BOSSIER CITY, La., July 21, 2015 /PRNewswire-USNewswire/ -- Putting down roots after a major life change can be a challenge, but 28-year-old Ashton Woods knew that's what she needed to do for her two sons. Sharing a one-bedroom apartment left the family in dire need of additional space. Yet, the costs of raising her children meant Ms. Woods could not afford to save for a down payment on a home.
She turned to BancorpSouth Bank in Bossier City, Louisiana, where she learned about the Homebuyer Equity Leverage Partnership (HELP) program. HELP grants are offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member financial institutions, like BancorpSouth Bank, to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes.
"BancorpSouth Bank is pleased to assist first-time homebuyers in our community by providing the HELP grants," said Carrie Spradling, assistant vice president for BancorpSouth Bank. "The grants make a difference for homebuyers who otherwise could not qualify for a loan."
Ms. Woods was awarded a $7,000 HELP grant that was applied toward her down payment and closing costs on a three-bedroom home in Bossier City. "The extra space and big laundry room are amazing," Ms. Woods said, adding that the stability is a plus for her sons. "It has been great for my oldest son to stay at the same school."
In 2015, FHLB Dallas made $1 million available for the HELP program on a first-come, first-served basis, just as it did in 2014. To date in 2015, BancorpSouth Bank has awarded $55,000 in HELP grants to assist nine qualified, first-time homebuyers.
"FHLB Dallas is honored to serve our members and their communities through the HELP program," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "Since 2002, the program has assisted in strengthening communities across our District, one new homeowner at a time."
About BancorpSouth Bank
BancorpSouth Bank was founded over 135 years ago and is headquartered in Tupelo, MS. BancorpSouth Bank began operating in Verona, MS before moving to Tupelo in 1886. BancorpSouth Bank offers consumer and commercial banking services and products, mortgage lending services, and investment services. For more information, logon to www.bancorpsouth.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $36.9 billion as of March 31, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas