CONWAY, Ark., June 18, 2014 (GLOBE NEWSWIRE) -- Stacy Deutschmann, 40, and her two children, 8, and 11, lived in a two-bedroom apartment for years, but always hoped to someday own a house with a yard.
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"I wanted my kids to have a house, but as a single mom, I couldn't manage to save enough money for a down payment," said Ms. Deutschmann. "I went to Centennial Bank to see if they had loan programs for first-time homebuyers, and the loan officer told me I might qualify for the Homebuyer Equity Leverage Partnership (HELP) program grant."
Centennial Bank utilizes HELP grants, offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member financial institutions like Centennial Bank, to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes.
Ms. Deutschmann was relieved when she qualified for a $7,000 HELP grant from Centennial Bank and FHLB Dallas. She was able to purchase a three-bedroom home in Conway, Arkansas, by using the HELP grant toward her down payment.
"Centennial Bank is pleased to offer HELP grants because this program makes such a difference in people's lives, as well as the communities we serve," said Tonya Weaver, CRA officer at Centennial Bank. "That is what community banking is all about."
Since 2010, Centennial Bank has used $297,615 in HELP grants to assist 52 families with home purchases.
"We have a basketball hoop and we hope to get a trampoline," Ms. Deutschmann said. "The kids love to play in the backyard, and they are so happy to have their own bedrooms. This is a dream come true for my family. We would still be living in an apartment if it wasn't for the HELP grant."
In 2014, FHLB Dallas made $1 million in HELP funds available to its member financial institutions on a first-come, first-served basis.
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 photo is also available via AP PhotoExpress.
