PEARL, Miss., Oct. 6, 2011 (GLOBE NEWSWIRE) -- Determination and preparation helped Candace Coleman qualify for a mortgage to buy her own home, and a $7,000 Homebuyer Equity Leverage Partnership (HELP) grant from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) made it more affordable.
Ms. Coleman attends school at night, and works at two jobs – as a full-time data entry operator and as a part-time aid to the disabled – so being able to use the grant funds for the down payment and closing costs on her home was a big help, she said.
When the 35-year-old Pearl, Mississippi, resident decided she wanted to own her own home, she turned to BankPlus for assistance.
"I'd been working for a while and I decided it was time to buy a house," she said. "So, the first thing I did was sign up for BankPlus's CreditPlus program to help me with my credit before I applied for a mortgage."
BankPlus started its CreditPlus program in 2008. It provides information that helps participants make better financial decisions and requires a three-hour financial literacy seminar highlighting a variety of topics from managing credit to protecting themselves against identity theft. Once participants complete the seminars, they begin the application process for small, low-interest loans. Half of the loan funds are put into an interest bearing checking account and half goes into a savings account. Repayment of the loans helps participants learn important lessons about managing money while they establish a good payment record that strengthens their credit standing.
Ms. Coleman learned about the HELP program while attending the CreditPlus seminar. The mortgage application process went quickly once she'd completed the program. "I'm a long-time customer of BankPlus and I just love them," she said. "They are always helpful, and the HELP grant program was very helpful."
Since 2002, nearly $750,000 in HELP grant funds have been awarded through BankPlus to assist nearly 125 first-time homebuyers with their down payment and closing costs.
"It's rewarding to know that you've truly made a difference in someone's life. BankPlus is committed to helping our communities and the CreditPlus program and HELP program are evidence of our commitment," said Mark Ouellette, first vice president and director of Affordable Housing. "Ms. Coleman is proof that hard work pays off and I'm happy that BankPlus was able to play a part in her success."
In 2011, FHLB Dallas awarded $1.7 million in HELP funds through its member institutions to assist 309 families with their down payments and closing costs, including more than $248,000 to assist 39 Mississippi families. HELP grant recipients can receive up to $5,000 in grant money. The amount can increase to $7,000 if a member, or another mortgage lender, contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
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 $31.4 billion as of June 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About BankPlus
BankPlus, with total assets of more than $2.2 billion, has over 60 banking offices in 33 Mississippi communities. In addition to its Belzoni Main Office, other BankPlus offices are located in Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. For additional information on BankPlus, please visit http://www.bankplus.net/">www.BankPlus.net.