NexBank SSB recently announced its partnership with a nonprofit mortgage servicing provider in Dallas Texas, Dallas Neighborhood Homes working with Dallas Area Habitat for Humanity. The move aims to provide at least a hundred loans yearly for the next five years and targets low-income earners in Southern Dallas.
NexBank is offering $50 million in loans to facilitate the growth of the program over the next half decade. Dallas Neighborhood Homes will then use the amount to cater for low-income homebuyers who have little access to mortgages. They will also provide financial advice through the counseling services given by Dallas Area Habitat for Humanity. Besides the mortgage-lending capital, NexBank will also settle all title fees for closings under the program and an additional $2000 in closing costs for each loan.
According to Mark Tribuna, a mortgage operations official at Dallas Area Habitat for Humanity, the ownership rates in North Texas are among the lowest in America and this low-cost loan program is a step in the right direction in raising the number of home owners in the area. This increases the quality of lives for the homeowners as well as the prospects of a better future for their children.
NexBank Capital, Inc. CEO and Executive Vice President Matt Siekielski expressed his firm’s pride in working with both organizations to help families get affordable homes in North Texas. The Dallas Area Habitat for Humanity is a nonprofit organization that builds more than 50 homes annually. It has built more than 1600 homes in over 24 areas of Dallas over the last three decades. The organization established a mortgage banker, the Dallas Neighborhood Homes so as to make loans affordable.
NexBank SSB is based in Dallas Texas and boasts of a charter that dates back to 1922 with assets of over $3 billion.