SANTA FE, N.M., May 31, 2013 (GLOBE NEWSWIRE) -- Maria Pereira was renting a home for she and her 12-year-old son when she heard about a Homebuyer Education program offered through Homewise, Inc., a Santa Fe, New Mexico-based nonprofit and Community Development Financial Institution that helps New Mexicans become successful homeowners.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=19089
Once Ms. Pereira attended the class, she learned of an added benefit. She qualified for a $4,000 Homebuyer Equity Leverage Partnership (HELP) grant through New Mexico Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas).
HELP grants are offered through FHLB Dallas members, such as New Mexico Bank & Trust, to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes. Since 1990, more than $13.3 million in HELP grants have been awarded to assist more than 2,500 households. For 2013, FHLB Dallas made $1 million in HELP funds available through its members on a first-come, first-served basis.
"At New Mexico Bank & Trust, we feel very strongly about contributing to the community we serve," said Ken Romero, senior vice president at New Mexico Bank & Trust. "Our partnership with the Federal Home Loan Bank of Dallas and Homewise, Inc. allows us to play such a role by assisting members of our community in achieving their goal of homeownership."
Homewise helps its local residents with credit building, establishing savings accounts, and other aspects of homebuyer education.
"When they have their finances in order and are ready to purchase a home, our real estate sales team helps them find any home they'd like to buy, provided it falls within their budget," said Sonja Kalyani, a marketing associate for Homewise. "Once an offer is accepted, the homebuyer then works with our lending department to obtain a secure, safe, fixed-rate loan."
Ms. Pereira closed on her home in February 2013, and said she couldn't be happier with her decision to buy a home.
"When you rent, you are giving your money to somebody else and the home is not yours," she said. "Buying my own home was the most responsible thing to do. I feel more independent and I'm providing stability for my son."
Without the grant, Ms. Pereira, a 40-year-old food service worker, said she would not have been able to buy the home.
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 billion as of March 31, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 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 photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas