DALLAS, Sept. 10, 2009 (GLOBE NEWSWIRE) -- A $5,000 Homebuyer Equity Leverage Partnership (HELP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) was awarded to Raquel Clokey, a first-time homebuyer in Santa Fe, New Mexico.
The grant, made available through First National Bank of Santa Fe, assisted Ms. Clokey with down payment costs associated with buying her first home.
Ms. Clokey began renting from her grandfather when she was 19 years old. She quickly realized that renting was not ideal for her, and contacted Homewise, Inc. for direction on how to become a homeowner.
"I had perfect credit, but it was not high enough to purchase a home," said Ms. Clokey. "Homewise advised me to save more money, build my credit score and stay in close contact until I was ready to make a purchase."
On June 29, 2009, two years after initially contacting Homewise, Ms. Clokey closed on a brand new, two-bedroom, two-bathroom condo. "I never really stopped to think that I was buying a home at a young age," said Ms. Clokey, who is 21. "I am lucky to be a homeowner. My condo is my very own place, and I can build equity instead of wasting money on rent."
Homewise, Inc. partners with First National Bank of Santa Fe to utilize FHLB Dallas HELP funds. Betty Vega, Vice President and Community Development Banker, said First National Bank of Santa Fe is a proud supporter of Homewise, Inc. and believes their partnership is important to the affordable housing aspect of their community.
"Homeownership is the cornerstone of strong communities," said Ms. Vega. "Raquel Clokey is a prime example of a young person making all of the right decisions. By purchasing a home at a young age, she has a head start in building personal wealth and securing her future. We feel fortunate to have been able to offer Raquel support for this milestone in her life."
In 2009, FHLB Dallas set aside $2 million of its annual Affordable Housing Program (AHP) funds for HELP to assist income-qualified, first-time homebuyers with down payment and closing costs. Each HELP recipient is eligible to receive $5,000. The amount increases to $7,000 if a member financial institution or another mortgage lender contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.
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 $72.1 billion as of June 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013