Hoping to increase home ownership options, in particular for low-income families, a new partnering will make 100 or more loans a year over the next five years available for the public sector to obtain affordable housing in southern Dallas, Texas.
To accomplish this, NexBank has teamed up with nonprofit mortgage servicing provider Dallas Neighborhood Homes and Dallas Area Habitat for Humanity to offer the affordable housing loan program. The program features limited access to mortgages and counseling which lend a hand to the residents as they get ready for home ownership.
NexBank, which focuses on commercial, mortgage and investment banking, is providing up to $50 million in loans for the program. The financial services company will pay all title fees for closings as well as up to $2,000 in closing costs per loan.
Dallas Neighborhood Homes works closely with Dallas Area Habitat for Humanity to provide down payment assistance to prospective buyers.
Dallas Area Habitat for Humanity senior vice president of mortgage operations Mark Tribuna commented in a statement how the program will tackle affordable home ownership for so many people who need it while improving the quality of their lives.
NexBank, which was founded in 1922, offers personal checking accounts, savings accounts, mortgages and commercial checking and savings accounts as well as business and real estate loans.
The regional bank reported assets of $3.5 billion as of June 30, 2016 and reported total loans increased 42 percent last year to $1.97 billion.
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