PINEVILLE, La .– (BUSINESS WIRE) – After immigrating to the United States nearly 40 years ago, 60-year-old Ny Chiem, a single mother of three and grandmother of seven, decided to raise her family in Pineville, Louisiana. Over the years, she rented several residential units, each with a back yard, which prevented her from enjoying her hobbies.
“I love going outside, enjoying the weather and working in the garden,” says Ms. Chiem. “For more than 20 years I have wanted a house with a garden.”
She went to Red River Bank to apply for a mortgage a few years ago before the COVID-19 pandemic, but mortgage rates were high, making it difficult for her to get a loan.
After several years of patience, Ms. Chiem closed her first home in June, thanks in part to a $ 8,500 Homebuyer Equity Leverage Partnership (HELP) grant from Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) available to her Closing costs and down payment assistance were provided.
“I wanted to give up,” said Ms. Chiem. “But God gave me patience, so I applied again this year and was successful. I’ve wanted a house for so long and I’ve finally achieved my dream of 20 years. ”
Rebecca Daniels, vice president and mortgage lender at Red River Bank, helped Ms. Chiem with her mortgage application.
“Helping people get into their first homes is the best part of my job,” said Ms. Daniels. “We worked with Ms. Chiem for many years and, thanks to the HELP offer from FHLB Dallas, we were finally able to get her approved after a long trip. It was really a team effort to make this degree possible, and I know that she is grateful to everyone involved. ”
HELP subsidies are offered by FHLB Dallas through its member institutions such as Red River Bank to assist first-time home buyers with down payments and closing costs for new or existing homes.
Since the program began in 2002, HELP grants totaling more than $ 28.5 million have helped more than 5,075 families. For 2021, FHLB Dallas has $ 4.5 million available through its members on a first-come, first-served basis. Visit fhlb.com/help for the latest HELP resource availability.
“Red River Bank has been using our community programs for nearly 20 years,” said Greg Hettrick, first vice president and director of Community Investment. “With your partnership, we were able to help many long-term tenants like Ms. Chiem to become home owners thanks to HELP.”
Via Red River Bank
The origins of the Red River Bank can be traced back to the heart of Louisiana. There, near the banks of the Red River, a small group of community leaders with a vision for a new type of bank has come together. The year was 1999, the banking climate was marked by mergers and acquisitions, and the era of hometown banking seemed to be over. Red River Bank was founded on the belief that we always do the right thing, and that integrity guides us as we continue to grow. Just as water seeks its own level, we’re just looking for ways to do what’s right for our customers, our team members, and our communities across Louisiana.
Via the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system, which was founded by Congress in 1932. FHLB Dallas, with total assets of $ 61.1 billion as of March 31, 2021, is a member-owned cooperative that supports housing and community development by providing credit and other credit products at competitive prices to approximately 800 members and affiliates Institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, please visit our website at fhlb.com.
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