With a poor economy and lack of jobs, getting a mortgage is probably the last thing on most people’s mind. A new presidency will be starting in a few months, but the country still hasn’t regained it’s once economic power in the world. If trying to receive an affordable mortgage, now might not be the best of times since the nation is still slumping through this somewhat depression, but the City of Dallas has a ambitious plan over the next five years that could change the lives for many of it’s low income residences.
The Affordable Housing Loan Program is designed to help lower income families that live in specific Southern Dallas zip codes with the chance of owning their own home. Of course this is by mortgage coverage and not free cash, this program is expected to change the city’s landscape for the better. NexBank will handle a heavy daunting task of providing $50 Million in support by loans. This might sound a bit crazy, but there is a method to the madness. NexBank will be partnering with the prominent home builder Habitat For Humanity and non-profit mortgage provider Dallas Neighborhood Homes. This three way team may have individual jobs, but these organizations work together as a unit for achieving a end goal. This is expertise, knowledge, skill, and experience at it’s best and no other three way team could achieve what this unit is about to do.
Having a five year time frame of operation, the Affordable Housing Loan Program is looking to secure over 100 loans or more per year. The idea is challenging, but it’s also might possible to achieve. With NexBank funding the operation, the City of Dallas’s lower income families should give this trio a standing ovation for providing them with a happy, higher quality lifestyle.