Dallas-based regional bank NexBank SSB has pledged $50 million to help Dallas Neighborhood Homes provide home loans to low-income applicants. The partnership is expected to provide 100 loans per year to low-income residents over the next five years. The program will target residents in specific zip codes in the southern Dallas area.
Dallas Neighborhood Homes will use the funds from NexBank to fund loans and to council new homeowners to prepare them for the responsibility of homeownership. The non-profit mortgage banker is working directly with Dallas Area Habitat For Humanity to provide financial counseling services. In addition to providing the funding for these loans, NexBank will pay all title fees and provide up to $2,000 for closing costs for each loan.
At the moment, North Texas has one of the lowest rates of home ownership in the nation. This partnership will not only help reverse that trend but will also improve the quality of life for loan recipients.
Both Dallas Neighborhood Homes and Dallas Area Habitat For Humanity have a strong record of helping lower-income families achieve the goal of homeownership. Over the last decade and a half, Dallas Area Habitat For Humanity has built 1,600 homes in the Dallas community.
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