouth Bank began operating in Verona, MS before moving to Tupelo in 1886. Bancorp South Bank offers consumer and commercial banking services and products, mortgage lending services, and investment services. For more information, logon to www.bancorpsouth.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $36.9 billion as of March 31, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
Photo - http://photos.prnewswire.com/prnh/20150623/225199
Logo - http://photos.prnewswire.com/prnh/20150126/171462LOGO
SOURCE Federal Home Loan Bank of Dallas
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