HOBBS, NM–(BUSINESS WIRE)–Victoria Piñon became a homeowner when she was just 26, thanks in part to the Homebuyer Equity Leverage Partnership (HELP), a Federal Home Loan Bank of Dallas (FHLB Dallas) program under which her member financial institutions provide grants to help first-time homebuyers with down payment and closing costs.
Ms. Piñon, a bank secrecy law analyst for Lea County State Bank, said she worked in the fast food industry before joining customer service at Lea County State Bank when she heard , applied for and received a HELP grant.
Through member institutions, HELP assists income-qualified first-time homebuyers with down payment and closing cost assistance. FHLB Dallas disburses HELP funds to members on a first-come, first-served basis, one buyer at a time.
In Ms. Piñon’s case, she was able to purchase a 1,200 square foot, three-bedroom home on a corner lot with a $10,000 HELP grant.
“I had been living with my parents for about two years while saving money for a house. Eventually I started looking,” she said. “HELP helped me with the down payment and closing costs, which was a huge help, especially since I had to buy a new fridge, washer and dryer.”
Lea County State Bank Senior Vice President Dickie Wall said the bank has helped several new owners in recent years amid rising costs.
“Spinning home prices and rising rents are major hurdles for new landlords, especially when it comes to saving for a down payment,” Wall said. “We are grateful for this opportunity to partner with FHLB Dallas to strengthen our communities by helping more people become homeowners.”
Greg Hettrick, senior vice president and director of community investment at FHLB Dallas, said HELP is one of the benefits of joining FHLB Dallas.
“The evidence is overwhelming that home ownership stabilizes and strengthens communities, and our HELP grant is here for members to help make that happen for residents of their communities,” he said. declared.
For 2022, FHLB Dallas has set aside $4 million available to its members on a first-come, first-served basis. Visit fhlb.com/help to see the current availability of HELP funds.
About Lea County State Bank
Established on November 2, 1928, during the oil boom, the Lea County State Bank of Lovington played an important role in the early development of southeastern New Mexico. The bank’s main office was later moved to Hobbs, New Mexico, and the name was shortened to Lea County State Bank. The bank changed ownership and name in the 1980s, but in 1991 the bank was purchased by a group of local investors and the name reverted to Lea County State Bank and a philosophy of putting the customer first.
About Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system established by Congress in 1932. FHLB Dallas, with total assets of $62.6 billion as of March 31, 2022, is a cooperative owned by its members that supports housing and community investment by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas . For more information, visit fhlb.com.