Dallas Neighborhood Homes and Habitat for Humanity have recently merged together to start up a new program that will help the community. These two organizations will look to provide affordable housing to a many residents in Dallas and the surrounding metro area. In a recent announcement, they will look to provide over 100 mortgage loans per year during the next five years. This will help increase the rate of homeownership in the city and metro area. For both of these organizations to successfully finance this program, they will need a considerable amount of funding. Fortunately for Dallas Neighborhood Homes and Habitat for Humanity, the financial institution NexBank will assist them with funding. NexBank has agreed to provide around $50 million to help finance this new program. As a result, a number of local residents will have the opportunity to more easily buy a home.
NexBank has looked to not only finance homes but also cover the closing costs as well. The financial institution has agreed to provide $2,000 for every mortgage loan given. This $2,000 will be used to pay for all title fees and closing costs associated with each mortgage. Therefore, many residents in the area will not have to worry about being liable for costly transaction fees whenever they are looking to purchase a home. Introducing this new program will likely help a number of low income residents in Dallas afford to purchase a home. In recent reports, Dallas was known for having a very low rate of homeownership. Therefore, this new program has been made in an effort to make homeownership a reality for many of these residents. It will also help a number of people who are unable to get a traditional mortgage loan from other lenders as well.
As well as participating in programs to help finance homes, NexBank has also gotten involved in college savings as well. NexBank recently merged with and acquired College Savings Bank. This institution specializes in providing college savings plans for consumers. With the recent acquisition, NexBank will look to increase its offerings for college savings plans for its customers. It will also help College Savings Bank align with a larger and highly reputable financial institution.