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Amistad Bank and FHLB Dallas Grant Assist First-Time Homebuyer

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DEL RIO, Texas, Aug. 2, 2013 (GLOBE NEWSWIRE) -- Amada Joven was driving down the road when she spotted a sign about the opportunity to receive $5,000 toward a mortgage.

She drove to Amistad Bank to ask about the sign and learned it wasn't one of those "too good to be true" advertisements. She really could get help toward the down payment and closing costs on her first home purchase through a Homebuyer Equity Leverage Partnership (HELP) grant offered by Amistad Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).

Ms. Joven immediately applied in a whirlwind process that took only about five weeks from the mortgage and HELP grant applications to closing. She made an offer on the first house she viewed and it was accepted.

Ms. Joven said she's thankful the process went smoothly as she'd recently learned the home she was renting was being foreclosed on by the lender, and she knew she'd have to move soon.

"I think God put his hands in all this because everything was so simple, so easy," she said.

Aida Campos, co-manager of Amistad Bank's Mortgage Department said that Amistad Bank has been able to help several customers through FHLB Dallas' HELP grants.

"The mortgage process could be very intimidating and we try to make it as smooth as possible for our customers," said Ms. Campos. "Without this grant money, some of these customers would not have been able to qualify. We are thrilled to be part of the customer's dream to own their own home."

Ms. Joven, 66, retired last year from the day care center at the Lackland Air Force Base. She has three grown children, one in Del Rio, Texas, one in San Antonio, Texas, and one in Wisconsin.

After renting homes and apartments for many years, Ms. Joven said she's looking forward to being able to make the decisions on changes to her home — a 1971 brick home with two bedrooms, 1.5 baths, a fenced yard, a carport and landscaping that includes blooming crape myrtles and a giant pecan tree.

She was thrilled to report that her house payment will be slightly less than what she was paying in rent.

"The house has a lot of potential," said Ms. Joven, who has eventual plans to replace the carpeting in the bedrooms, replace the vinyl flooring in the kitchen with tile, and do some painting. "The neighborhood seems really neat and really clean. Everyone has yards that are well-kept."

HELP grants are offered through FHLB Dallas members, such as Amistad Bank, 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.

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 $32.7 billion as of June 30, 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.

CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445

Source:Federal Home Loan Bank of Dallas