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Homebuyer Equity Leverage Partnership

“Red River Bank has been using the HELP program for a number of years to help first-time buyers with their home purchases. Buying a home can be a scary thing, and this is a great program that helps ease some of that fear by taking care of a portion of the out-of-pocket expenses.”

- Judy Madison, assistant vice president, Red River Bank

Available Funds as of April 28, 2017: $518,436

Current Member Maximum: $50,000

FHLB Dallas has set aside $1 million of its 2017 AHP funds for the Homebuyer Equity Leverage Partnership (HELP). Through member institutions, HELP assists low-income-qualified, first-time homebuyers with down payment assistance and closing costs.

FHLB Dallas disburses HELP funds to members on a first-come, first-served basis, one homebuyer at a time, beginning the first business day in January. HELP funds are available until the funds are exhausted or until December 31, 2017, whichever occurs first.

Members Participating in HELP Program

Below is a link to a list of members who participate in the HELP Program. Participating members are located within the state of charter origin and are listed in alphabetical order. Please note that members have their own underwriting criteria, lending area, or may have reached their FHLB program cap within a given year. If a member reaches the program cap, then they may or may not be able to assist you.

FHLB Dallas Member Requirements

  • Complete a one-time HELP Enrollment Application, which includes the HELP Subsidy Agreement.
  • FHLB Dallas will grant up to $4,000 toward the down payment or closing costs, unless the member originates the first mortgage, in which case, FHLB Dallas will grant up to $6,000 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 $7,000.
  • 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 Bank's 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 $7,000 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.

​Applying for a HELP Grant

FHLB Dallas does not provide grants or loans directly to consumers. Consumers, community-based organizations, and similar entities seeking HELP funds should contact a local FHLB Dallas member institution. Members should submit HELP grant requests to FHLB Dallas. HELP grants are available to member institutions on a first-come, first-served basis until funds are exhausted or the member reaches the member cap.

Member Enrollment

FHLB Dallas members may access HELP funds once they have completed the HELP Member Enrollment Application. This is a one-time enrollment application necessary for participation in the HELP program. The HELP Member Enrollment Application includes the HELP Subsidy Agreement, which explains member obligations under the program.

The HELP Member Enrollment Application and the HELP Subsidy Agreement need to be signed by a person listed on the current advances signature card on file with FHLB Dallas.

Original signatures are required. Please send the original forms to:

 

Federal Home Loan Bank of Dallas

Attention: Community Investment Department
8500 Freeport Parkway South, Suite 600
Irving, TX 75063

After completing the enrollment process, members will be eligible to request HELP funds during each annual offering.

  

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FHLB Dallas will only disburse HELP funds to a member for a first-time homebuyer who is preparing to close or has recently closed on the purchase of a primary residence. Once enrolled in HELP, the member must submit a request to access HELP grant funds.

The HELP Funding Manual provides more information about the HELP program and includes forms that must be completed to request HELP grant funds. The request(s) may be submitted via email to ahp@fhlb.com or fax to 214.441.8577.

The Income Calculation Tool assists in the calculation of the household's income. It is particularly useful for non-salaried wages.

Median Income Tables

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Call Community Investment at 800.362.2944.
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