FHLB Dallas
Contact Us
About FHLB Dallas
News and Events
Products
Community Investment
Membership
Interest Rates
What's New

Community

 

 

Overview

HELP funds available as of 3/5/10 = $ 2,410,868


Current Member Maximum = $180,000

 

FHLBank Dallas is pleased to announce the 2010 offering of its Homebuyer Equity Leverage Partnership (HELP) Program for member financial institutions. HELP provides grant funds for down payment and closing costs of eligible first-time homebuyers.

The Bank has set aside $3,000,000 of its annual Affordable Housing Program (AHP) funds for HELP. Funds will be available beginning Monday, January 4, and until the HELP Funds have been exhausted or December 31, 2010, whichever occurs first. HELP funds are disbursed on a first-come, first-served, homebuyer-by-homebuyer basis. The maximum HELP award per household is $5,000, unless the member or another mortgage lender contributes at least $350 toward financial or other concessions in connection with providing the mortgage financing to the homebuyer, in which case the maximum HELP award per household is $7,000. No member may receive more than $60,000 for each $1,000,000 offered in each offering cycle.

Note: If by August 31, 75 percent of the HELP funds for the year have not been disbursed to members, the Bank, at its discretion, may remove the member cap for the remainder of the year.

Members interested in participating in HELP must submit a one-time Enrollment Application and HELP Agreement. Thereafter, members will be eligible to request HELP funds during each annual offering cycle. To receive additional information, members should call the Community Investment Department at 800-362-2944.

BackReturn to top of page

Program Requirements 

  • Households must have a family income of 80 percent or less of the median income for the area.
  • Homebuyers must have completed a homebuyer counseling program.
  • Homebuyers must be first-time homebuyers.
  • HELP funds may not be used in conjunction with any approved AHP grant.
  • The member shall pass on the full amount of the HELP funds as a grant to the household for which the subsidy was approved, which fact must be documented on the applicable final HUD-1 settlement statement.
  • The member, or its designee, will be responsible for ensuring that the HELP-assisted unit is subject to a retention document, which retention document must be signed by the homebuyer and must meet the requirements of Section 1291(a)(7) of the AHP regulations (located at 12 C.F.R. part 1291) and Attachment F of the Affordable Housing Program Implementation Plan.
  • Homebuyers must contribute at least $500 of their own funds toward the required down payment or closing costs. Homebuyers may not receive any cash back at closing.
  • The Bank will grant up to $5,000 toward the down payment or closing cost. The Bank will grant up to $7,000 if a member or another mortgage lender contributes at least $350 toward financial or other concessions in connection with providing the mortgage financing to the homebuyer. "Financial or other concessions" means payment by the member of homebuyer counseling costs or waiver or reduction of points or closing costs.
  • The rate of interest, points, fees and any other charges for a loan made in conjunction with the HELP subsidy must not exceed a reasonable market rate of interest, points, fees and other charges for a loan of similar maturity, terms and risk.

BackReturn to top of page

Member Enrollment Application

In order for a member institution to enroll in the HELP Program, the following application and agreement must be completed and signed by an authorized individual at your institution.

Member Enrollment Application
HELP Subsidy Agreement

Funding Manual

The following funding manual can be viewed and printed using Adobe Acrobat Reader (if you do not have Acrobat Reader, you may download a free copy).

Please Note: As of January 4, 2010, we have made changes to the HELP Funding Manual. Changes have been made to the Deed Restriction and the Loan Certification. In addition, we have incorporated a new Sources and Uses of Funds document. Please utilize the new Help Funding Manual below.

2010 HELP Funding Manual
Income Calculation Tool

BackReturn to top of page

 

 

BackReturn to Community Investment Department page.

-----------------------------------------------------------------------
© 2005 Federal Home Loan Bank of Dallas. All Rights Reserved.