Category: Dallas News

Mortgage Funding for Low Income Dallas Families

Nexbank SSB, based in Dallas, is providing up to $50 million to a mortgage program created by Dallas Area Habitat for Humanity and Dallas Neighborhood Homes, a non-profit mortgage provider. The goal is to establish an Affordable Housing Loan Program to low-income families in southern Dallas. It’s hoped that the program will provide at least 100 home loans annually to low-income home buyers. Dallas Neighborhood Homes will use part of the funds to offer counseling services to new home owners.

Habitat for Humanity has built more than 1600 homes in the Dallas area over the last 30 years, and launched Dallas Neighborhood Homes to help obtain funding for low-income buyers. In addition to providing lending capital, NexBank will pay up to $2,000 for closing costs and cover the title fee when the closings are completed.

NexBank SSB was first chartered in 1922 and currently holds assets of $3.5 billion. It’s a branch of NexBank Capital, Inc., a full service financial institution. NexBank SSB is a regional bank which provides banking and financial services to individuals and commercial interests nationwide.

NexBank SSB is based in Dallas and has become the 16th largest bank in Texas. It purchased College Savings Bank in November of last year with its deposits as an additional source of funds for diversifying investments. Today it has 89 employees at 3 Dallas locations. NexBank SSB’s money market rates are twice the national average, and it maintains an A rating from national banking industry authorities.