TRUMANN, Ark., May 23, 2014 (GLOBE NEWSWIRE) -- A fire nearly destroyed the house where Morgan Turner and her husband, Colton Turner, were living. The 23-year-old high school sweethearts had no choice but to move in with Mrs. Turner's parents.
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"It was always our dream to buy a house, and after the fire it became even more important," said Mrs. Turner. "Colton is a student at Arkansas State University, studying to be a high school teacher and football coach, so we didn't have a lot of extra money to save for a down payment on our own home."
Thanks to a $5,000 Homebuyer Equity Leverage Partnership (HELP) grant, provided by First Security Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), the Turners were able to purchase a home in Trumann, Arkansas. The HELP grant assisted the Turners with the down payment on their new three-bedroom home.
The HELP program provides grants to assist first-time, income-qualified homebuyers with down payments and closing costs.
"It's such a pleasure to see the joy that first-time homeownership brings to people," said Stephanie Nelson, mortgage originator at First Security Bank. "First Security Bank believes in giving back to the community and what better way to do that than to help someone achieve the dream of homeownership."
Mrs. Turner, a real estate agent, heard about the HELP program from a client, who was using a HELP grant for her home purchase.
"I know a lot of people in our town who want to purchase a home but don't have the funds for the down payment," said Mrs. Turner. "I was so thankful we qualified for the grant."
Since 2008, First Security Bank has used $265,000 in HELP grants to assist 53 families with home purchases. In 2014, FHLB Dallas made $1 million in HELP funds available to its members on a first-come, first-served basis.
"Owning my own home has made me feel like a responsible adult," said Mrs. Turner. "I was always taught to pay my bills on time and make sure I had good credit, so the only thing that held us back was the down payment. We are so happy with our new home in the small town that we love."
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 $30.6 billion as of March 31, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 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 photos are also available via AP PhotoExpress.
