For a low-income earner residing in Southern Dallas, renting a decent house is trouble enough, let alone owning one. However, the tides are changing immensely thanks to the new initiative by Nexbank to supply home loans to over 100 households.
The Dallas-based bank is partnering with Dallas Neighborhood Homes to disburse the 100 plus loans to residents in different zip codes South of Dallas. Dallas Neighborhood Homes is a not-for-profit mortgage provider that has been working close with Dallas Area Habitat for Humanity. This partnership was established to find out how low income earners can also fulfill their dreams of living mortgage or rent free.
Nexbank is offering a $50 million grant to the ongoing housing program established by the partnered organizations. This will help keep the program running for an additional 5 years in which Dallas Neighborhood Homes will continue lending to low income homeowners. This initiative is such a relief to many homebuyers who never thought they could one day access mortgage loans. Nexbank has made that possible and is throwing in one more perk—the financial institution offers to pay title fees for all loans through the affiliate program they have launched, and an extra $2000 on closing loan costs.
North Texas was the first to make low income home ownership a reality to those who couldn’t afford. Both Dallas Area Habitat and the Dallas Neighborhood Homes are grateful to Nexbank for their financial assistance, which is a great opportunity to the low-income home ownership program that is still in the take-off stages.
Nexbank is an online banking company with a focus on three main areas: commercial banking, mortgage banking, and investment banking. The financial company has grown to be a success and currently boasts of an investment portfolio worth $3.5 billion. Besides providing banking solutions to individuals and corporates, Nexbank is interested in a couple of CRM projects to help improve livelihoods. The online banking company recently acquired the College Savings Bank, a major financial institution that provides savings plans to students in Princeton College.