Residents of Northern Texas will be receiving a much needed opportunity to become homeowners. As an area known for having some of the lowest ownership rates in the state, future homeowners will be able to participate in the Affordable Housing Loan Program, a new initiative from Dallas Neighborhood Homes, a nonprofit mortgage servicing provider. Working alongside Dallas Area Habitat for Humanity, Dallas Neighborhood Homes aims to provide 100 or more loans each year across the next five years. These loans will benefit low-income residents.
In an effort to help those prospective homeowners that have minimal access to mortgages and the resources necessary for home ownership, the Affordable Housing Loan Program has been set in place to support expansion efforts across the area. Backing the program, NexBank SSB will provide up to $50 million in loans. The program will also cover up to $2,000 in title fees for closing costs per loan distributed. In addition to financial assistance, the program will also make homeowner counseling available for individuals and families to ensure a positive ownership experience.
The partnership between the organizations was a natural fit as both have an extensive history with helping lower-income families obtain affordable homes and mortgages. Mark Tribuna, Dallas Area Habitat for Humanity Senior Vice President of Mortgage Operations recounts the underlying purpose of the program, “We’re very grateful to NexBank for helping to make affordable home ownership a reality for so many people who need it.”
NexBank Capital INC dates back to 1922 as a regional bank that offers commercial and mortgage banking along with institutional services to clients that include financial institutions and corporations of all sizes. With assets of $3.5 billion, NexBank is more than qualified and willing to provide its expertise and resources to help the local community prosper. NexBank will undoubtedly help to provide a better future for the residents of these Texas areas.
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