The City of Dallas is stepping it’s game up and is about to deliver a crushing blow to poverty within it’s city limits. Over the next five years, Southern Dallas will change the status quo of mortgage funding with the help from three prominent organizations. First things first. Poverty stricken areas or lower income communities in specific Dallas zip codes will receive assistance from a special plan known as The Affordable Housing Loan Program. The program is looking to provide over 100 loans per month to families that have limited mortgage access. Since the economy hasn’t recovered over the last presidency, banks just aren’t willing to put forth the much needed funding to help these deserving individuals and that’s where NexBank comes into the frame.
Nexbank is one of the Dallas Area’s most successful banking institutions and it has a total of more than$3.5 Billion in assetsbacking it. Nexbank specializes in the area of mortgaging as we as commercial and investment banking.$50Millionof it’s own hard earned assets will go toward loan support to keep this program afloat. In addition to the $50 Million, NexBank will cover up to $2,000 in closing costs and fees. What other bank would or could do this?
On the other hand,Habitat For Humanity and Dallas Neighborhood Homesare bridging the gaps with their services. The famous homebuilder and mortgage providers will use guidance for the families. Counseling is free of charge and much needed since many of these individuals doesn’t have much mortgage “how to.” The entire plan is genius to an extent and the City of Dallas will be setting the tone for the rest of the nation to follow.