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FHLB Dallas Member Requirements

  • Complete a one-time HELP Enrollment Application, which includes the HELP Subsidy Agreement.
  • FHLB Dallas will grant up to $5,500 toward the down payment or closing costs, unless the member originates the first mortgage, in which case, FHLB Dallas will grant up to $8,500 toward the down payment or closing costs. If the member originates the first mortgage and contributes at least $350 toward financial or other concessions in connection with providing the homebuyer's mortgage financing, FHLB Dallas will grant up to $10,000.
  • Members must pass on the full amount of the HELP funds as a grant to the approved household, which must be documented on the applicable final Closing Disclosure.
  • 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 risks.
  • Members, or their designees, will be responsible for ensuring that the HELP-assisted unit is subject to a retention document that meets the AHP regulations and retention requirements, as outlined in Attachment F of the AHP Implementation Plan.
  • Up to half of a member's cap may be used on a HELP assisted property outside of the FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico or Texas.

 

Homebuyer Requirements

  • Only first-time homebuyers are eligible for the program.
  • HELP funds may not exceed $10,000 per homebuyer.
  • Household income must not exceed 80 percent of the area median income.
  • Homebuyers are required to complete a Homebuyer Counseling Program.
  • Homebuyers must contribute $500 of their own funds toward the required down payment or closing costs.
  • Homebuyers cannot receive any cash back at closing.
  • Homebuyers are required to sign a five-year retention agreement.
Detailed information and guidelines governing the HELP program may be found in Attachment C of the AHP Implementation Plan.